Overall, I was surprised, but not shocked. I was more surprised of what people "think" the wealth distribution was when compared to the "reality" of wealth inequality. However, if inequality was relative to what the people seem to believe it to be. This would change society for perhaps the worst. From my understanding, there are only two perspectives on the wealth inequality topic. For example, there is an individual who claims that if the wealth inequality was the "ideal" or what 92% of what people "think" it is, that would encourage the middle class and more poor classes to rely even heavier upon the government. For instance, welfare checks, child support, and disability checks. Thus, causing the idea that the "American dream" is irrelevant to obtain a wealthy status. The second perspective is the opposite, the poor claim that the rich are only there due to their family connections and what not. Throughout the years it has become more common that a child from a wealthy family is to become a troubled human. Whereas, a child from the middle class or the poor works hard to pursue the "American dream" because they are driven to better their lives. For example, the wealthy could be taxed at a more extensive rate. But then …show more content…
When in fact, it really is not. In this video it simply explains how in this world we are more of our wealth status opposed to our actual human fundamentals and characteristics. For example, in the textbook it mentions the term of "social stratification" this is the ranking you take in the world relating to the obtained wealth status. This is much like what the video explains. The reality of the ideology pertaining to wealth inequality is that no one wishes to accept it, but we don’t have a choice/option, it is more of a necessity than anything
Based on freedom and equality, America is today the country the most unequal amongst developed countries. Today there is a very big difference between the ideal, what Americans think and the reality of the income distribution. There is only a very small share in the middle class. This is a major crisis in the United States indeed, 1 per cent of the rich have 40 per cent of the country’s wealth.
In the article “Confronting Inequality” by Paul Krugman it explains how and why large changes between wages of wealth and the problems between the social classes. America's middle class in today’s society are exceeding their limits in effort to give their children opportunities many middle class parents did not have themselves. Ways that many middle class parents are doing this is by buying homes that they can't afford; this is so their children will be able to attend a good school. Another reason why middle class parent are doing this so that their children can have more opportunities to one day slow the growing gap between the wealthy and the poor. Another reason that inequality between the classes is important Krugman believes is because
Wealth has formed an enormous gap in the society. As a country, the people are as separated as oil and water. “The wealthy class is becoming more wealthy; but the poorer class is becoming more dependent. Social contrasts are becoming sharper” (Doc A), to distinguish the poor from the rich has become extremely effortless.
Malcolm Gladwell writes a powerful book in Outliers that really makes us think about success and what it takes to be successful. Gladwell’s claim that the upper middle class has more opportunities than the poor rests upon the questionable assumption that individuals with an upper middle class background do not have to work hard to be successful. Therefore, we should reconsider Gladwell’s claim because successful people still had to work hard and seize those opportunities. I still believe that we can better ourselves and have a better life than what we started with.
The more money the wealth has the less middle class there is. The more people that influences the wealthy the higher the social equality will grow. Krugman says “A society with highly unequal results is more or less inevitably a society with highly unequal opportunity, too (592).” Middle class is being denied for all the help that there is, while the wealth is getting help. They are force to live this way because of inequality in the world.
The wealthy continue to grow as they get more of everything and the lower class continue to get less. The average wealth has increased over the last 50 years, but it has not grown equally for all. “ Families near the bottom of the wealth distribution (those at the 10th percentile) went from having no wealth on average to being
Statistically, the American Dream is perishing due to the rise of income inequality and the slowing of economic growth. Income inequality is a dominant problem in the United States. The top 1% of the United States occupies 20% of all the country's income, while the bottom 50% only obtains 12%. Since 1980, the average annual income of the top 1% has substantially increased from $344,000 to over one million dollars.
The problem of income inequality is not something new, but it is something that people must worry about because it is affecting not only our wallets, but our communities as a whole. I agree on the author’s point of view about income inequality in the United States his position is very similar to another Robert Reich documentary called “Inequality for all” where he mentions all the aspects that brought United States economic system to a hold just to help a fraction of all population one of those systems was education where before the nineteen eighties it was cheaper to go to college than nowadays or the fact that workers were pay almost the same as any other for their sacrifice . Going back to the video on debate he mentions how policies changed
As outlined in chapter 10 of the course text, inequality in housing and wealth is a major problem. The United States is described to be the most unequal countries in the western hemisphere. But with the inequalities when it comes to wealth, the United States is one of the richest countries in the world. Wealth is the sum total of a person’s assets. These assets include, cash in the bank and value of all properties, not only land but houses, cars, stocks, and bonds, and retirements savings.
65% for the “upper middle” bracket 19% of the U.S population. And a whopping 275% of taxes for the 1% of the U.S. These numbers undeniably show a non “equal” society but one out for the 1% and other high rollers. America isn’t protecting the people at the top nor the bottom.
Classism is a major issue that plagues American society. Classism separates groups by their economic status in society. America is perceived to be a middle class society, however in reality the middle class does not hold majority of the nation’s wealth. Most of the nation’s wealth is held by 1% of the population in America which consists of 34% of the nation’s wealth, meanwhile “the richest 20% of Americans hold nearly 85% of the total household wealth in the country” (Adams et al, 2013, p. 151). American citizens that are a part of the upper class are privilege because they have access to majority of the resources.
Where farm workers and security guards turn to overwhelmed food banks to help feed their families, and homelessness is rising among working families” (Sklar pp. 329). However, on the opposite side of the spectrum, you see a country in which “93 percent of all the nation’s income growth went to the richest 1 percent” (Sklar pp. 329). This is another example of institutional classism because it demonstrates how the government discriminates against the lower-income households based on their occupations. It seems like there should be more money given to lower-income households so that they could not only live their lives, but also to better
The problem with the widened wealth gap is that the inequality may harm the quality. Meaning that those in the higher classes see it as you can use the money with no restrictions. However, economist believe that the “relationship between inequality and economic freedom, with the possibility that policies that are meant to reduce inequality will reduce economic freedom, which will then only make inequality worse.”
The middle class want to become rich and the low class only wants equality.” Orwell’s predictions of the party, the government in modern society, rises to power and the poor stay poor. In LA Times “Income Inequality makes the rich more scrooge-like, study finds”, “Since the 1980’s -- the end of a 30-year period… wealth has grown increasingly concentrated at the top of the economic ladder, while low-income Americans have commanded a smaller and smaller share of the nation’s wealth.” *add where quote is from* ”... top 5 percent of American families saw their real income increase 74.9 percent… the lowest-income fifth saw a decrease in real income of 12.1 percent… Sharply contrasting with the 1947-79 period… with the lowest income group actually seeing the largest gains.”
Introduction All over the world, there is an obvious contrast between the living standards and lifestyle of the rich and the poor. Moreover, there is a large gap between the populations of poor and wealthy. This is known as the Wealth Gap, and it is caused by Wealth Inequality. Wealth Income/Inequality is defined as “The unequal distribution of assets within a population.” Wealth is defined as more than just the amount of income a person has, but instead the value of a person’s assets.