Wealth and Poverty

Paper Summary:

This paper notes that the income distribution in the United States shows a wide gap between the highest and the lowest, and between the highest and the average. Those who are well off certainly have different patterns of consumption from those who are poor, with the poor having to pay a higher percentage of their income for necessities than is true for the wealthy. The paper further discusses how the wealthy also achieve a higher level of well-being because of the ability to spend more for healthcare and the like, though the very poor often achieve a decent level because of the many social programs offered to provide assistance.

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