Wealth Fool: An Analysis

As we move closer to the 2016 national elections in the United States, claims of a growing wealth gap between the supposed “haves” and “have-nots” becomes more pronounced. Democratic Presidential candidate Hillary Clinton even went so far as to caution us that we are advancing towards a repeat of the “Gilded Age of the robber barons”. The insinuation in this claim creates a perception that there are a growing number of individuals within American society using questionable methods to increase their wealth, all at the expense of the not so fortunate. So-called culprits of these activities are often referred to as the “top 1 percent”; a term gaining a strong foothold in our current vernacular. Although the existence of an income inequality gap is evident, subjectively misinterpreted data is the primary culprit driving the perception that the income inequality gap is expanding.

Although some people may think hope was not an important factor during the Holocaust, hope was an important factor and a powerful force during the Holocaust, because hope helped to make people believe there was still a chance of survival and hope always helped during the worst situations. During the time of World War II, many of the prisoners of war had been through alot and some had given up on survival. But for tons of them, hope helped them to persevere through their toughest obstacles for survival and sometimes gave them life-changing miracles.

This first lecture gave us a close look into the unequal share of wealth and the factors that determine the wealth of individuals in the American society. One of the first factors that affect immensely the inequality in America is the obsessiveness of wanting to classify people and make them mark a box for their gender, race and class. Where men and whites have more privileges than any other person and are not only paid higher, but would most likely spend less time in prison for committing the same crime as an African American. The United states is so unequal that the top 1% of the population has 38.1% of the wealth and the bottom 40% which is a little less than half of the people living in America only have 0.2% of the wealth. And as if that statistic alone was not scary enough, we learn in this

In everyday life you are exposed to media. The media uses techniques such as: propaganda, product placement, and facts to alter how you view a certain thing. You may not realize how the media twist and turns such little details to change your perception. My personal view on many things were changed in time as little as a week. We watched Affluenza, The Truman Show, and many documentary’s that showed how the media can change how you think.

To achieve the American Dream, one must work hard and have the dedication to be successful. There are myths relating to this dream leaving lower class members to wonder if the dream exists for them. People in lower class are told if they want to be successful they must put in hard work and true effort. Once they do, they see that they are remaining in the same position they started in. In “Class of America-2012,” Gregory Mantsios states the ideas of class in the US and explains them. One myth addressed in this selection is, “Everyone has an equal chance to succeed. Success in the United States requires no more than hard work, sacrifice, and perseverance: ‘In America, anyone can become a billionaire; it’s just a matter of being in the right

Wealth in relation to the upper class is defined not as income, but “the value of everything a person or family owns, minus any debts” (Domhoff 2005). Income according to Domhoff, “is what people earn from work, but also from dividends, interest, and any rents or royalties that are paid to them on properties they own” (Domhoff 2011). Those who own a great deal of wealth do not derive it from income, although they may have a high income resulting from the returns on their wealth. (Domhoff 2011) As for the power the upper class wields on politics, the economy and the government, it is indirectly carried out “through the activities of a wide variety of organizations and institutions. These organizations and institutions are financed and directed by those members of the upper class who have the interest and ability to involve themselves in protecting and enhancing the privileged social position of their class” (Domhoff 2005). This description of the upper class by Domhoff provides the basis for the argument that it institutionally exist - an organized, cohesive group set apart by its wealth and power.

One of the social issues concerning power, status, and class in American society today is income inequality. The income gap between the social classes has increased drastically throughout the last few decades, creating a significant gap between the wealthy and the poor. This gap has become so large that the middle class has nearly diminished, creating a social class comprised of the rich and the poor. The significant gap between the two social classes is unhealthy for the economy because it provides too much power in the hands of those with high social status.

Capitalism has been the central force behind the growth of the United States’ progressive economy. Within such advanced economic system the chances of economic disparity are significantly high. In fact, over the past three decades there has being a steady increase in unequal wealth distribution among the economic classes. To sustain the current unequal wealth distribution among the classes of the American population, there are numerous factors that influence and shape this trend. For some members of the population it is alarmingly disturbing to know that recent statistics have shown that, “In the US [alone] the wealthiest 1% of its population owns more than the bottom 95 %” (Gutman). As for the difference in economic wealth, it resulted

I always believed that you are considered wealthy when you make a high income. According to the authors, most high income earners are not rich, which surprised me. Most people with high incomes fail to accumulate any lasting wealth. They live hyper-consumer lifestyles, they spend their money as fast as they earn it. I always perceived millionaires as living the lavish life with their big sport utility vehicles and huge mansions. Well I was wrong, in

The power elite is able to exert power over society. The power elite’s control over politics demonstrates how inequality is functional. This validates the class-domination theory of power, which is distributed based on economic power. By controlling economic resources, the power elites political influence in government shapes law and those involved in government to the power elites benefit. In today’s American society these laws have impacted both the corporate community and the elite. Furthermore, the author’s portrayal of the elite displayed how the elite have control concerning choices in government policies, elections, and laws.

In today’s capitalist economy, where economic transactions and business in general is centered on self-interest, there is a natural tendency for some people to make more than others. That is the basis for the “American Dream,” where people, if they worked hard, could make money proportional to their effort. However, what happens when this natural occurrence grows disproportional in its allocation of wealth within a society? The resulting issue becomes income inequality. Where a small portion of the population, own the majority of the wealth and the majority of the population own only a fraction of what the rich own. This prominent issue has always been the subject of social tension

The four dimensions of inequality include wealth, income, education, and occupation. In the United States people are ranked differently from everyone based on these four dimensions. A person’s economic circumstance is governed by wealth and income. Wealth is a personal net worth and income is the amount of money earned. Income is annual and wealth is generational. Both are distributed unequally in society, while wealth is of more importance. Only some are able to achieve wealth while 19 million Americans are living below half of the government’s line. The contribution of wealth is unequal, for example, the richest 1% in 2004 had 190 times the wealth of the median household. Or also, the top 1 percent of wealth holders control 34% of total household wealth, which is more than the combined wealth of the bottom 90%. Income inequality is increasing in the U.S society. There is in an increasing gap in the difference of earnings between the heads of corporations and the workers in those corporations. In 1980, the average CEO of a corporation was paid forty-two more times than the average worker. Education: the amount of formal education an individual achieves is determinant of their occupation, income, and prestige. There is a similarity between being inadequately educated and receiving little or no income. Evidence shows that in 2008, the annual earnings of college graduates are more than double non-high

America is often referenced with the idea of the “American Dream” and the “Land of Opportunity.” For centuries, people have flocked to America in hopes of a better life and greater opportunity. However, if they are searching for equal opportunity, America is not the country that they will find it in. Success in the United States is limited to the opportunities available to the individual, and without equal distribution of opportunity, financial success is not reachable to those in the lower classes of American society. Notable educators and authors such as Gregory Mantsios and Diana Kendall have brought the problems of American society to attention, claiming that the rich are getting richer and the poor continue to remain poor. In his essay, “Class in America – 2009,” Mantsios discusses the myths that revolve around class in America, and then refutes these myths by describing the realities of the society Americans live in. Similarly, in her essay, “Framing Class, Vicarious Living, and Conspicuous Consumption,” Kendall writes about the realities of the classes in America while advocating for a change in the way the media portrays the class issues. The United States was founded on the belief of equal opportunity for all individuals, and many still believe that equal opportunity still holds true today. Despite the way media masks the class issues, empirical evidence and research show that equal opportunity does not exist in America due to

Everywhere you look at the United States you can find economic stratification. From the kind of vehicle you drive, to the kind of house you live in, to the kind of restaurants you eat at the most you will find economic stratification. Some might ask, does any of that truly matter today? Yes, unfortunately, it does. An important goal for most people is what’s referred to as The American Dream. Whether it is to attend a good college, get a respectable job, purchase the perfect house, and have a small family or maybe just to start your own business; that dream starts with wealth. People with more money will have an easier time with achieving the dream than a lower income person would. With wealth comes power and prestige as well. People with more money have better life chances because they can afford better healthcare, education, healthier food, and safer neighborhoods just to name a few things.

Prevalent flaws within most modern democracies are evident in their social and economic systems. One such problem, in a system that advocates freedom to do whatever you please, is the consequential wealth disparity (Wong, Oct. 24 lecture, tutorial). Aristotle once said that, “democracy is the form of government in which… the free are the many and the rich are the few”. This highlights a paradox of democracy in that it attempts to be equal to all, yet often the rich will get richer and the poor will get poorer, and an increasing wealth divide will influence governance. Constant writes (pg. 12), “wealth is a power more readily available at any moment… more