Income Inequality In America

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Inequality in America

Income inequality has deeply affected the economy and our society for decades. The socioeconomic inequality gap in the United States has been getting higher and higher since the late 1970s, creating more unequal opportunities for millions of people in the lower and middle class. It seems as though the lower classes families are getting crushed, while the top 1% are on top of the system. The system makes it hard for those from poor income families to succeed. In the article “Confronting Inequality”, author Paul Krugman explains how and why a big gap between the wages of the top 1% and the middle class is such a huge problem for the economy. He believes that this inequality will affect the standard of living for the middle class. Another scholar who shares a similar view and may agree with this statement is former Labor Secretary, Robert Reich. In his documentary, Inequality for All, like Krugman, Reich discusses his beliefs and knowledge about how the unequal distribution of wealth between classes is affecting the economy greatly.
In “Confronting Inequality”, Paul Krugman explains why an increase in income inequality is the root of the crisis in the economy and why we should be worried about it. He states,
“One reason to care about inequality is the straight forward matter of living standards. The lack of clear economic progress for lower and middle income families is in itself an important reason to seek a more equal distribution of income.”
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