America s Income And Wealth Inequality - 987 Words

Today in America, income and wealth inequality has continued to grow at an unsettling pace. The rich continue to get richer, while the number of people categorized as lower class grows exponentially. As Joseph Stiglitz has explained, many theories that are seen as strongly Republican, such as the trickle-down effect, has caused the rich to take money from the poor, and as a result the lower class grows and the middle class disintegrates. The top 1 percent of America’s households currently holds 30 percent of America’s economy, which is much more than other first-world countries and helps to emphasize the extremity of inequality currently in America today. This increased inequality has in turn caused America to become a much more divided society; those born in poverty typically stay in poverty, with little to no chance of self-improvement due to a lack of education provided in their areas. In contrast, those that are born wealthy typically go to better schools, have bett er health care, and are all but spoon fed information on how to remain wealthy. These two sides of society almost never cross, and this causes the country to be more divided than ever. In order to limit this inequality, drastic changes must be made, such as large corporations paying their fair share of taxes and giving back to the lower class, and minimum wage should be raised. If everyone in America works together, we can raise social mobility and re-unite what has become an increasingly divided country. AsShow MoreRelatedThe Problem Of The Wage Gap944 Words   |  4 PagesThe wage gap is one of the most important issues that needs to be discussed and solved in contemporary society. Out of all the developed countries the United States of America has the largest wealth inequality, similar to countries such as Mexico and Malaysia. The United States is very dependent on its currency, without it then you are almost unable to live. Healthcare is free in most other developed countries w hile in the United States you are forced to literally pay for your life if the situationRead MoreThe Effects of Wealth Inequality in the U.S.1484 Words   |  6 PagesAnthony Giovenco Political Science Inequality Paper 12-18-14 The Effects of Wealth Inequality in the United States Wealth inequality in the United States has grown tremendously since 1970. The United States continuously reveals higher rates of inequality as a result of perpetual support for free market capitalism. The high rates of wealth inequality cause the growing financial crisis to persist, lower socio-economic mobility, increase national poverty, and have adverse effects on health andRead MoreThe American Tax Code : How Our Government s The Wealthy1448 Words   |  6 Pagesin tax benefits in 2013 (CBO). America does not treat all sources of earnings equally. 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This pandemic so infiltrated the American economy that the richest 400 individuals in America today own more wealth than the poorest 150 millionRead MoreEssay about Death of the American Dream1042 Words   |  5 PagesClass in America: Myths and Realities published in  Re-Reading America Cultural Context  (2009) Economist Gregory Mantsios believes that the American people refrain from discussing class distinctions and its impact on our lives and instead revel in the notion that these differences are not relevant to American society. Whether class structure is parted into general categories of upper, middle or lower class, the concept of class distinction is polarized in American society. Income inequality, the defining