In the article “Confronting Inequality,” by Paul Krugman claims that inequality has been affecting the low and middle families for years. In the article it states that the country has returned to Gilded Age of inequality. According to Krugman, the rich are getting richer and that there’s going to be a lack of economic progress for lower and middle income families. Also, with economic inequality come social inequality. The article states that it may not matter to those americans that can stay in luxury hotels but it’s a great deal to a millions of middle class american that can barely afford to buy a house.…
In “35 Soul-Crushing Facts about American Income Inequality”, the author, Larry Schwartz, makes it clear that the ever-increasing income and tax cuts the wealthiest Americans receive, as well as the decline in labor unions, results in the rest of the nation’s citizens to fare worse economically than those of previous generations. The writer shows that economic inequality, the difference between incomes across a population, has currently reached peak levels unprecedented since the Roaring Twenties, the period right before the Great Depression. Schwartz does an excellent job of supporting his claims by providing a vast amount of statistical evidence and historical background, which shows how dire the current situation of economic inequality is in the U.S.A. Despite the fact that the middle class has been taxed at an equal rate…
An article by Neil Gilbert called The Inequality Hype talks about the inequality that we face today. It provides statistics by talking about a survey where seventy-six percent of the public believe that the rich are getting richer while the poor are getting poorer. About the same percentage was calculated in 1987 which means that for the last thirty years about three-fourths of the population believe that the two classes are separating from each other even more. I believe that this is true because in today’s society there is a huge division between those two classes and the middle classes is either staying the same or changing into the lower class because they cannot afford to pay taxes since the middle class is the class that pays more. For…
This was not an alarming issue to economists since the common thought was that inequality is good for growth, that paradigm has changed within recent years (Milanovic, 2011). While this disparity is on par with other developed nations before taxes and transfers are taken into account, this disparity becomes more pronounced when taxes and transfers are taken into consideration (Cassidy, 2013). While this may be the case, the federal tax policies are progressive in nature which does reduce income disparity (Congressional Budget Office, 2011). This suggests that the increasing income disparity is a result of other outside factors. Earning power has increased in the top 1% of earners.…
In Joseph E. Stiglitz's essay Rent Seeking and the Making of an Unequal Society, he talks about inequality and how drastic it has become. Inequality in society was made by the people that benefited from it. The inequality level in America isn't normal compared to other countries and even the past in America it is an unnatural inequality. This is very unusual even in a recession, the economy weakens and wages drop which causes the price of goods to drop. But now even with the wage drop, many firms are still making good money.…
While more people are becoming dependent on government aid the government is struggling to cut back on spending in an attempt to slow the rising deficit (Edsall 19). However, while the poor are getting poorer, the rich of America is continuing to get richer. The top twenty percent of income recipients make almost forty-eight percent of income earned in the nation. Likewise, average weekly wages are the same as they were forty years ago (Dye…
Corporations continue to boom while the depleting middle class is out on their own. Evenhanded as the Roaring 1920s, the 21st brings along much-needed leisure time for citizens, that envelopes our everyday lives to where we place it as a necessity. Wealth inequality is inching its way ever closer to the forefront of political issues. The wealth disparity of the early 20th century where national corporations are not regulated by the government, consistently continue to receive high amounts of wealth, where many other workers possibly get a lackluster wage. As the great depression hits, the rich stay relatively rich and the blue collared workers are left to fend for themselves.…
In America the woman in the 1970,s were almost never respected and always limited from being a mother at home as well as their workplace. Woman never had a chance from the start. They were expected to get married in their early 20s and devote her time and energy to running the household. Woman basically had one purpose be the keeper of her kids or her husband. Woman devoted most of their time taking of the kids and spent around 55 hours a week cleaning the house and whatever else she needed to do within the household.…
Over the last thirty to forty years the American class structure has dramatically changed. Changes in social class are first and foremost caused by something called inequality. Inequality within society is a difference or imbalance of opinions…
Devon Kaminski Soc-309 Essay 4 Ch. 2 1. What factors lie behind rises in income inequality in the U.S. in recent decades? While many factors play a role, the few that strike as most pertinent are declines in earnings growth, which is a rise in workers that make less money and an ever growing gap between the higher skilled and lower skilled workers, an economical shift from production of goods to production of services, shifts in demand for high/low skilled workers which opened up temporary positions with little to no benefits, a change in the working age group (thanks to the baby boomers), a rise in uneducated and less-expensive labor in the form of immigrants, declining unionization, downsizing in industries (which could mean cutting less skilled workers), globalization and of course government policies like minimum wage changes, budget cuts and tax reforms.…
the United States ends up 95th out of the 134 countries that have been studied -- that is, only 39 of the 134 countries have worse income inequality. The U.S. has a Gini index of 45.0; Sweden is the lowest with 23.0, and South Africa is near the top with 65.0" according to this research the United States ranks close to countries such as Iran, Russia, and China and those nations actually have been found to have less income inequality than the United States (Domhoff). Yet another example of the enormous inequality in the United States is the fact that the wealthy of society have become more wealthy in recent years while the wages of those of…
For example, data shows that the income of the top 1% increased by 148% while the income of the top 0.1% grew by 343%. Meanwhile, the income of the top 0.01% rose by an astonishing 599% (Krugman 388). These statistics show that while poor Americans are getting poorer, the rich are actually getting richer. The assertion that the wealth gap between poor and rich Americans is best conceptualized by Robert Reich in his article “Why the rich are getting richer and the poor, poorer.” In this article, Reich writes that Americans were in the same economic boat at one point in time.…
This inequality gap is widening every second. As Nicholas Fitz wrote. “It is far worse than we think” (Fitz 1). Most American still think it is not that worse and they still have a lot of opportunities to escape from the poor. In Nicholas’s article, the data and contents are perfectly shown how impossible is to reach the rich level.…
In a capitalistic based economy such as the United States, it creates incomes that are small and large. Having an unequal amount of large or low incomes is called income inequality. Income inequality has become a major problem in the United States, increasing 24% from 1968 to 2012” (Cochran). The gap between the rich and the poor is growing at an ever increasing rate. In the United States the gap is measured by relative poverty, or “being below one-half the nations income” (Cochran).…
Economic inequality is greater than at any time since the 1920s. One out of every 5 children in the U.S. lives in poverty (21%) compared with approximately 4% of Sweden (Staff, 2008).…