The Gilded Age was an age of prosperity for wealthy businessmen while it was a time of despair for others for immigrants and other low class people. Industrialization continued to take place and it helped increased railroads as well as technology. Items such as the light bulb were developed to provide lighting in factories and homes. The economy was mostly dependent on the robber barons who owned large corporations that resulted in large incomes for these businessmen. (Pierpaoli) Some of these robber barons were: John D. Rockefeller who owned Standard Oil, Andrew Carnegie who owned Carnegie Steel, J.P Morgan who was a financier. (Pierpaoli) These robber barons used trusts and pools to buyout competition making them the only one company to
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Similarly in the Gilded Age there were robber barons, who were wealthy moguls that used big business to make their money. (Pierpaoli) On the other side, there were new immigrants that were arriving from Europe, China, and other countries, and were not receiving proper housing, work conditions, or even food. (Pierpaoli) Many of these problems were present during the Gilded Age and the economic gap between these rich moguls and poor immigrants was tremendous. The apartments these immigrants were often crowded, had little to no ventilation, and disease spread easily, killing many immigrants. (Grigg) Similarly, today we are in the same scenario. The rich keep on getting richer while the poor barely get any increase in their incomes. CNN cited that the top 1% of Americans make up 20% of the country’s wealth, and the lower 50% of the country does not even constitute for 12% of America’s wealth. (Long 1) The difference between the two income classes is huge and it shows that mostly wealthy Americans constitute the country’s wealth. Moreover, the Boston Globe reported recently of a landlord who was charging $1,150 a month for rent and then increased it to $1,700 a month, making it unaffordable for the tenant's family to stay there. (Krantz) This caused the family to move out into a neighboring friend’s house, and they will reside there until they have found an apartment for a reasonable price. (Krantz)
Similarly in the Gilded Age there were robber barons, who were wealthy moguls that used big business to make their money. (Pierpaoli) On the other side, there were new immigrants that were arriving from Europe, China, and other countries, and were not receiving proper housing, work conditions, or even food. (Pierpaoli) Many of these problems were present during the Gilded Age and the economic gap between these rich moguls and poor immigrants was tremendous. The apartments these immigrants were often crowded, had little to no ventilation, and disease spread easily, killing many immigrants. (Grigg) Similarly, today we are in the same scenario. The rich keep on getting richer while the poor barely get any increase in their incomes. CNN cited that the top 1% of Americans make up 20% of the country’s wealth, and the lower 50% of the country does not even constitute for 12% of America’s wealth. (Long 1) The difference between the two income classes is huge and it shows that mostly wealthy Americans constitute the country’s wealth. Moreover, the Boston Globe reported recently of a landlord who was charging $1,150 a month for rent and then increased it to $1,700 a month, making it unaffordable for the tenant's family to stay there. (Krantz) This caused the family to move out into a neighboring friend’s house, and they will reside there until they have found an apartment for a reasonable price. (Krantz)