Wealth and Inequality in America Inequality The inequality in America has increased over time; the gap between the rich and the poor has become a problem that many Americans don’t see. Inequality is the extent of income which is distributed unequally among the citizenry. The inequality of the United has a large gap between the poor and the rich making it unfair to the population, the rich are becoming wealthier and the poor remain poor. The article “Of the 1%, By the 1%, For the 1%”, authored by Joseph E. Stiglitz describes that there is a 1 percent amount of American’s who are consuming about a quarter of the United States income in a year. Therefore, America’s inequality will continue to grow.
It’s the simple societies, that will have very few social roles and statuses occupied by the members, social inequality may be very low. Socioeconomic will be increasing because we have such a high rate of poverty in America. Socio-economic inequalities have been rising so much in the European Union and in most of our countries including America are way higher today than in 1980. Which is leading to increasing. These trends are way similar to the ones found in the United States of America and other industrialized economies and reflect whole lot of the combined effects of changes taking place in our labor market, which is linked to globalization and technological change, in social variables, such as household and so much
What is the middle class myth? This “event” or “classification” has a lot to do with geography,the past and how it was formed it has many components to make it a organization that is well known. “A land of opportunity”, “ a middle class society”,quotes from American Ideology assertion from Alan Nasser,the Author of The Middle Class Myth: Have Most Americans Always Been Poor? (August 28,2015). In 8 Surprising Facts About The Shrinking Middle Class From “Third World America” (PHOTOS)by Hallie Seegal 08/09/2010 01:19 PM ET states that in 2005, the bottom 20 percent of household earners had an average income of $10,655 while households in the top 20 percent made nearly 160,000 – a disparity of 1,500 percent, the highest gap ever recorded.
The article draws from references as studies done by the Organization of Economic Cooperation and Development (OECD) on the how the measure of wealth inequality between the richest nations is exceedingly high and may eventually lead to economic stagnation and slower economic growth in a nation’s economy. The article states that the top 20 percent of the population of the United States own eighty nine percent of net worth in the country, while the bottom 40 percent own less than a percent of net worth. Net worth in the article is defined as the total value of assets after the total value of liabilities is subtracted. I will explain how social stratification between the top twenty and bottom forty percent is caused by wealth inequality through four key sociological theories and concepts. Analysis A: In the Structural Functionalist perspective both groups are interdependent, meaning one group cannot exist without the other.
The cause of inequality ranges from a series of mediums form social status to gender and even race. While education is caked with large portions of inequality, the biggest play it remains shrouded from the public eye is in the very core of our government itself. To be more specific there is a constant rising unjust distribution of taxation going on in the government taking place amongst those who make outrageously high amounts of money. Krugman informs us regarding hedge fund managers, and how they basically receive a “unconscionable tax break” that “ these managers- some of whom make more than a billion dollars a year get to have most of their earnings taxed at the capital gains rate, which is only 15 percent, even as other high earners pay a 35 percent rate,”(568). Blatant tax evasion occurring right at the core of our own government, and perhaps depicts perhaps the biggest example of inequality in our country today.
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.
Income inequality is rampant, and currently, it 's only getting worse. At this moment, the richest 1% of the population control nearly half of all global wealth. If current trends continue, the wealthiest 1% will have more than the other 99% within just a few years. The question is, however, how much income inequality is acceptable? Like many social issues, there is no easy answer, and people are remarkably divided on the answer.
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.
Income inequality refers to the uneven distribution of income among a population. In the United States, the gap between the rich and everyone else has been growing significally within the last thirty years. An article by Joaqui, Moreira Salles states, “On average, today’s upper-income families
I see that there is a big issue with income equality. I agree that it is an issue that needs to be fix. Income equality is the unequal distribution of household or individual income (inequality.org). I feel like there should be some type of change to income inequality because many people are affected by this. According to the article, income inequality has increased over the last 30 years.