10. REDUCED INEQUALITIES

Wealth gap increases in Minnesota despite strong economy

Wealth gap increases in Minnesota despite strong economy
Written by ZJbTFBGJ2T

Wealth gap increases in Minnesota despite strong economy  MinnPost

Wealth gap increases in Minnesota despite strong economyIncome Inequality in Minnesota

MinnPost’s Daily Newsletter

The latest on the politics and policy shaping Minnesota.

Delivered straight to your inbox.

Minnesota’s Income Inequality: A Glass Half Empty or Half Full?

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 Sustainable Development Goals (SDGs)

  1. No Poverty
  2. Reduced Inequalities
  3. Decent Work and Economic Growth
  4. Sustainable Cities and Communities

Minnesota’s Income Gap

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.

Minnesota’s Gini Coefficient

“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 zero — 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.

Minnesota’s Poverty Rate

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.

Factors 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.

Addressing the Gap

The University of Minnesota’s Fertig said there is more the government can do to close the gap. She cited the pandemic’s child tax credit as an example of a federal program that dramatically — if only temporarily — reduced child poverty. Since the pandemic credit has ended, the federal government has implemented a more modest child tax credit and Minnesota has inaugurated one too. Fertig also said Minnesota could do other things, too, including reform the criminal justice system, provide incentives for affordable housing and create new pathways for lower-income people to buy homes.

Conclusion

Rising inequality is a significant problem that needs to be addressed. Minnesota’s income gap may be narrower compared to other states, but there are still disparities that disproportionately affect Black and indigenous communities. By implementing policies and programs that promote economic growth, reduce inequalities, and provide equal opportunities for all residents, Minnesota can work towards achieving the Sustainable Development Goals and creating a more equitable society.

SDGs, Targets, and Indicators

1. No Poverty

  • Target 1.2: By 2030, reduce at least by half the proportion of men, women, and children of all ages living in poverty in all its dimensions according to national definitions.
  • Indicator 1.2.2: Proportion of men, women, and children of all ages living in poverty in all its dimensions according to national definitions.

5. Gender Equality

  • Target 5.1: End all forms of discrimination against all women and girls everywhere.
  • Indicator 5.1.1: Whether or not legal frameworks are in place to promote, enforce and monitor equality and non-discrimination on the basis of sex.

8. Decent Work and Economic Growth

  • Target 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value.
  • Indicator 8.5.1: Average hourly earnings of female and male employees, by occupation, age group, and persons with disabilities.

10. Reduced Inequalities

  • Target 10.1: By 2030, progressively achieve and sustain income growth of the bottom 40% of the population at a rate higher than the national average.
  • Indicator 10.1.1: Growth rates of household income per capita among the bottom 40% of the population and the total population.

Analysis

1. Which SDGs are addressed or connected to the issues highlighted in the article?

The SDGs that are addressed or connected to the issues highlighted in the article are:
– SDG 1: No Poverty
– SDG 5: Gender Equality
– SDG 8: Decent Work and Economic Growth
– SDG 10: Reduced Inequalities

2. What specific targets under those SDGs can be identified based on the article’s content?

Based on the article’s content, the specific targets that can be identified are:
– Target 1.2: By 2030, reduce at least by half the proportion of men, women, and children of all ages living in poverty in all its dimensions according to national definitions.
– Target 5.1: End all forms of discrimination against all women and girls everywhere.
– Target 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value.
– Target 10.1: By 2030, progressively achieve and sustain income growth of the bottom 40% of the population at a rate higher than the national average.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

Yes, there are indicators mentioned or implied in the article that can be used to measure progress towards the identified targets. These indicators include:
– Indicator 1.2.2: Proportion of men, women, and children of all ages living in poverty in all its dimensions according to national definitions.
– Indicator 5.1.1: Whether or not legal frameworks are in place to promote, enforce and monitor equality and non-discrimination on the basis of sex.
– Indicator 8.5.1: Average hourly earnings of female and male employees, by occupation, age group, and persons with disabilities.
– Indicator 10.1.1: Growth rates of household income per capita among the bottom 40% of the population and the total population.

Table: SDGs, Targets, and Indicators

SDGs Targets Indicators
SDG 1: No Poverty Target 1.2: By 2030, reduce at least by half the proportion of men, women, and children of all ages living in poverty in all its dimensions according to national definitions. Indicator 1.2.2: Proportion of men, women, and children of all ages living in poverty in all its dimensions according to national definitions.
SDG 5: Gender Equality Target 5.1: End all forms of discrimination against all women and girls everywhere. Indicator 5.1.1: Whether or not legal frameworks are in place to promote, enforce and monitor equality and non-discrimination on the basis of sex.
SDG 8: Decent Work and Economic Growth Target 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value. Indicator 8.5.1: Average hourly earnings of female and male employees, by occupation, age group, and persons with disabilities.
SDG 10: Reduced Inequalities Target 10.1: By 2030, progressively achieve and sustain income growth of the bottom 40% of the population at a rate higher than the national average. Indicator 10.1.1: Growth rates of household income per capita among the bottom 40% of the population and the total population.

Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.

Source: minnpost.com

 

Join us, as fellow seekers of change, on a transformative journey at https://sdgtalks.ai/welcome, where you can become a member and actively contribute to shaping a brighter future.

 

About the author

ZJbTFBGJ2T

Leave a Comment