Summary Of 35 Soul-Crushing Facts About Economic Inequality

The article “Confronting Inequality,” written by Paul Krugman, a professor at Princeton University, emphasizes that the middle class suffers from social inequality and economic inequality. Krugman suggests building a stronger safety net so the gap between the poor and rich can be limited to by raising of the taxes. Krugman uses this claim to highlight the fact that the middle class needs to be stronger and the only way to achieve that is to have a strong safety net. Krugman says the rich use loopholes in the tax system to cheat their way out of high taxes, and the poor pay a relatively high tax compared to what they should be paying. Krugman states if these ideas were incorporated into society, it would link the gap between

Paul Krugman author of the article “Confronting Inequality” stresses the inequality of our social classes in the United States, he uses statistics to demonstrate the staggering consequences of this inequality within our social classes. Krugman emphasizes the fact that a majority of our wealth is owned by about one percent of the population, which is leaving the middle and lower class at an extreme disadvantage. One example Krugman uses is education; children that have wealthy families, have a higher percentage of finishing college than those of lower income families, proving the statement that Krugman was accentuating, “Class-inherited class- usually trumps talent.” The parents within this middle to lower class have been exceed their financial

Today, there are endless arguments about the existing of the American dream. In “They say, I say” by Gerald Graff, Cathy Birkenstein and Russel Durst. There are four article that I have evaluated. The upside of income inequality – Gary S. Becker and Kevin M. Murphy, American Dream: dead, alive, or on hold – Brandon King, Bring on more immigrant entrepreneur – Shayan Zadeh, America remains the world’s beacon of success – Tim Roemer

Many solutions, such as social investment, early childhood education, job training for young adults are avenues for addressing the shrinking middle class. Many of these ideas have been around since the 1990s, and most know that they will work, however, no one wants to pay the cost of such social investments. Thus, this is a fine example of how one topic, income inequality, can be addressed from two different angles, that of economist and that of sociologists, and what contributes to the inequality can be supported based on what is actually measured. In this specific comparison, due to the differences in disciplines addressing the same issue, the variables measured are completely different and as a result, yield very different results.

“The Dangerous Consequences of Growing Inequality” was written by author Chuck Collins in 2005. The main thesis of the essay was that a greater amount of inequality causes us to undermine the values of society, along with consequences that affect an indivual’s life. Collins expands on his main point by splitting up the consequences into different categories. To be more specific, he gives different examples on how the growing inequality impacts society, and more specifically, our culture, economy, social order, and democracy.

Paul Krugman, an economics professor at Princeton, writes “Confronting Inequality” chapter 7 in his book. Equality in America is what makes America, what it stands for. Social and economic inequality still is a part of everyday life in America. Education is making parents struggle because they want to give them a good education; but also, health care for those who need it. Middle-class starts to scramble more every day while the high-class gets more prosperous. Inequality in America is creating trouble to the lives of Americans.

“The bottom 40% of Americans own almost nothing.” Said the video, Wealth Inequality In America. The lower class are scraping by and are not able to invest in stocks or other consuming items whether it deal with money or time. The video, Wealth Inequality in America also said, “The top 20% of Americans own almost everything.” The wealthy community should contribute more to the lower class, allowing more equality of wealth.

America prides itself on being one of the most effective democratically governed counties. The idea of the American dream is that all people have equivalent political freedoms and a responsive government. However the effectiveness of social equality is being threatened by increasing inequality in the United States. Economic inequality in the US has expanded drastically. The wealth gap has had drastic changes over the past 35 years. What’s more, specifically, the rich have gotten a lot richer. Almost everybody who talk about it says that economic inequality must be reduced.

Wealth equality would fix these issues by giving them more opportunity and creating new jobs. It would also slowly drop the crime current crime rate over time, causing the economy to also improve in the

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. Why has inequality been widening? As we see the diagram from the graphic package, GDP was spectacularly booming from late 1980s. However, the growth of wages and productivity was almost stagnated ever since 1970s. At that times, economic globalization was taken place deeply and manufacture was moved from developed countries like America to developing countries like South Korea and Japan while financial capital field was tended to be more powerful.

The current estimated distribution of wealth in America states 80% of Americans (citizens under the poverty line, lower class and middle class) receive 7% of the nation’s wealth while, the top 20%(higher class) have over 92% of the nation’s wealth. Consequently, the respective groups of financial classes parallel this economic condition in that the amount of disposable income the middle and lower classes have been almost nonexistent ("Wealth Inequality in America"). The sources about economic data regarding the country become soused intentional by masses of official organizations depending on the objective that’s being supported with the data. The federal estimate for America in one piece currently has

Arguments against inequality is simple, people believe everyone should have the same opportunities to succeed, especially in the early age as the reading “Manza Mobility’ talks about. Opportunity inequality refers to the ways in which inequality shapes the opportunities for children and young adults to maximize their potential. Which equal opportunity would all children having similar chances to succeed in life, regardless of whether they were born in wealthy or poor families. If every children had the opportunity to attend a good school regardless of their background of social class, then opportunities are truly equally distributed. Other than education inequality, lower class in general have less political influence, because they don’t contributed as much as higher class to lobby groups or fundraises and campaigns.

The discussion of the Lorenz curve in Chapter 19 provides information on income inequality that has arisen in the United States since 1967, as factors like education which are characteristic of society affect the results of such percentages. Poverty, poor income distribution in the population, the economy, government policies, welfare reform among others are part of that discussion giving us a clear view of what happened in the North American country.

justifiable, as any inequality would have naturally sifted through the system based on an individual’s natural merit (Mathewson). Social hierarchies within the United States are not solely based on wealth, as they are also based on skill and educational attainment; however, economic inequality has allowed wealthy citizens to have privileged access to excellent avenues of education, and thus greater avenues of socio-economic mobility (Mathewson). Therefore, economic inequality

Surprisingly, statistics show that wealth inequality is not limited to only developing countries, but also some of the most developed countries. America, Israel and Greece are one of the countries with the worst income inequality. In some countries there is an equal and