Effects Of Wealth And Inequality In America
The inequality in America has increased over time; the gap between the rich and the poor has become a problem that many Americans don’t see. Inequality is the extent of income which is distributed unequally among the citizenry. The inequality of the United States has a large gap between the poor and the rich making it unfair to the population. The rich are becoming wealthier and the poor remain poor. The article “Of the 1%, By the 1%, For the 1%”, authored by Joseph E. Stiglitz describes that there is a 1 percent amount of Americans who are consuming about a quarter of the United States income in a year. Therefore, America’s inequality will continue to grow.
The main reason for this report is …show more content…
Inequality is where people’s income and wealth affect our impression of life itself, the main subdivisions in the article is how inequality affects the population and the income and wealth in the country.
The Problem with Inequality in America
Contrast the Inequality from the Rich and the Poor
In the article “Of the 1%, By the 1%, For the 1%” Stiglitz points out the effect that inequality has made on the United States. The article says, “While the top 1 percent have seen their incomes rise 18 percent over the past decade, those in the middle have actually seen their incomes fall” (Stiglitz 2011). The rich earn higher wages, which means the higher percentage of income they have to pay to the State. The percentage of income that the rich population pays leans on the percentage of income earned back. The middle and poor population don’t earn as much wages as the rich, so the lower population earn a lower percent of income. America has fallen behind over the years by the huge gap between the income being earned by the rich and the poor. The inequality in America is growing by the gap of the income percentage …show more content…
For example the government should raise taxes on the lower income population and lower the taxes on the higher income population to make everyone equally rich. The article says, “America’s inequality distorts our society in every conceivable way. There is, for one thing, a well-documented lifestyle effect—people outside the top 1 percent increasingly live beyond their means. Trickle-down economics may be a chimera, but trickle-down behaviorism is very real Inequality massively distorts our foreign policy” (Stiglitz 2011). The rich population can live beyond their power to provide for themselves, but their behavior can vary their importance. The top 1 percent wouldn’t serve for the army, because the army wouldn’t pay them enough, they don’t support the county. If the country was to enter war the rich wouldn’t mind at all it will benefit the rich even more. Nothing is fair in the United States. The article explains, “Of all the costs imposed on our society by the top 1 percent, perhaps the greatest is this: the erosion of our sense of identity, in which fair play, equality of opportunity, and a sense of community are so important. America has long prided itself on being a fair society, where everyone has an equal chance of getting ahead, but the statistics suggest otherwise: the chances of a poor citizen, or even a middle-class citizen, making it to the top in America are smaller than in many