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|    alt.politics.economics    |    "Its the economy, stupid"    |    345,379 messages    |
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|    Message 344,952 of 345,379    |
|    Tim Walz is a pussy to All    |
|    On Walz Watch...Wealth gap in Minnesota     |
|    04 Sep 24 08:01:52    |
      XPost: alt.fan.rush-limbaugh, mn.politics, alt.politics.trump       XPost: talk.politics.guns, sac.politics       From: limp-dick.democrats@kamalaharris.com              Can't blame Trump for this.              WASHINGTON — Economists who study the gap between the rich and poor in       Minnesota say it can be viewed either as a glass half empty, or as a glass       half full.              Minnesota’s income inequality has slowly grown over the past 20 years or so,       mostly because its Black and indigenous population has continued to lag behind       other racial and ethnic groups in the state when it comes to household income.              However, the state is still among those whose income gap is among the       narrowest.              “Compared to other states in the country, Minnesota looks good,” said       Monica Hayes, director of the Bureau of Business and Economic Research at the       University of Minnesota-Duluth.              Hayes said the state is “in the bottom ten” according to the Gini       coefficient, a statistical model that measures income distribution. The Gini       coefficient ranges from zer0 — indicating perfect equality with everyone       receiving an equal share — to        1, which indicates perfect inequality with only one recipient or a group of       recipients receiving all of the income.              According to the U.S. Census Bureau, Minnesota’s Gini coefficient was .46 in       2022. That was lower than every state except for nine of them, including       Iowa, Wisconsin and South Dakota. Utah had the lowest Gini coefficient, a       little less than .43, and        New York had the highest at a little more than .51.              But Minnesota’s coefficient has grown over time. In 2006 it was .43; in 2010       it was .44 and in 2016 it was .45.              Angela Fertig, a social policy research scientist at the University of       Minnesota, said the gap between the haves and have nots has increased in the       state because Black and indigenous Minnesotans still face barriers to upward       mobility.              “Minnesota looks great on a lot of measures, but it is one of the worst       places for non-white groups,” she said.              Fertig said a legacy of “redlining,” a discriminatory practice in which       mortgages and other financial services are withheld from minority       neighborhoods, has hurt people of color.              There’s also a huge home ownership gap between whites and non-whites,       especially Black Minnesotans, that is an obstacle to building wealth, Fertig       said. A recent study showed 77.5% of white households own their homes in       Minnesota compared to just 30.5%        of Black households.              Because of the lack of opportunity to live in better housing, Fertig said       there’s a “spatial mismatch” between where low-income people reside and       where the good paying jobs are located in Minnesota.              Fertig also said Minnesota’s increasing wealth gap is bad for the economy       because the wealthy don’t spend their money like those with fewer means.       “When you put money in the pockets of people who don’t have much, they       spend it locally,” she        said.              And while Minnesota has a progressive income tax, most of the taxes paid at       the local level — sales taxes and property taxes — are not progressive,       Fertig said.              “That causes the system to be very regressive,” she said.              Still, Minnesota continues to have a very low poverty rate — 9.6%, several       percentage points less than the national rate. However, in 2021 it was       estimated that more than 20% of the state’s Black residents reported incomes       below the poverty level,        compared with just 7.5% of the white population.              What’s behind the gap?       The Gini measure of the gap between rich and poor does not take into       consideration government social service programs, like rent subsidies, food       stamps and other programs that aim to lift the poorest American families.              Those efforts at leveling the playing field may help lessen actual income       inequality among the lowest 20% of wage earners — especially in Minnesota       where there is a growing safety net.              But the state is also subject to strong, overriding national trends that have       dramatically widened the income gap in the United States, which has the       highest Gini index — about .49 in 2022 — of all Western industrialized       nations.              There are several reasons why the rich get richer and the wages of the poor       and middle class stagnate.                     [continued in next message]              --- SoupGate-Win32 v1.05        * Origin: you cannot sedate... all the things you hate (1:229/2)    |
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