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Income distribution
income - money that people receive from work or some other source, used for household consumption and savings
income distribution - how the income from a country's economy is spread or distributed among the population with some being rich, some poor, and some in the middle (See Wikipedia)
income gap - differences in income in a country (between the poor and the middle class, between the middle class and the rich)
gap - a large difference between people or groups
income gap widens - difference between rich and poor increases
reduce the income gap - difference between rich and poor decreases
middle class - the broad group of people in society who fall between poor working class and farmers and the rich upper class
missing middle - the global situation where "increases in wages fail to keep up with inflation for middle income earners... Persons belonging to the middle class find that inflation in consumer goods and the housing market prevent them from maintaining a middle class lifestyle, making downward mobility a threat to counteract aspirations of upward mobility. In the United States for example, middle class income is declining while many staple products are increasing in price, such as energy, education, housing, and insurance...Being middle class used to mean having a reliable job with fair pay; access to health care; a safe and stable home; the opportunity to provide a good education for one’s children, including a college education; time off work for vacations and major life events; and the security of looking forward to a dignified retirement. But today this standard of living is increasingly precarious. The existing middle class is squeezed and many of those striving to attain the middle-class standard find it persistently out of reach," also called "the middle class squeeze" or "shrinking middle class" (See Wikipedia)
academics - professors and lecturers at universities and colleges
widespread - happening or existing in many places, or affecting many people
trend - a gradual change or development that produces a particular result
academics call the widespread trend the "missing middle".
catch up - when one person is behind in a race and runs harder to get in front
lower middle-class fails to catch up - meaning: they try hard to make more money and do better, but they can't
lower middle-income earners haven't been able to catch up with the rich and are being squeezed by the lower-income group
emerged - come into being; appeared
poverty - the condition of being extremely poor
just emerged from poverty
majority - more than half, more than 50%, most of
earning the majority of their incomes from their labour - most of their income and earnings come from manual labour (in a factory, for example)
macroeconomic - the whole economy of a country
development - the gradual growth and formation of something
macroeconomic development - the gradual growth and formation of the whole economy of a country
interconnectedness - a situation with connections between everything (connected and have relationships via the internet)
increased interconnectedness in the world via technology
benefit - to get help or an advantage from something stand to benefit from - will gain from this situation (if it happens in the future)
compounding their problem - making their problem bigger
stand to benefit from technology and globalisation, corruption is compounding their problem
discontentment - not happy with a situation
social and political discontentment in many countries
secondary school education - high school education, Matayom Suksa
pressure - stress, cannot live comfortably (difficult decisions must be made)
"The lowest bracket of the middle-income group feels the most pressure about their future
fared - come through a situation; was successful / unsuccessful in a particular situation
fared poorly - did not do well, not good compared to others
fared poorly on its income gap - has a bad income gap (big separation between rich and poor)
skills - a type of work or task requiring special training and knowledge
training - to teach people how to do an activity or job
skills training
enhancing - making something better
innovation - a new way of doing something
enhancing innovation - making people at finding new useful ways of doing things
reform - improvements in the way government or an organization operates; a change that is intended to correct a situation that is wrong or unfair
tax reform - making changes to the tax system to improve it
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