Final answer:
From 1980 to 2014, median household income in California largely stagnated or declined, while wealth concentrated at the top, resulting in increased income inequality and higher corporate profits and CEO compensation.
Step-by-step explanation:
Between 1980 and 2014, the income of median California families did not see significant increases, and in many cases, it has receded.
The Great Recession of the late 2000s exacerbated this trend, with most Americans feeling poorer despite the overall economic growth.
This sentiment is linked to the larger issue of income inequality, where wealth became increasingly concentrated at the top.
Corporate profits and CEO pay saw substantial increases, with profits rising by over 141 percent, and CEO compensation by over 298 percent.
Meanwhile, changes in family structure and the shift away from manufacturing, coupled with policies like Reaganomics, have led to growing income disparity.