Poverty and distribution of wealth in the USA: a descriptive and predictive analytics approach Online publication date: Mon, 11-Sep-2023
by Saeed Tabar; Sushil Sharma; Sajon Dhar
International Journal of Business and Data Analytics (IJBDA), Vol. 2, No. 3, 2023
Abstract: The outbreak of COVID-19 and its negative implications on the economy is a motivation for this project to study the trend of poverty and its impacts on lower-class Americans. The objectives of this article are threefold. The first objective is to study the interrelationship among poverty, economic growth, and income inequality. The second is to provide longitudinal descriptive statistics of the income of the various social groups and explore how these social groups benefited from the national income. The third is to provide a 10-year prediction model for the mean income of all social groups using the ARIMA time-series method. The result of this research shows that despite economic growth in the USA, rising income inequality leads to a higher poverty rate. This article will not only provide a deeper insight into the trend of poverty but also contribute to the current body of knowledge on the dimensions of poverty in the USA.
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