Abstract The economy is very skewered and is not equal in any meaning. The poor stay poor and the rich stay rich. The poor die off faster and the rich live longer. The poor get little to no education and the rich get the best education possible. We need to make a difference and get everyone equal so we can all live our best lives.
Income Inequality in the United States
How unequal is the economy in the United States? Inequality has always existed in the U.S. but the gap between the rich and poor has never been as big as it is now. The rich never got torn down even when there were financial crashes, but the poor suffered a lot. Women made 82 cents for every $1 a man made, and African Americans made 78 cents for every $1 white people made, how equal is that?
The Gap
Inequality is different across the U.S. because of regional economics. Urban areas such as New York City are unequal because they have low-income people and people with high wages. Places such as the Great Lakes are more equal because the wage gap isn’t as diverse. (TIME Magazine, 2020) “The richest 10% of the global population currently take home 52% of the income.” (World Economic Forum, 2021) What We Think vs. What We Know
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The bottom 40% of Americans barely have any of America's wealth and the top 1% has more of America’s wealth than we believe the whole top 20% should have. (Politizane, 2012) “Wealth is distributed in a highly unequal fashion, with the wealthiest 1 percent of families in the United States holding about 40 percent of all wealth and the bottom 90 percent of families holding less than one-quarter of all wealth.” (Greg Leiserson,Will McGrew,Raksha Kopparam,
Economic inequality is the uneven distribution of wealth and differences in economic security found in each individual in a specific country or region. Today, the topic is being discussed profusely by the American presidential candidates and by many writers around the world because of the beliefs of whether there should or should not be wealth redistribution policies put into action. Larry Schwartz, the author of “35 Soul-Crushing Facts about American Income Inequality”, makes a valid claim that economic inequality is the foundation of the problems that the entire American population face such as poverty and a hindrance of economic growth. To begin with, Schwartz has an exceptional argument that the high rate of economic inequality, like is
As generations changed the country has returned to being unequal. In “Confronting Inequality” Paul Krugman states several points on the world being unequal, but his whole purpose is to help reverse those changes. He begins stating a question, “Why should we care about high and rising inequality?” The living standards, politics, and income are three reasons we should care. An equal society could benefits us in becoming healthier and less competing.
“The bottom 40% of Americans own almost nothing.” Said the video, Wealth Inequality In America. The lower class are scraping by and are not able to invest in stocks or other consuming items whether it deal with money or time. The video, Wealth Inequality in America also said, “The top 20% of Americans own almost everything.” The wealthy community should contribute more to the lower class, allowing more equality of wealth.
The gap between rich and poor in the US has never been bigger than what it is today. The income inequality has gone from the typical worker earning 48.302 dollars and the typical
Throughout all of history wealth has never been distributed evenly; no monarchist kingdom, communist utopia, socialistic society, or modern free market has ever existed in a state of equilibrium. The laws of the land have always seemed to operate in a manner of some sort of prejudice. The rich generate wealth at a much higher rate than the poor. Income inequality has existed, in some form or another, since the first trade transaction. Since, we have begun record keeping, statistics show the rich controlling increasing amounts of the total income.
But again it's not fair to say the wage gap is not a problem especially with these numbers but with how taxation is heading it should be put more equally instead of pinning it on the rich.” ... There is no sustainable way to make the poor richer by making the rich poorer…”-Richard A.
As much as people hate to admit it, society and the world revolves around money. Whether someone wants to go to college, own a house, support a family, live luxurious etc all these things are dependent on wealth. So, knowing that the top one percent wealthiest people in the U.S owns more than the other ninety-nine percent combined is a little terrifying, and it’s partly due to the income inequality in the U.S. When there are people supporting their families on minimum wage and no one has taken action it’s time for a change. So, when it comes to the subject of wealth everyone will agree that is necessary to live. Where this consensus ends, however, is whether income inequality actually exists.
The United States exhibits a wide difference of wealth distribution between rich and poor people, which is larger than any other major developed country.
Wealth and Inequality in America Inequality The inequality in America has increased over time; the gap between the rich and the poor has become a problem that many Americans don’t see. Inequality is the extent of income which is distributed unequally among the citizenry. The inequality of the United has a large gap between the poor and the rich making it unfair to the population, the rich are becoming wealthier and the poor remain poor. The article “Of the 1%, By the 1%, For the 1%”, authored by Joseph E. Stiglitz describes that there is a 1 percent amount of American’s who are consuming about a quarter of the United States income in a year.
There is a clear solution to wealth inequality in America, and it is increasing minimum wage so the lower classes can gain wealth .The uneven distribution of wealth and the low wages are the main problems in America and raising wages is the solution. Wealth inequality is the root of all problems in America. When wealth inequality is fixed, America will flourish and will be the most successful country that has ever
America prides itself on being one of the most effective democratically governed counties. The idea of the American dream is that all people have equivalent political freedoms and a responsive government. However the effectiveness of social equality is being threatened by increasing inequality in the United States. Economic inequality in the US has expanded drastically. The wealth gap has had drastic changes over the past 35 years.
In the essay “Richer and Poorer, Accounting for Inequality”, published on March 16, 2015, The New Yorker, Jill Lepore presents details proving the inequality in the United States. She references several materials like Robert Putnam’s book “Our Kids: The American Dream in Crisis”, “Inequality: What Can Be Done?” by Anthony Atkinson, Steve Frazer’s “The Age of Acquiescence: The Life and Death of American Resistance to Organized Wealth and Power”. She has also done other research about Gini’s index that represents the lack of equality in America through numbers. The author focuses on stories that can well describe the ugly picture of citizens in the country who don’t have the privilege for a better life and opportunities that the richer class gets to enjoy.
Social Inequity Paper Social inequality and persecutions are major topics that have been around for ages. Teenagers in modern America are a large group of people that are in need of awareness for these topics, since it is happening everywhere in their home country. Authors write about social inequality and use it as a proactive tool to spread awareness of these issues, and it can be a large impact. These authors write about these issues because sometimes people who have to live with the problems can not.
To conclude, Income inequality has been a great debate between economists and different arguments have been discussed for both sides, but I believe that inequality is such an interesting phase for growth. Without it, productivity will not take place allowing benefits for different social classes and creating strong incentives for an overall better economy and social
Inequality of wealth and income is an important and controversial microeconomic issue. The issue has become prevalent in the recent years because the prominence of the issue has gradually increased over time. Social media, urban life and proximity to one another can now see how much other people make or have. According to Wolf 2010 the bottom, 40% of the population has 0.3% of wealth while the top 20% possess 84% of the wealth. Economic efficiency can be attained by determining the desirable level of wealth inequality that will motive people to be more productive.