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20
Income Inequality and Poverty
McGrawHill/Irwin Copyright © 2012 by The McGrawHill Companies, Inc. All rights reserved.
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Facts About Income Inequality
• Average household income •$66,424 in 2008
•Among the highest in the world • Distribution by quintiles
• Income mobility
•People change quintiles • Government redistribution
•Taxes and transfers
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Facts About Income Inequality
Distribution by Quintiles, 2008
(1) Quintile
Lowest 20% Second 20% Third 20% Fourth 20% Highest 20%
Total
(2) Percentage of Total Income
3.4 8.6 14.5 22.9 50.5
100.0
(3) Upper
Income Limit
$20,712 39,000 62,725 100,240
No Limit
Source: Bureau of the Census, http://www.census.gov
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Facts About Income Inequality
Lorenz Curve and Gini Ratio
100 e
Lorenz Curve
80 (Actual Distribution)
Perfect Equality 60
A 40
d
B
20
b
c Complete Inequality
a
0 20 40 60 80 100 Percentage of Households
Gini Ratio =
Area A
Area A + Area B
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Facts About Income Inequality
Impact of government taxes and transfers
100
80
60
Lorenz Curve After Taxes and Transfers
40
20 Lorenz Curve Before Taxes and
Transfers
0 20 40 60 80 100 Percentage of Households
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