Analysis of the Article 1% by Joseph Stiglitz

718 WordsFeb 1, 20183 Pages
In the article “Of the 1%, by the 1%, for the 1%” Joseph Stiglitz, a noble prize winning economist, argues that the upper 1% controls about 40% of all wealth in America. This top 1% has taken about a quarter of all income in America, and has seen their income rise about 18% in the past decade. This has made the inequality between classes in the US expand. Eventually, this inequality gap will even hurt the top 1%, because the other 99% will either fight for a bigger piece or just stop working all together. The top 1% can buy anything they need, but their fate realizes on the other 99% to work hard and not fight back. If the 99% stopped working, there would be a simple way to gain back money… that would be to raise taxes on the rich. However, the rich get rich by capital gains, which have a low tax policy. So overall, the upper percent can eventually learn, but a majority of the time it is too little too late. Throughout the article, Stiglitz approaches the topic of the 1% and how that prestigious group rarely tries benefiting anyone besides his or her self. Joseph Stiglitz gets that point across and explains it well within his article. The topic of the 1% only benefiting his or her self is extensively explained in the statement about the rich not caring about common problems. The rich has a large sum of money that they could invest into infrastructure, education, war and technology, but the upper 1% does not want to do that because it does benefit that group enough. I
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