1. Introduction Income inequality has grown significantly during this past decades and this phenomenon continues to increase over the years. This problem is constantly discussed in the daily news all around the world. Several consequences of this increase of inequality between people leads to economic problems such as high unemployment rates, lack of work for young people, fall of demand for certain product. The gap between rich and poor is increasing, the rich are richer and the poor are poorer as a result politicians and economists try to adopt certain policies in order to reduce this gap.
I also believe it is increasing because in our society today we have a lot of social and economic factors going on that is related to this. Socioeconomic is a economic and sociological combined total measure of a person 's work experience also there individual or their family’s economic and social position in addition to others, based on their income, as well as their education, and occupation. Socioeconomic is increasing because it basically refers to the less fortunate people .It also is for people in poverty and poor health. It still exists in America today it occurs when any resources are given to society which most likely are going to be distributed unevenly which will lead to this . It may typically go through the norms of allocation, that will engender whole lot of specific patterns along socially undefined categories of Americans .
People may ask what do these facts mean? They mean that the wealth gaps in America are getting further apart. The rich are getting richer and the poor are getting poorer. The wealth gaps in the social classes in the United States are getting worse because the haves and have nots are widening, the American dream is getting harder to do, the rich are taking more of the pie and, income inequality is on a record high. In the United States, people are categorized into three main social classes.
John Meacham, the author of the reading, states many things surrounding the American dream that may be factual or opinionated. One of the many statements in the reading is that “Capitalism produces winners— and losers” (Meacham 5). One may agree to this statement due to the current state of society in America. Currently, society in America is greatly divided into sections, such as the distinction between the rich and the poor. Meacham addresses the topic of the social classes stating “Difficult now than in the past for many people to achieve middle class” and “Widening gap between the rich and poor suggests dream is becoming more elusive” (Meacham 3, 5).
There are people who work 40 hours a week and are still in poverty; this is a highly prominent issue.The uneven distribution of wealth, known as wealth inequality, is a problem that plagues not only America but also the world. With wealth inequality, there are two main issues and one solution to those issues. The problems are that the wealth in America is unevenly distributed and there people in America who work 40 hours a week and still have very little money. Wealth inequality is the root of all problems faced in America.The solution to this problem is to slightly raise the minimum wage so the lower class will be able to gain wealth. In America the difference of wealth between the top tenth of the one-percent and the other 99% is astounding.
Because of the growing separation of the rich and the poor, credit allowed the poor to appear wealthier than they were. Spending went up about 50%, while incomes went up only 12%. This caused people to go into debt. Consumerism was a major factor in the cause of the Great Depression but not the only one. Another common cause of the Great Depression is the combination of overproduction and underconsumption.
If someone is in poverty, then they most likely will not have a good enough health to keep them alive for a long time. With the rise of poverty rates in America that means that more people will die or be unable to contribute to the society in America. Also, people who are economically insecure have worse health than those who are not. Poverty is a substantial issue because it is hard to climb out of and can pose many risks to families and their health
In recent years large companies have also been paying their workers higher wages. And the more profit a company makes the more it benefits the economy. “Americans think the U.S. economy benefits when big businesses or small businesses make a profit, although, by 84% to 64%, more consider small-business profits helpful”(Saad). Although those are some supporting facts for large businesses in America, they are too powerful and too rich. In the past and even in present time large companies generally hurt their consumers and workers.
These are common necessities that people in third world countries aren’t given. It is concerning when people waste food and resources, while in other parts of the world many are struggling to find food and resources in order to survive. People living in poverty can’t afford or can’t obtain nutritious food for themselves or their families. This makes them weaker and more exposed to diseases. Food is the source of all energy.
He states the fact of 400 million people lack the necessary calories, protein, vitamins, and minerals need to live a normal life; children are affected the worst. He also states “by not giving more than we do, people in rich countries are allowing people in poor countries to suffering from within due to poverty”. This notion gives a consequentialist view on how we can allow people to