Income Inequality: Large Disparity Of Wealth

Income inequality has been a major issue in American history. There are many different factors that contribute to inequality. These include education, wealth, discrimination, ability, and monopoly power.

The video Wealth Inequality in America provides an eye-opening experience to inequality’s reality in the United States. Most Americans believe the system we have today is bad however what they think is far from the ideal and even farther from the reality. The video provides chart to have visuals of the wealth distribution in the United States. Of course, going to socialism would not be the best route. 9 out of 10 Americans feel the ideal wealth distribution should be a curve. The reality chart depicts the wealthy people and top one percent is off the chart since they have so much wealth. Additionally, the top one percent posses quarter of the national income. The narrator suggest we need to revise reality and not what we think it is.

In the 21st century, the American media has portrayed the wealth inequality in the United States in a very black and white way. Poverty has become an ongoing problem and has accelerated the appalling wealth divide. In 2010, the poverty rate in the U.S. reached fifteen percent which was the highest it had reached in almost two decades. Obligations to providing equality and adequate living conditions have been removed; there is no more “moral code or ethical principle” that can be used to contradict this growing American atrocity. On one side of the spectrum there is the upper class, the esteemed one percent of the social hierarchy in our country; however, on the other side there is the desolate and extreme poor that are constantly being used

The divide between the rich and the poor is defined by success. While the wealthy live in a utopian world where everything goes according to their needs, low class individuals live in a dysfunctional society trying to make ends meet. Aside from the obvious differences, society judges you by the size of your wallet. In The Divide: American Injustice in the Age of the Wealth Gap, by Matt Taibbi, he argues about the large wealth gap that most of individuals are oblivious to and sometimes refuse to see. Taibbi goes after the truth, uncovering how white collar criminals walk freely after committing the biggest of crimes, while the blue collars get criminalized and convicted for simple misdemeanors. The wealth gap between these

In his article “Why Wealth Inequality Is Way More Complicated Than Just Rich and Poor,” Josh Zumbrun (2015) describes wealth gaps between the young and the old, different races and education levels instead of just the rich and the old. Economists in the Federal Reserve Jeffrey Thompson and Gustavo Suarez provided a detailed look at patterns of the wealth in America. Based on averages, they encountered that the net worth in a family increased as they aged, but declines near age of retirement. According to the “Asset Building” graph the average age of declining net worth is age sixty-two because at retirement they start to live off of previous saved earnings. As well as the average debts collected through the years there was positive correlation

According to Inequality.org, “We equate wealth with ‘net worth,’ the sum total of your assets minus liabilities. Assets can include everything from an owned personal residence and cash in savings accounts to investments in stocks/bonds, real estate, and retirement accounts. Liabilities cover what a household owes: a car loan, credit card balance, student loan, mortgage, or any other bill yet to be paid. In the United States, wealth inequality runs even more pronounced than income inequality” (Wealth). Wealth disparity affects everyone in America. When the top twenty percent of earners in America take over fifty percent of total earnings in any given year, It can be see as very unfair by anyone who is in the middle class and especially the lower class of citizens in the U.S. It is safe to say that both sides of the political world (Republicans and Democrats) are equally worried about how economic inequality will affect their children and future generations. No matter who you ask, rich or poor, and whatever their opinion on the shape of economic distribution in America is, they most likely have a unrealistic sense of the state it is actually in.

The crowd began filing into Sister Jean’s soup kitchen on Pacific Ave. in Atlantic City, N.J. well before lunch was to be served, while directly across the street, people with money to burn strolled into Donald Trump’s massive and garish Taj Mahal casino.

The difference of income and workers conditions has been a timeless conflict present throughout history of the United States. In the past workers were faced with deadly work conditions and around the clock hours for little pay. These unjust conditions dramatically increased during the Industrial Revolutions that the United States experienced in the nineteenth century. The latter period of industrialization produced the organization of the first labor unions in the Country, namely the Knights of Labor established in 1869 and the American Federation of Labor established in 1886. In present day countless unions exist, and are a lot less needed than they were in the early industrial days of the United States (Brinkley, 2012).

James Madison once stated inequality of the rich and poor predicament to be “evil” and believed that the government should avoid an “immoderate, and especially unmerited, accumulation of riches” (Johnston, 2016). As one of the founding fathers of our nation, James Madison had a concern about the separation between the rich and the poor. He felt the government should do what it could to avoid the separation, which one can infer that he meant for the government to tax the rich by a greater percentage, thus reducing the financial burden on the poor. A rift has always been present between the rich and the poor throughout history. Depending upon the job, the working class may or may not make enough to support a family. At this point, the

Income inequality is one of the greatest problems facing the United States today. It is important for everyone to understand what this means and why this is a problem.

Amongst all of the presidential candidates of the 2016 race, one in particular stands above the rest. Bernie Sanders, running as a democrat, holds the highest capability to better the nation amongst all other candidates.

Without realizing it, most of us live in a bubble. This impermeable layer makes us oblivious to what's going on in the world and ignorant to the truth. The media is powerful, but there is a huge difference between seeing something, and experiencing it in person. After 17 years of living in that bubble, I finally popped it and opened my eyes to a world I had never felt before. Colombia, like many developing nations, faces rampant income inequality that acts as a huge barrier for the country to make a leap towards economic prosperity. But to truly understand this great monster in our world called "income inequality", you have to experience both extreme living conditions. And during the summer, I was able to do just that. In 24 hours. With an

Americans today live in a distinctly unequal society. Inequality is now wider than it used to be in the last century, and the division in income, wages, and wealth are broader than they are in other developed economies of the world. Wealth inequality is the imbalance of wealth or income within a society, and it is one of the most vital economic challenge the US is facing today because the distribution of wealth is more dispersed, making the inequality in wealth distribution at its highest. While the matter has been discussed for many years, the actual income disparity in the U.S. has heightened and is now verging on an extreme gap that portends to impede long-term economic growth. The huge gap between the wealthy and poor is squeezing the U.S. economy, the wealth gap threatens economic growth by diminishing social mobility and producing a less-educated workforce who are not able to compete in the global economy. unrestrained level of income inequality causes political pressures, it discourages trade, investment, and hiring. The present level of income inequality in the U.S. is shrinking GDP growth, and the world's largest economy is struggling to recover from the Great Recession.

The issue of income inequality in the United States is complicated and does not have a definite answer. Income inequality can be measured in a few different ways. The first measurement for the income inequality in a country is to look at the percentages on households and group them into income categories, called distribution by income category. The second measurement for income inequality is called distribution by quintiles or fifths. This is when you divide the total number of people, households, families into five groups called quintiles to examine the percentage of total before tax income received by each quintile. Each quintile would then be ordered by income and households in the category.

Every American dreams of finding a job that pays well enough so that they may comfortably take care of their loved ones and themselves for years to come. Most Americans hope to find some way to make a living that they enjoy, something that they view as productive. Unfortunately, many do not have this luxury. In our society, a good portion of the population is forced to hold the base of our country in place while hardly being redeemed for their time and effort, and thus the problem of income inequality. Numbers of these people live from paycheck to paycheck, barely getting by, not because they manage their money poorly, but because the value of their time at work is negligible.