Summary Of Income Inequality

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In the article where Michael Shermer has his commentary, the skeptical side of income inequality is discussed. The article is very unique because it is a bunch of critics that respond to Michael Shermer’s claim “that the U.S. is still the land of equal opportunity.” Many scholars criticize Shermer’s skepticism that the income inequality is not as large as people perceive it to be in the United States. In one case, Shermer responds to a critic and he highlights how the rich and poor are not that far apart, emphasizing how many economists believe that poverty can be reduced to 0% by 2100, some believing even by 2050. Shermer concludes his response to the critic by signing off saying that the Bill and Melinda Gates Foundation predicted poverty…show more content…
With that being said, there are many supporters of a large income inequality gap for the numerous economic benefits that it bestows on nations worldwide. As George F. Will notes in the Washington Post, many economists of the United States believe in the positive outcomes that come from a larger income inequality gap. Chinese laborers work to increase the wages of Americans by producing everyday products such as apparel and appliance cheaply. This gets the job done while paying the average Chinese laborer the equivalent of Starbucks latte, and increasing Americans’ disposable income. Similarly, when Americans choose to spend their money at stores that use cheap production such as Walmart, they not only get a raise, but help shape people like Sam Walton into billionaires. Monopolies in American society hold another negative connotation that have historically had numerous positive benefits to the American society. Although people naturally tend to think of monopolies as negative occurrence, throughout history, they have provided a means of “social blessings” when they enable ambitious individuals to engage in the wealth associated din previously unknown markets. In many cases, income inequality in a capitalist system is “truly beautiful” because people are incentivized to gamble on new ideas, while also turning luxuries into common goods. For example, when Apple created their…show more content…
The significance of income inequality has a major effect on the wellbeing of the social and economic makeup of the United States. It is not just an impulse, but a civic duty for every citizen of the country to partake in enacting their opinion. As Jean-Jacques Rousseau, the renowned French philosopher whose enlightened thinking influenced many of the Founding Fathers of the United States put it, “The very right to vote imposes on me the duty to instruct myself in public affair, however little influence my voice may have in them.” The uniqueness of the extraordinary government of the United States resides in the fact that its citizens partake in having an impact that best suits their interests. After considering the facts and numerous perspectives on whether a large income inequality distribution is positive or negative, you think back on your construction experience. Was what you witnessed that one day at your construction job in the nearby building an actual fact or was what you witnessed a hallucination of an oasis in your mind from the deprivation of
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