The Importance Of Income Inequality

Additionally, too great economic inequality prevents the economy from growing. In view of middle-class worker’s reduction or stagnation in salaries, they have less disposable income to spend. Thus, businesses suffer and must cut costs, which inevitably leads to even more reduced revenues for

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Did you know a lot of people spend way too much money for a lower education? People spend more money for classes they don’t even need and end up doing things they don’t want to do. They have also been removing classes from schools so they can learn. Money for college are also troubling. Money keeps getting higher and higher every year and a lot of students can’t afford it.

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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.

The American public school system is arguably weak when compared to other countries, but it still functions to educate the public. The issue of inequality arises when it comes to higher education and who has access to it. Due to higher education costing anywhere from tens to hundreds of thousands of dollars in the United States, it is easy to see why there is an unequal level of access to higher education. Some might argue that higher education is not necessary and that the poor can find a living without it. This is not only restricting the poor to the lower class, but is simply not true.

The socioeconomic status of one, and one’s family, can have a significant impact on potential wealth. Collins (2013) found that, in the United States of America, The 1 percent (in terms of wealth) in the U.S. owns 35.6 percent of all private wealth, more than the bottom 95 percent combined. The top 1 percent also owns 42.4 percent of all financial wealth, which equates to more than bottom 97 percent combined. The 400 wealthiest U.S. individuals, that were included on the Forbes 400 list, possess more wealth than the bottom 150 million Americans. Between 1983 and 2009, over 40 percent of all wealth gains flowed to the 1 percent and 82 percent of wealth gains went to the top 5 percent.