Introduction The income for minimum wage should be higher to be fairer to poor people and to fix the American money distribution system. In 2009 the top 1% of Americans has almost 3x more money than the bottom 80% of Americans (Inequaity.org). If the upper class were paid less and the lower class were paid more that would help fix the money distribution system. Wages and Salaries There are 3 different income classes that make different salaries. Lower class (makes the least), middle class, and upper class (makes the most). The Lower Class makes around $18,000 and $23,050 a year. The middle class earns a salary around $80,000 a year. The upper class makes around $150,000+ a year. (Investopedia). I think that the minimum wage should be raised …show more content…
(wealth inequality in America). I think that money distribution system is wrong for those reasons, and one day if those things don’t change, one person will have all the money and everyone else will have nothing, but that would make America crumble. America needs to redistribute their money, but gradually. If everyone gets re-distributed their money all equally that would be called socialism. But America encourages the American dream, which makes you want to work for more money. (wealth inequality in America). I think the way to distribute the money equally between classes should be taxes. In order to know how skewed the money distribution is, you need to know what the money difference is between the …show more content…
As stated earlier: “In 2009 the top 1% of Americans has 40% of America’s money, and it’s getting worse.” Getting worse means that the top 1% earns even more money than it did last year. (wealth inequality in America)If this problem gets larger than one group of people (the top 1%) will be in control of the wealth in America. 5,000 Americans were surveyed and they were asked about what an ideal money distribution system would look like. The top 1% of reality’s Americans had more money than the top 20% of their ideal Americans. (wealth inequality in America) Even Americans agree that the American money distribution is flawed and flawed greatly. If America isn’t able to keep a stable income classes, then how are we supposed to live a life where we can depend on our salaries. The income for minimum wage should be higher to be fairer to poor people and to fix the American money distribution system. If the upper class were paid less and the lower class were paid more that would help fix the money distribution system. The next time you get your pay check think about how hard you work, and how many people get paid for the same amount of work. Also think about people that get paid minimum wage and can’t have more money than what is needed to support their
In this article by Sean Mcelwee(2014) he talks about why income inequality is the toughest issue America will face in the next few decades. In the article, Why income inequality is America’s biggest (and most difficult) problem, Mcelwee(2014) believes that after the studies he has seen, the most effective way to solve the policy issue of income inequality is by higher taxes on income and wealth. However, the rich would never buy into this solution, because it would take more of their wealth, when the wealthy are trying to maximize their money returns. Mcelwee (2014) also talks about how when a family is wealthy, money tends to stay in the family for 10-15 generations, which is also true for families with lower incomes as stated here by
The wealthy continue to grow as they get more of everything and the lower class continue to get less. The average wealth has increased over the last 50 years, but it has not grown equally for all. “ Families near the bottom of the wealth distribution (those at the 10th percentile) went from having no wealth on average to being
When you become in the top two percent you stay there. The people at the very bottom of the wealth spectrum, which will make-up at least half of the United States population, will share ten to fifteen percent of the total wealth. Let me repeat that, ten to fifteen percent of the total wealth of the United States is split up in-between fifty percent of the United States population. People on average don’t realize what little money they have. There are people mistakenly thought of as wealthy, but don’t even come close to comparing to those who are actually in the highest class of
While wealth inequality has always been an issue in the United States, it has became more of a pressing matter in America since the late 1980’s, and has only continued
Another plus for raising minimum wage is that people who don't have that much money that have families and can only get a job that makes them minimum helps them pay more pills and put food on the table. It would help many people out if we at least raised it by a dollar. That doesn't seem like much but after a while an extra dollar adds up
The United States is one of the most developed and wealthiest nations on the planet. However, the nation today has more income and wealth inequality as compared to any other key developed nation. In addition, there is a very large gap that exists between extremely rich and the rest of the people. Most of this income and wealth is controlled by a shocking small percentage of individuals. This accrues to only 1 percent of the nation’s total population.
Nowadays, there is a huge gap of income and wealth inequality in the U.S. and that means the richer people are super rich while bottom people are struggling for basic living standard. There are some direct and explicit statistics from Inequality for All graphic package from which we can tell the phenomenon. In 2010, the typical 1% people earn 33 times of typical male workers but in 1978 the ratio is tenth comparing the male workers with the “1%” people. Also, it says “Today, the top 400 richest people have more wealth than the bottom 150 million Americans put together” (Inequality for All). This shows considerable wealth of the U.S. is controlled in the minority people, which is totally unlike the period of 1950s through 1980s.
Desiree Ripoll Professor Heuer ENC 1102 5/30/2017 Increasing the Minimum Wage is Good for America Raising the minimum wage is not only beneficial to those who are struggling financially, America’s economy would benefit from this as well. Doug Hall and David Cooper express how increasing the minimum wage would be a tool for modest job creation in the article “Raising the Minimum Wage Would Help Lower-Income Workers”. In the article “Is a $15 minimum wage economically feasible?” Jeannette Wick-Lims discusses how raising the minimum wage is good for the economy if we adapt to the changes accordingly.
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,
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.
The federal minimum wage should be increased because raising it would increase the economic activity and spur job growth, decrease poverty, and also improvements in productivity and economic growth have outpaced increases in the minimum wage. Increases in job growth and economic activity will happen when the minimum wage is elevated. If the minimum wage was increased it will “inject 22.1 billion net into the economy and create about 85,000 new jobs over a three year period”. (“Raising the Federal minimum Wage to $10.10 Would Lift Wages for Millions and Provide a Modest Economic Boost") Thousands of new jobs will be created and it will put billions of dollars into the economy.
Since the Great Depression, there has been a minimum wage in America, but this minimum wage has changed 22 times since the Great Deprnbession. Many people say minimum wage should stay at $7.25 like it has been since 2009. Meanwhile, other people believe that minimum wage should be $15.00 so they can have more money to live comfortably. People think that a higher minimum wage will help, but it will hurt more people than it will help. If America makes the minimum wage $9.00, people will no longer be in poverty and it will make the economy balance out.
The problem with the widened wealth gap is that the inequality may harm the quality. Meaning that those in the higher classes see it as you can use the money with no restrictions. However, economist believe that the “relationship between inequality and economic freedom, with the possibility that policies that are meant to reduce inequality will reduce economic freedom, which will then only make inequality worse.”
By minimum wage people would have a higher standard of living and a easier way of life. This will then help the economy and jobs in the
Another issue with the current state of the minimum wage in the United States is that it is unfair to the children that grow up in poverty because they did not even have a choice. Speaking from my own personal experiences, oftentimes these children have to watch their parent(s) work hard to support the family yet, they still struggle. Nothing felt worse than when a child who is well off simply says their parents work hard to be where they are as if your own parents don’t. The children who came from well-off families often times treat the children that are not well off extremely poorly by ridiculing the children about the clothes they wear, the toys they have, and etc. I remember one of the worst times of the year was Christmas time when you heard that your other classmates got everything they wanted and when you tell them the measly amount of things you got and they respond with “is that all.”