Q1 Sec F Income inequality

0:00

S… Speaker 1 (Q1 Sec F Income inequality)

Section F Listen to this lecture

0:04

S… Speaker 1 (Q1 Sec F Income inequality)

and answer the following questions.

0:07

S… Speaker 1 (Q1 Sec F Income inequality)

You'll hear the lecture twice.

0:10

S… Speaker 1 (Q1 Sec F Income inequality)

During the first listening,

0:13

S… Speaker 1 (Q1 Sec F Income inequality)

answer questions 17 to 21.

0:17

S… Speaker 1 (Q1 Sec F Income inequality)

During the second listening,

0:20

S… Speaker 1 (Q1 Sec F Income inequality)

answer questions 22 to 30.

0:24

S… Speaker 1 (Q1 Sec F Income inequality)

You will now have 30 seconds

0:28

S… Speaker 1 (Q1 Sec F Income inequality)

to read questions 17 to 21.

1:03

S… Speaker 1 (Q1 Sec F Income inequality)

You will now hear the listening for the first time.

1:06

S… Speaker 2 (Q1 Sec F Income inequality)

Section

1:14

S… Speaker 3 (Q1 Sec F Income inequality)

F Hello everyone.

1:17

S… Speaker 4 (Q1 Sec F Income inequality)

Today we're going to explore an important issue that affects people

1:21

S… Speaker 4 (Q1 Sec F Income inequality)

all over the world,

1:22

S… Speaker 4 (Q1 Sec F Income inequality)

including here in Australia.

1:24

S… Speaker 4 (Q1 Sec F Income inequality)

Income inequality.

1:26

S… Speaker 4 (Q1 Sec F Income inequality)

Let's start with the basics.

1:29

S… Speaker 4 (Q1 Sec F Income inequality)

Income inequality refers to the gap between what

1:34

S… Speaker 4 (Q1 Sec F Income inequality)

the highest earners in a society make and what the lowest

1:38

S… Speaker 4 (Q1 Sec F Income inequality)

earners take home.

1:39

S… Speaker 4 (Q1 Sec F Income inequality)

In other words,

1:41

S… Speaker 4 (Q1 Sec F Income inequality)

it's about how unevenly income is spread across a population.

1:45

S… Speaker 4 (Q1 Sec F Income inequality)

Some people earn millions of dollars each year while

1:49

S… Speaker 4 (Q1 Sec F Income inequality)

others struggle to afford food,

1:51

S… Speaker 4 (Q1 Sec F Income inequality)

rent and basic needs.

1:53

S… Speaker 5 (Q1 Sec F Income inequality)

Now,

1:55

S… Speaker 4 (Q1 Sec F Income inequality)

you might wonder...

1:57

S… Speaker 4 (Q1 Sec F Income inequality)

Shouldn't we just aim for complete income equality?

2:01

S… Speaker 4 (Q1 Sec F Income inequality)

Everyone gets paid the same,

2:03

S… Speaker 4 (Q1 Sec F Income inequality)

no matter the job.

2:04

S… Speaker 4 (Q1 Sec F Income inequality)

While the idea might sound fair at first,

2:08

S… Speaker 4 (Q1 Sec F Income inequality)

most economists agree that some level of income difference is

2:13

S… Speaker 4 (Q1 Sec F Income inequality)

actually useful.

2:13

S… Speaker 4 (Q1 Sec F Income inequality)

Why?

2:14

S… Speaker 4 (Q1 Sec F Income inequality)

Because it can encourage innovation,

2:17

S… Speaker 4 (Q1 Sec F Income inequality)

hard work,

2:18

S… Speaker 4 (Q1 Sec F Income inequality)

and productivity.

2:19

S… Speaker 4 (Q1 Sec F Income inequality)

For example,

2:20

S… Speaker 4 (Q1 Sec F Income inequality)

if people know that training to be a doctor or engineer could

2:25

S… Speaker 4 (Q1 Sec F Income inequality)

earn them more money,

2:26

S… Speaker 4 (Q1 Sec F Income inequality)

they may be more motivated to pursue those careers,

2:29

S… Speaker 4 (Q1 Sec F Income inequality)

which benefit society as a whole.

2:32

S… Speaker 4 (Q1 Sec F Income inequality)

However,

2:33

S… Speaker 4 (Q1 Sec F Income inequality)

the problem is when the gap becomes too wide,

2:37

S… Speaker 4 (Q1 Sec F Income inequality)

and that's what's happening today.

2:39

S… Speaker 4 (Q1 Sec F Income inequality)

Let's look at the numbers.

2:42

S… Speaker 6 (Q1 Sec F Income inequality)

In Australia,

2:43

S… Speaker 4 (Q1 Sec F Income inequality)

the top 20 % of earners take home nearly half

2:48

S… Speaker 4 (Q1 Sec F Income inequality)

of all income,

2:49

S… Speaker 4 (Q1 Sec F Income inequality)

while the bottom 20 % receive less than

2:53

S… Speaker 4 (Q1 Sec F Income inequality)

5%.

2:54

S… Speaker 4 (Q1 Sec F Income inequality)

The median income in Australia,

2:57

S… Speaker 4 (Q1 Sec F Income inequality)

that means the middle earner,

2:59

S… Speaker 4 (Q1 Sec F Income inequality)

is around $52 ,000 to $60

3:04

S… Speaker 4 (Q1 Sec F Income inequality)

,000 a year.

3:05

S… Speaker 4 (Q1 Sec F Income inequality)

But many high -income individuals,

3:08

S… Speaker 4 (Q1 Sec F Income inequality)

especially CEOs and executives,

3:11

S… Speaker 4 (Q1 Sec F Income inequality)

can earn millions annually.

3:14

S… Speaker 4 (Q1 Sec F Income inequality)

In contrast,

3:15

S… Speaker 4 (Q1 Sec F Income inequality)

some low -income workers are earning just above

3:19

S… Speaker 4 (Q1 Sec F Income inequality)

the minimum wage,

3:21

S… Speaker 4 (Q1 Sec F Income inequality)

which is about $45 ,000.

3:24

S… Speaker 4 (Q1 Sec F Income inequality)

dollars a year if working full -time,

3:28

S… Speaker 4 (Q1 Sec F Income inequality)

far less if they are underemployed.

3:31

S… Speaker 4 (Q1 Sec F Income inequality)

Compared to other regions,

3:34

S… Speaker 4 (Q1 Sec F Income inequality)

Australia sits somewhere in the middle.

3:37

S… Speaker 4 (Q1 Sec F Income inequality)

The United States has even higher levels

3:41

S… Speaker 4 (Q1 Sec F Income inequality)

of income inequality,

3:42

S… Speaker 4 (Q1 Sec F Income inequality)

with the richest 10 % earning over half of all

3:47

S… Speaker 4 (Q1 Sec F Income inequality)

national income.

3:49

S… Speaker 4 (Q1 Sec F Income inequality)

The UK also has a fairly wide gap,

3:52

S… Speaker 4 (Q1 Sec F Income inequality)

while some European Union countries,

3:55

S… Speaker 4 (Q1 Sec F Income inequality)

like Denmark,

3:56

S… Speaker 4 (Q1 Sec F Income inequality)

Sweden and Germany,

3:58

S… Speaker 4 (Q1 Sec F Income inequality)

have managed to keep income inequality lower through

4:02

S… Speaker 4 (Q1 Sec F Income inequality)

stronger welfare systems and progressive tax policies.

4:06

S… Speaker 7 (Q1 Sec F Income inequality)

So,

4:08

S… Speaker 4 (Q1 Sec F Income inequality)

how did this income inequality get this

4:12

S… Speaker 4 (Q1 Sec F Income inequality)

bad?

4:13

S… Speaker 4 (Q1 Sec F Income inequality)

It didn't happen overnight.

4:16

S… Speaker 4 (Q1 Sec F Income inequality)

Over the last few decades,

4:17

S… Speaker 4 (Q1 Sec F Income inequality)

many things have changed.

4:20

S… Speaker 7 (Q1 Sec F Income inequality)

First,

4:20

S… Speaker 4 (Q1 Sec F Income inequality)

globalization and technological change have increased

4:25

S… Speaker 4 (Q1 Sec F Income inequality)

profits for big businesses and highly skilled workers,

4:28

S… Speaker 4 (Q1 Sec F Income inequality)

but not for lower skilled workers.

4:31

S… Speaker 4 (Q1 Sec F Income inequality)

Second,

4:32

S… Speaker 4 (Q1 Sec F Income inequality)

in many countries,

4:34

S… Speaker 4 (Q1 Sec F Income inequality)

minimum wages haven't kept up with the cost of living,

4:37

S… Speaker 4 (Q1 Sec F Income inequality)

while the prices of housing,

4:39

S… Speaker 4 (Q1 Sec F Income inequality)

education,

4:40

S… Speaker 4 (Q1 Sec F Income inequality)

and health care have risen.

4:43

S… Speaker 4 (Q1 Sec F Income inequality)

third tax systems have become less progressive meaning

4:48

S… Speaker 4 (Q1 Sec F Income inequality)

the wealthiest people aren't taxed as heavily as they once

4:52

S… Speaker 4 (Q1 Sec F Income inequality)

were and finally in some cases governments

4:56

S… Speaker 4 (Q1 Sec F Income inequality)

and businesses have prioritized profits over

5:00

S… Speaker 4 (Q1 Sec F Income inequality)

fairness, sometimes reducing workers' rights or cutting

5:04

S… Speaker 4 (Q1 Sec F Income inequality)

social services.

5:05

S… Speaker 4 (Q1 Sec F Income inequality)

Why has this been allowed to happen?

5:09

S… Speaker 4 (Q1 Sec F Income inequality)

Well,

5:10

S… Speaker 4 (Q1 Sec F Income inequality)

income inequality often grows slowly,

5:14

S… Speaker 4 (Q1 Sec F Income inequality)

so people may not notice the shift right away.

5:17

S… Speaker 4 (Q1 Sec F Income inequality)

Also,

5:18

S… Speaker 4 (Q1 Sec F Income inequality)

those who benefit the most from the current system often

5:22

S… Speaker 4 (Q1 Sec F Income inequality)

have the most influence on policy,

5:24

S… Speaker 4 (Q1 Sec F Income inequality)

meaning change can be hard to achieve.

5:28

S… Speaker 4 (Q1 Sec F Income inequality)

But income inequality doesn't just hurt those at

5:32

S… Speaker 4 (Q1 Sec F Income inequality)

the bottom.

5:33

S… Speaker 4 (Q1 Sec F Income inequality)

It's also bad for society as a whole.

5:35

S… Speaker 4 (Q1 Sec F Income inequality)

When large groups of people can't access decent housing,

5:40

S… Speaker 4 (Q1 Sec F Income inequality)

education,

5:41

S… Speaker 8 (Q1 Sec F Income inequality)

or healthcare,

5:42

S… Speaker 4 (Q1 Sec F Income inequality)

it creates social tension,

5:45

S… Speaker 4 (Q1 Sec F Income inequality)

reduces economic stability,

5:47

S… Speaker 4 (Q1 Sec F Income inequality)

and can even lead to higher crime rates and poorer

5:52

S… Speaker 8 (Q1 Sec F Income inequality)

mental and physical health.

5:54

S… Speaker 4 (Q1 Sec F Income inequality)

In contrast,

5:55

S… Speaker 4 (Q1 Sec F Income inequality)

societies with more equal income distribution often

5:59

S… Speaker 4 (Q1 Sec F Income inequality)

have higher levels of trust,

6:01

S… Speaker 4 (Q1 Sec F Income inequality)

better public services,

6:03

S… Speaker 4 (Q1 Sec F Income inequality)

and stronger,

6:04

S… Speaker 4 (Q1 Sec F Income inequality)

more sustainable economies.

6:06

S… Speaker 4 (Q1 Sec F Income inequality)

So what can we do?

6:10

S… Speaker 4 (Q1 Sec F Income inequality)

There are several strategies that have been suggested.

6:12

S… Speaker 4 (Q1 Sec F Income inequality)

These include raising the minimum wage to ensure a

6:17

S… Speaker 4 (Q1 Sec F Income inequality)

living income for all workers,

6:18

S… Speaker 4 (Q1 Sec F Income inequality)

investing in education and training so more

6:22

S… Speaker 4 (Q1 Sec F Income inequality)

people can access high -paying jobs,

6:25

S… Speaker 6 (Q1 Sec F Income inequality)

progressive taxation,

6:27

S… Speaker 4 (Q1 Sec F Income inequality)

where the wealthiest pay a higher percentage of their income

6:31

S… Speaker 4 (Q1 Sec F Income inequality)

in taxes,

6:31

S… Speaker 4 (Q1 Sec F Income inequality)

improved access to health care and housing,

6:35

S… Speaker 4 (Q1 Sec F Income inequality)

especially for low -income families.

6:40

S… Speaker 4 (Q1 Sec F Income inequality)

Some countries have done this successfully.

6:43

S… Speaker 4 (Q1 Sec F Income inequality)

For example,

6:44

S… Speaker 4 (Q1 Sec F Income inequality)

Norway and Finland use a mix of strong social

6:48

S… Speaker 4 (Q1 Sec F Income inequality)

programs, fair wages,

6:50

S… Speaker 4 (Q1 Sec F Income inequality)

and responsible tax systems to keep income

6:54

S… Speaker 4 (Q1 Sec F Income inequality)

inequality relatively low,

6:56

S… Speaker 4 (Q1 Sec F Income inequality)

while still maintaining successful economies.

7:00

S… Speaker 4 (Q1 Sec F Income inequality)

In conclusion,

7:02

S… Speaker 4 (Q1 Sec F Income inequality)

income inequality is a complex issue.

7:06

S… Speaker 4 (Q1 Sec F Income inequality)

Some level of difference is normal and can even be helpful.

7:10

S… Speaker 4 (Q1 Sec F Income inequality)

But when the gap becomes too large,

7:13

S… Speaker 4 (Q1 Sec F Income inequality)

it creates real problems for individuals and society.

7:16

S… Speaker 4 (Q1 Sec F Income inequality)

The good news?

7:18

S… Speaker 4 (Q1 Sec F Income inequality)

We can do something about it by learning from what's

7:22

S… Speaker 4 (Q1 Sec F Income inequality)

working elsewhere and making thoughtful choices about how

7:26

S… Speaker 4 (Q1 Sec F Income inequality)

we structure our economy and support one another.

7:29

S… Speaker 4 (Q1 Sec F Income inequality)

Thanks for listening.

7:31

S… Speaker 4 (Q1 Sec F Income inequality)

This is a big topic.

7:33

S… Speaker 4 (Q1 Sec F Income inequality)

and I hope it's given you something to think about.

7:36

S… Speaker 1 (Q1 Sec F Income inequality)

That is the end of the first listening.

7:38

S… Speaker 1 (Q1 Sec F Income inequality)

You will now have 25 seconds to check

7:42

S… Speaker 1 (Q1 Sec F Income inequality)

your answers.

7:43

S… Speaker 2 (Q1 Sec F Income inequality)

You

8:09

S… Speaker 1 (Q1 Sec F Income inequality)

will now have 90 seconds to read questions 22

8:13

S… Speaker 1 (Q1 Sec F Income inequality)

to 30.

8:14

S… Speaker 2 (Q1 Sec F Income inequality)

You

9:45

S… Speaker 1 (Q1 Sec F Income inequality)

will now hear the listening again.

9:47

S… Speaker 3 (Q1 Sec F Income inequality)

Hello everyone.

9:48

S… Speaker 4 (Q1 Sec F Income inequality)

Today we're going to explore an important issue that affects people

9:52

S… Speaker 4 (Q1 Sec F Income inequality)

all over the world,

9:54

S… Speaker 4 (Q1 Sec F Income inequality)

including here in Australia.

9:56

S… Speaker 4 (Q1 Sec F Income inequality)

Income inequality.

10:00

S… Speaker 4 (Q1 Sec F Income inequality)

start with the basics.

10:00

S… Speaker 4 (Q1 Sec F Income inequality)

Income inequality refers to the gap between

10:05

S… Speaker 4 (Q1 Sec F Income inequality)

what the highest earners in a society make and what

10:09

S… Speaker 4 (Q1 Sec F Income inequality)

the lowest earners take home.

10:10

S… Speaker 4 (Q1 Sec F Income inequality)

In other words,

10:12

S… Speaker 4 (Q1 Sec F Income inequality)

it's about how unevenly income is spread across a population.

10:17

S… Speaker 4 (Q1 Sec F Income inequality)

Some people earn millions of dollars each year,

10:20

S… Speaker 4 (Q1 Sec F Income inequality)

while others struggle to afford food,

10:22

S… Speaker 4 (Q1 Sec F Income inequality)

rent,

10:23

S… Speaker 4 (Q1 Sec F Income inequality)

and basic needs.

10:25

S… Speaker 5 (Q1 Sec F Income inequality)

Now,

10:27

S… Speaker 4 (Q1 Sec F Income inequality)

you might wonder,

10:29

S… Speaker 4 (Q1 Sec F Income inequality)

Shouldn't we just aim for complete income equality?

10:32

S… Speaker 4 (Q1 Sec F Income inequality)

Everyone gets paid the same,

10:35

S… Speaker 4 (Q1 Sec F Income inequality)

no matter the job.

10:36

S… Speaker 4 (Q1 Sec F Income inequality)

While the idea might sound fair at first,

10:40

S… Speaker 4 (Q1 Sec F Income inequality)

most economists agree that some level of income difference is

10:44

S… Speaker 4 (Q1 Sec F Income inequality)

actually useful.

10:45

S… Speaker 4 (Q1 Sec F Income inequality)

Why?

10:46

S… Speaker 4 (Q1 Sec F Income inequality)

Because it can encourage innovation,

10:48

S… Speaker 4 (Q1 Sec F Income inequality)

hard work,

10:49

S… Speaker 4 (Q1 Sec F Income inequality)

and productivity.

10:50

S… Speaker 4 (Q1 Sec F Income inequality)

For example,

10:52

S… Speaker 4 (Q1 Sec F Income inequality)

if people know that training to be a doctor or engineer could

10:56

S… Speaker 4 (Q1 Sec F Income inequality)

earn them more money,

10:58

S… Speaker 4 (Q1 Sec F Income inequality)

they may be more motivated to pursue those careers,

11:01

S… Speaker 4 (Q1 Sec F Income inequality)

which benefit society as a whole.

11:03

S… Speaker 4 (Q1 Sec F Income inequality)

However,

11:05

S… Speaker 4 (Q1 Sec F Income inequality)

the problem is when the gap becomes too wide,

11:08

S… Speaker 4 (Q1 Sec F Income inequality)

and that's what's happening today.

11:11

S… Speaker 4 (Q1 Sec F Income inequality)

Let's look at the numbers.

11:13

S… Speaker 6 (Q1 Sec F Income inequality)

In Australia,

11:15

S… Speaker 4 (Q1 Sec F Income inequality)

the top 20 % of earners take home nearly

11:19

S… Speaker 4 (Q1 Sec F Income inequality)

half of all income,

11:21

S… Speaker 4 (Q1 Sec F Income inequality)

while the bottom 20 % receive less than

11:25

S… Speaker 4 (Q1 Sec F Income inequality)

5%.

11:26

S… Speaker 4 (Q1 Sec F Income inequality)

The median income in Australia,

11:29

S… Speaker 4 (Q1 Sec F Income inequality)

that means the middle earner,

11:31

S… Speaker 4 (Q1 Sec F Income inequality)

is around $52 ,000 to $60

11:35

S… Speaker 4 (Q1 Sec F Income inequality)

,000 a year.

11:37

S… Speaker 4 (Q1 Sec F Income inequality)

But many high -income individuals,

11:40

S… Speaker 4 (Q1 Sec F Income inequality)

especially CEOs and executives,

11:43

S… Speaker 4 (Q1 Sec F Income inequality)

can earn millions annually.

11:45

S… Speaker 4 (Q1 Sec F Income inequality)

In contrast,

11:47

S… Speaker 4 (Q1 Sec F Income inequality)

some low -income workers are earning just above

11:51

S… Speaker 4 (Q1 Sec F Income inequality)

the minimum wage,

11:52

S… Speaker 4 (Q1 Sec F Income inequality)

which is about $45 ,000.

11:56

S… Speaker 4 (Q1 Sec F Income inequality)

dollars a year if working full -time,

11:59

S… Speaker 4 (Q1 Sec F Income inequality)

far less if they are underemployed.

12:03

S… Speaker 4 (Q1 Sec F Income inequality)

Compared to other regions,

12:06

S… Speaker 4 (Q1 Sec F Income inequality)

Australia sits somewhere in the middle.

12:08

S… Speaker 4 (Q1 Sec F Income inequality)

The United States has even higher levels

12:12

S… Speaker 4 (Q1 Sec F Income inequality)

of income inequality,

12:14

S… Speaker 4 (Q1 Sec F Income inequality)

with the richest 10 % earning over half of all

12:18

S… Speaker 4 (Q1 Sec F Income inequality)

national income.

12:21

S… Speaker 4 (Q1 Sec F Income inequality)

The UK also has a fairly wide gap,

12:24

S… Speaker 4 (Q1 Sec F Income inequality)

while some European Union countries,

12:27

S… Speaker 4 (Q1 Sec F Income inequality)

like Denmark,

12:28

S… Speaker 4 (Q1 Sec F Income inequality)

Sweden and Germany,

12:29

S… Speaker 4 (Q1 Sec F Income inequality)

have managed to keep income inequality lower through

12:34

S… Speaker 4 (Q1 Sec F Income inequality)

stronger welfare systems and progressive tax policies.

12:38

S… Speaker 7 (Q1 Sec F Income inequality)

So,

12:40

S… Speaker 4 (Q1 Sec F Income inequality)

how did this income inequality get this

12:44

S… Speaker 4 (Q1 Sec F Income inequality)

bad?

12:44

S… Speaker 4 (Q1 Sec F Income inequality)

It didn't happen overnight.

12:47

S… Speaker 4 (Q1 Sec F Income inequality)

Over the last few decades,

12:49

S… Speaker 4 (Q1 Sec F Income inequality)

many things have changed.

12:51

S… Speaker 7 (Q1 Sec F Income inequality)

First,

12:52

S… Speaker 4 (Q1 Sec F Income inequality)

globalization and technological change have increased

12:56

S… Speaker 4 (Q1 Sec F Income inequality)

profits for big businesses and highly skilled workers,

13:00

S… Speaker 4 (Q1 Sec F Income inequality)

but not for lower skilled workers.

13:02

S… Speaker 4 (Q1 Sec F Income inequality)

Second,

13:04

S… Speaker 4 (Q1 Sec F Income inequality)

in many countries,

13:05

S… Speaker 4 (Q1 Sec F Income inequality)

minimum wages haven't kept up with the cost of living,

13:09

S… Speaker 4 (Q1 Sec F Income inequality)

while the prices of housing,

13:11

S… Speaker 4 (Q1 Sec F Income inequality)

education,

13:12

S… Speaker 4 (Q1 Sec F Income inequality)

and health care have risen.

13:15

S… Speaker 4 (Q1 Sec F Income inequality)

Third, tax systems have become less progressive,

13:19

S… Speaker 4 (Q1 Sec F Income inequality)

meaning the wealthiest people aren't taxed as heavily

13:23

S… Speaker 4 (Q1 Sec F Income inequality)

as they once were.

13:24

S… Speaker 4 (Q1 Sec F Income inequality)

And finally,

13:26

S… Speaker 4 (Q1 Sec F Income inequality)

in some cases,

13:27

S… Speaker 4 (Q1 Sec F Income inequality)

governments and businesses have prioritized profits over fairness,

13:31

S… Speaker 4 (Q1 Sec F Income inequality)

sometimes reducing workers' rights or cutting social

13:36

S… Speaker 7 (Q1 Sec F Income inequality)

services.

13:36

S… Speaker 4 (Q1 Sec F Income inequality)

Why has this been allowed to happen?

13:41

S… Speaker 4 (Q1 Sec F Income inequality)

Well,

13:42

S… Speaker 4 (Q1 Sec F Income inequality)

income inequality often grows slowly,

13:45

S… Speaker 4 (Q1 Sec F Income inequality)

so people may not notice the shift right away.

13:48

S… Speaker 4 (Q1 Sec F Income inequality)

Also,

13:50

S… Speaker 4 (Q1 Sec F Income inequality)

those who benefit the most from the current system often

13:54

S… Speaker 4 (Q1 Sec F Income inequality)

have the most influence on policy,

13:56

S… Speaker 4 (Q1 Sec F Income inequality)

meaning change can be hard to achieve.

13:58

S… Speaker 4 (Q1 Sec F Income inequality)

But income inequality doesn't just

14:03

S… Speaker 4 (Q1 Sec F Income inequality)

hurt those at the bottom.

14:05

S… Speaker 4 (Q1 Sec F Income inequality)

It's also bad for society as a whole.

14:07

S… Speaker 4 (Q1 Sec F Income inequality)

When large groups of people can't access decent housing,

14:11

S… Speaker 4 (Q1 Sec F Income inequality)

education,

14:13

S… Speaker 4 (Q1 Sec F Income inequality)

or health care,

14:14

S… Speaker 4 (Q1 Sec F Income inequality)

it creates social tension,

14:16

S… Speaker 4 (Q1 Sec F Income inequality)

reduces economic stability,

14:19

S… Speaker 4 (Q1 Sec F Income inequality)

and can even lead to higher crime rates and poorer

14:23

S… Speaker 8 (Q1 Sec F Income inequality)

mental and physical health.

14:25

S… Speaker 4 (Q1 Sec F Income inequality)

In contrast,

14:26

S… Speaker 4 (Q1 Sec F Income inequality)

societies with more equal income distribution often

14:31

S… Speaker 4 (Q1 Sec F Income inequality)

have higher levels of trust,

14:33

S… Speaker 4 (Q1 Sec F Income inequality)

better public services,

14:35

S… Speaker 4 (Q1 Sec F Income inequality)

and stronger,

14:36

S… Speaker 4 (Q1 Sec F Income inequality)

more sustainable economies.

14:38

S… Speaker 4 (Q1 Sec F Income inequality)

So what can we do?

14:41

S… Speaker 4 (Q1 Sec F Income inequality)

There are several strategies that have been suggested.

14:44

S… Speaker 4 (Q1 Sec F Income inequality)

These include raising the minimum wage to ensure a

14:48

S… Speaker 4 (Q1 Sec F Income inequality)

living income for all workers,

14:50

S… Speaker 4 (Q1 Sec F Income inequality)

investing in education and training so more

14:54

S… Speaker 4 (Q1 Sec F Income inequality)

people can access high -paying jobs,

14:56

S… Speaker 6 (Q1 Sec F Income inequality)

progressive taxation where the wealthiest pay a higher

15:01

S… Speaker 4 (Q1 Sec F Income inequality)

percentage of their income in taxes,

15:03

S… Speaker 4 (Q1 Sec F Income inequality)

improved access to health care and housing,

15:07

S… Speaker 4 (Q1 Sec F Income inequality)

especially for low -income families.

15:11

S… Speaker 4 (Q1 Sec F Income inequality)

Some countries have done this successfully.

15:14

S… Speaker 4 (Q1 Sec F Income inequality)

For example,

15:15

S… Speaker 4 (Q1 Sec F Income inequality)

Norway and Finland use a mix of strong social

15:20

S… Speaker 4 (Q1 Sec F Income inequality)

programs, fair wages,

15:22

S… Speaker 4 (Q1 Sec F Income inequality)

and responsible tax systems to keep income

15:26

S… Speaker 4 (Q1 Sec F Income inequality)

inequality relatively low,

15:28

S… Speaker 4 (Q1 Sec F Income inequality)

while still maintaining successful economies.

15:31

S… Speaker 4 (Q1 Sec F Income inequality)

In conclusion,

15:33

S… Speaker 4 (Q1 Sec F Income inequality)

income inequality is a complex issue.

15:37

S… Speaker 4 (Q1 Sec F Income inequality)

Some level of difference is normal and can even be

15:41

S… Speaker 4 (Q1 Sec F Income inequality)

helpful.

15:42

S… Speaker 4 (Q1 Sec F Income inequality)

But when the gap becomes too large,

15:45

S… Speaker 4 (Q1 Sec F Income inequality)

it creates real problems for individuals and society.

15:48

S… Speaker 4 (Q1 Sec F Income inequality)

The good news?

15:49

S… Speaker 4 (Q1 Sec F Income inequality)

We can do something about it by learning from what's

15:53

S… Speaker 4 (Q1 Sec F Income inequality)

working elsewhere and making thoughtful choices about how

15:58

S… Speaker 4 (Q1 Sec F Income inequality)

we structure our economy and support one another.

16:01

S… Speaker 4 (Q1 Sec F Income inequality)

Thanks for listening.

16:03

S… Speaker 4 (Q1 Sec F Income inequality)

This is a big topic.

16:07

S… Speaker 1 (Q1 Sec F Income inequality)

That is the end of this section.

16:09

S… Speaker 1 (Q1 Sec F Income inequality)

You will now have 25 seconds to check your

16:13

S… Speaker 1 (Q1 Sec F Income inequality)

answers.

16:14

S… Speaker 2 (Q1 Sec F Income inequality)

This

16:40

S… Speaker 1 (Q1 Sec F Income inequality)

is the end of the listening test.

Q1 Sec F Income inequality

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