An Overview Of Income Inequality

1269 Words 6 Pages
Someone once said, “The rich get richer; there’s no denying that. They get a lot richer. And the poor get – well, what do they get? Too often, they get ignored. Or we don’t even know who they are.” In today’s economy there has been an issue about the unfair distribution of wealth, which is causing a major gap between the rich and poor. Slowly, the Middle and lower classes are disappearing from the economy while, a small part of people are getting richer. The truth is, the gaps between classes are undeniably felt today. Many might say that the downfall of the economy is caused by the generation labeled the Baby Boomers. The Baby boomers claim that they made great success in their lives, but what they forgot to mention was the effect of their …show more content…
The wealth reached its peaked at around 1980. There has been drastic change on how the wealth was distributed, a study by the Pew Researcher Drew Desilver mentions the before and after look of the gap between the rich and everyone else. Desilver explains that as years go by, the Middle class are becoming the lowest class, while the lowest class disappears into the economy chart. “The Depression and World War II dramatically reshaped the nation’s income distribution: By 1944 the top 1%’s share was down to 11.3%, while the bottom 90% were receiving 67.5%, The top 1% took heavy hits from the dot-com crash and the Great Recession but recovered quickly preliminary estimates for 2012 have that group receiving nearly 22.5% of all pretax income, while the bottom 90%’s share is below 50% for the first time ever (49.6%, to be precise).” It is unimaginable to see lived through poverty. It’s horrifying that the rich can support all middle and lower class and still have enough for themselves. Sadly, these facts aren’t just numbers or statistics, but they are actually reality. In conclusion, it’s not going to matter who started this mess, and its going to matter who stops this …show more content…
First of, the baby boomers are not earning enough courage to speak out and make a taxation law towards the rich. A perfect example would be how Obama refuses to talk about income inequality only because the rich are claiming that Obama is starting a class war. Since then President Obama has not discussed the issue of the growing wealth gap. Although he is probably one of the most powerful men in the country he is still scared to speak about change. But as mentioned in the earlier passage, it is not all Baby Boomers fault. The Millenials are also not playing fair when it comes to progressing towards the change, not enough Gen Y are voting and that the fact.According to studies, the majority of the Millenials are turning out to be democrats and is the biggest populations, but yet the rich are the still winning the polls. “Millennials have the potential to be the largest voting bloc in our country but are voting at a fraction of their size, with an estimated 30 million young people staying home in 2012…This generation constantly talks about the need for change in this country, but isn’t making the effort to do anything about it. You can’t complain about the government if you don’t vote, plain and simple.” The beauty of this quote is it shows reality. Millenials don’t vote then don’t expect change.

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