Income Inequality Essay

Income Inequality in America is a problem that’s been going on for decades, and many feel that it hardly exists, the many people that feel that way are highly uneducated, and seem to not really care about this tremendous problem that in one’s eyes really has no end in the near future, in fact it has been gradually rising and one feels that it’s just not fair. Unfortunately, there’s not much that can be done, only of course if the poor class of people decide to actually educate themselves and get a higher education. One says poor class, simply because that’s how they’re classified. There are five types of levels that Americans are classified as, and they are: 1. Upper Class, 2. Upper Middle Class, 3. Middle Class, 4. Working Class, 5. Poor.

In today’s capitalist economy, where economic transactions and business in general is centered on self-interest, there is a natural tendency for some people to make more than others. That is the basis for the “American Dream,” where people, if they worked hard, could make money proportional to their effort. However, what happens when this natural occurrence grows disproportional in its allocation of wealth within a society? The resulting issue becomes income inequality. Where a small portion of the population, own the majority of the wealth and the majority of the population own only a fraction of what the rich own. This prominent issue has always been the subject of social tension

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 and well being.

Furthermore, the equality of opportunities as one of the foundations of the American dream turned into evident inequality. “The lion’s share of economic growth in American over the past thirty years has gone to a small, wealthy minority, to such an extent that it’s unclear whether the typical family has benefited at all from technological progress and the rising productivity it brings” (Krugman 586). Income inequality has been steadily growing since 2008 when the global financial crisis erupted. Moreover, the gap in prosperity between the group of Americans with high income and all the others had never been such extreme as it is now. Thus, not everyone has the opportunity to become wealthy through hard work. The increase in socioeconomic inequalities,

“The 0.1 percent in the U.S. today account for more than eight percent of the national income” (Freeland). Economic inequality is also known as income inequality, and it has always been a problem. The gap between the rich and the poor is growing wider and wider because wealth grows faster than the economy according to Thomas Piketty, and people are not able to move up through economic classes according to Paul Krugman. Economic inequality is a problem that can be overcome with raise the minimum wage, expand welfare benefits, and provide higher education.

society, the idea of income inequality is a frequent topic of argument. Many believe that a large income inequality distribution has a negative effect on a society, while others feel that it has very minor, nonexistent, or even positive effect. Some of the factors that affect the income inequality in the United States are low minimum wages, education, and discrimination of race and gender. The swelling income inequality gap in the United States has created numerous social, health, and human capital problems. There is a ton of information to digest regarding who the majority of money is split between and who is actually benefitting from it. There are numerous factors that affect the income inequality and the data associated with the results of it are rather

Wealth and Income Inequality in America The United States of America was founded upon the ideals of freedom and equal opportunity for all individuals. Many people strive to achieve the American Dream by enhancing their socioeconomic status. Today, many people argue that these rightful values are no longer relevant due to the growing income and wealth disparity between different social classes. Income and wealth are two social issues that are commonly misinterpreted; although the two concepts are related, the overall concepts are a little bit different.

The highest earning fifth of U.S. families earned 59.1% of all income, while the richest earned 88.9% of all wealth. A big gap between the rich and poor is often associated with low social mobility, which contradicts the American ideal of equal opportunity. Levels of income inequality are higher than they have been in almost a century, the top one percent has a share of the national income of over 20 percent (Wilhelm). There are a variety of factors that influence income inequality, a few of which will be discussed in this paper. Rising income inequality is caused by differences in life expectancy, rapidly increases in the incomes of the top 5 percent, social trends, and shifts in the global economy.

Although the United States is considered one of the best countries in the world, we still have many issues. One of the biggest ones being income inequality. In the United States, economic prosperity is not in reach for everyone. In the movie Inequality For All Robert Reich talks about how big of an issue income inequality is and the opportunities available to the average American.

In the United States has the one of the largest wage gaps in the world with a ratio of 351:1 COEs compared to unskilled workers (Gavett).if want the figures out how this happened in the first place we have to know what coe’s were first paid compared to the average full-time employee and what event caused this inequality between the two.so the best time frame to do it is between 1980-2005 because as that when economy was booming and before the housing crash of 2008 and linked to three major events that changed the economic history that cause this anomaly today (Mishel).

There has been a debate about the income inequality. Some people stand by that the rich are richer and the poor are poorer. As the evidence of it, the rich have large part of the social resource than before, so that the poor have less and less part of community resources. On the other hand, the opponents people argue that the poor are richer. Compared to previous, the society has much more resources. Even the poor people have less part of resources then before, they actually have more. The debate has been going on for years, and both side of the argument are justified. The fight will continue, but both side of the debate believe that income inequality is exist. Most people don’t like the income inequality, and thinks it will hurts economic

French social philosopher, Alex de Tocqueville (1805-1889), once said, “However energetically society in general may strive to make all citizens equal and alike, the personal pride of each individual will always make him try to escape from the common level, and he will form some inequality somewhere to his own profit.” Through the ages, income inequality has caused class conflict, created political systems (communism), and has simultaneously promoted vast increases in wealth and technological advances. The purpose of this paper is to research and examine the benefits and detriments, or pros and cons, of income inequality and to then render my opinion regarding my findings. Because income inequality is vast in nature, this paper will

In any liberal democratic nation, the role of the government is an integral component in the way that society functions. When electing a government that will ultimately represent the country’s citizens and make knowledgeable decisions on their behalf, a number of crucial factors must be considered; amongst innumerable other pressing societal issues, the largest lens is always focused on the monetary side of the equation: the economy. One of the most prevalent, tenacious debates at the time of any election surrounds the issue of taxation rates on citizens. The initial, sensible reaction is often to favour lower taxes, as this allows the working class to retain a much larger percentage of their salary and keep the money they’ve earned. However,

Income inequality have been going up nonstop up for quite some time, and it doesn’t appear to be slowing down any time soon. While that difference keeps increasing, it is important to ask ourselves, is it possible that a big difference on income could affect Social Security in the US? And if so, what kind of response should the government have to be able to uphold its promise to pay its citizens back the money they put in over the year, and let The Social Security Administration play the role that was originally intended for, a program that promotes income stability in the country. And lastly, should we, the citizens, look into and alternative retirement plan?

Yes, I do believe that reducing income inequality would lead to an economic growth. If we think about it, more money we have, the more we tend to spend or buy which means that the economy would benefit from that. Unfortunately as we all know, inequality in wages or income is dictated from our broken education system. I personally think that most of the problems in the income inequality start from education and I believe that because the more a person is educated, has knowledge and the more is capable to do, the less is the chance to have income inequality. Nowadays, we see hard workers earning less than some people that pretend to work and unfortunately are earning twice of the hard workers. In addition, I