Reducing Extreme Economic Inequality

Abstract

This chapter will focus on the Grand Challenge of extreme economic inequality and the ways in which it manifests in older age groups. Extreme economic inequality refers to considerable imbalances between the highest economic strata and the lowest in the distribution of both wealth and income in a nation. The chapter begins with a description of the contributing factors to extreme economic inequality in the United States, including political, social, and economic factors. The relationship between extreme economic inequality over the lifespan and income security in retirement is discussed. Strategies for mitigating the effects of long-term poverty are presented. Finally, the chapter highlights international models that could be applied to the United States and makes recommendations for policy changes that could be spearheaded by social workers to reduce extreme economic inequality and enhance income security in retirement.