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.
Why are most Americans Getting Poorer? 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
3.1 How income inequality affect on people live in America. The income gap in America affects people, who live in this country. The issue has a strong impact in America’s society; in particular, the nutritional disparity between rich and poor people. In USA, the food gap becomes the top signal for the class distinction, but it used to be clothing or fashion. The food inequality in America is not only influencing the poverty, it is also cost hundreds of billions of dollar per year because of Non Communicable Diseases (NDCs) (Ferdman, 2014).
The increasing Gini index from 0.291 in 1981 to 0.469 in 2008, which reflects the inequality in the distribution level (1 stands complete inequality and 0 for complete equality) according to china national statistic center.6 Wealth inequality is not only the result of the higher income and rapid growth in income of richer groups, but the geographic different in urban-rural areas, the private property also emerged as a long-term source of
For many decades the economic growth of American has shifted to different standards. Each generation of growing up in America can and will face different economic situations than the generation before them. It is a part of circular flow of economics. One factor that is brought up, especially in recent years is income inequality. During a debate hosted by intelligence squared, two sides argued the notion the rich in America are taxed too much.
Social Classes Social class is divided into six ladder rungs with the wealthiest on the top rung and poorest on the bottom rung, according to Joseph Kahl and Dennis Gilbert. This means that the wealthiest are the most powerful because they have money and the poorest or underclass has no chance of advancement up the ladder. There are truths to this picture of social class but looking at social class this way gives little hope to the parts of society that are in poverty of ever moving up the ladder (Henslin, 2014). “Today, the richest one percent of Americans earns nearly a quarter of the country’s income and control 40 percent of its wealth” (Wikibooks, 2015). People in this upper class have inherited their money from their relatives and have
The majority of people made under 2,000 dollars a year (Document 9) which was considered the bare minimum to live off of, the buy all of the basic essentials. These people didn’t have any money to spend on luxury items and couldn’t buy on credit. During this time, some companies priced their goods at a higher price than the majority of people made in a year, like boats that were priced anywhere from 10,000 dollars to 35,000 dollars (Document 8). With nobody to buy from them, these businesses were left without a profit and began going bankrupt. An average family before the depression with two people working full time jobs only made around twenty dollars a week (Document 7).
Here are a few depressing facts: Almost half the world live on less than $2.50 a day, Nearly a billion people entered the 21st century being unable to read a book, The total GDP of the 41 heavily indebted poor countries is less than the wealth of the world’s 7 richest people combined,1 billion children suffer poverty(1 in 2 children
Most people would define wealth as the accumulation of some sort of precious possession(s), or more specifically, just plain money. However, like most concepts, wealth can be observed differently, or it may be completely foreign, in another cultural group. In the early colonization of the New World, two cultural groups, the Northeastern Indians and the English settlers, began to interact more frequently for various purposes such as the purchasing of land. How could two seemingly different societies be able to share a large stretch of land without any conflict? Well, they did not.
I agree with Dorothy Nyswander that an open society is made up of freeman, a place where justice is the same for everyone, and teach people to question and seek answer. I believe that the open society is where people have equal access and opportunity to education, healthcare, income, employment, and housing. Also, the society where people can speak up and voice their ideas and opinions without prohibition. In the modern society of today, many people judge others by their physical appearance at the first sight. We should practice not to judge people before we get to know them on a deep level.