Social Sciences

Now that you have been introduced to different economic systems in Chapter 17 and the government’s role in the economy in Chapter 18, watch the video “5 Reasons Income Inequality Has Become a Major Political Issue” about the growing wealth gap in the U.S. Answer the following questions in a post of at least 150 words:

What type of economic system does the U.S. have?
In what ways does the U.S. government intervene in the economy? Who benefits from government intervention?
According to the video, what economic changes have to lead to growing income inequality in the U.S.? In what ways do you feel the impact of income inequality in your own life?
Post Requirements:

Your answer must be written in one short, clear, and coherent paragraph (at least 150 original words), i.e. it DOES NOT include the questions, names, titles, and/or references. It also DOES NOT include meaningless filler statements.
Respond to at least two (2) classmates with substantive commentary that addresses their post.
Work must be original, so produce your own work! Your post may be checked for plagiarism.
Write clearly for ease of reading and understanding.
Make sure to pay attention to spelling and grammar.
The instructor reserves the right to submit work in SafeAssign. SafeAssign reports with a similarity index of 10% or higher after quoted material and citations are excluded, will receive a grade of F (0 points).

Link: https://www.cnbc.com/2019/06/05/5-reasons-income-inequality-has-become-a-major-political-issue.html

ANSWER

The Economic Systems

The Economic System

Based on the videos, it is justifiable to claim that the US economic system is a mixed or market economy where the competition resources and available opportunities control the system. it also allows for freedom in the control of how resources are used within the country. however, it also allows government intervention for the good of the public.

The US government intervenes in matters associated with the balanced distribution of resources. For example, whenever certain regions seem to benefit more than the rest. The government also intervenes when certain individuals have an unfair advantage within the society. Overall, the US government mainly intervenes in the distribution of resources and their use.

The people who mainly benefit from government intervention are the minority groups and underprivileged individuals. For example, those who feel that their backgrounds play a role in their success primarily seek government intervention to alleviate the problem.

Among the main changes that need to be done to eliminate the growing inequality in the US is changing the approach to the use of technology by balancing related jobs with those that do not require their use. The government should also review its globalization approach by ensuring that power star companies such as apple retain their manufacturing within the country.

Housing is among how I feel the power of inequality in my life. I have always felt that people from certain areas achieve and perform better because of their backgrounds. I have also felt that the public amenities in some areas in the US such as Beverly Hills offer their children a better starting point than the rest in life.