Income Inequality In America Essay

Income Inequality in America Holding the seventh spot among all nations, America is one of the richest, and most diverse countries in the world, with a per capita of $51,248.21 as of 2013. Although being among the wealthiest nations, America still faces a huge significant problem of income inequality, which is considered one of the biggest problems facing its citizens. The nation is more likely to be ruled by richest one percent over the coming decades, as indicated by various expert predictions by The Scientific American and The New York Times . Both predictions pointed out strong arguments of how income inequality engulfs and affects the American population. According to The New York Times, "Politicians and economists might say that America is the greatest country in the world, yet we still are on top of the list of income inequality.” When did the income inequality in America become this big? And what can …show more content…
American wealth gap has been significantly wide since the 1970s. Families with the median income have been paying higher taxes since then, in addition to high costs of housing and other utility bills. This problem is seen affecting those who work multiple jobs for the minimum wage. Moreover, most high ranking CEO’s pay much less taxes than their employees, the burden of paying more taxes has fallen on others, which might be the reason people are getting 25% less than usual at this moment. Based on the analysis “Economic Inequality: It’s Far Worse than You Think” by Nicholas Fitz, from Scientific Americans, income inequality is described to have grown drastically. He explains, “The median American estimates that the CEO-to-Worker pay-ratio was 7-to-1 ideally, and now it has grown to be be 30-to-1” This is one perfect example about how unequal the economy can be for median income