Bernie Sanders had once said, “A nation will not survive morally or economically when so few have so much while so many have so little” (@SenSanders). In other words, Bernie Sander is talking about wealth inequality. Wealth Inequality, as Yonatan Berman, Eshel Ben-Jacob, and Yoash Shapira has stated in their article as “one of the most disturbing social and economic issues of our time” (Berman para 1), can be defined as the unfair distribution of assets within a population. Wealth Inequality is one the biggest problems in the world. Especially in today’s society, where the rich are getting richer while the poor stays where they are- in a limbo. And the United States stands out as one of the country with the most unfair wealth distribution.
…show more content…
Keister and Stephanie Moller often “fall into two camps: those that focus on aggregate-, or macro-, level influences, and those that focus on processes at the level of individuals and families” (Keister para 18). Lisa A. Keister and Stephanie Moller further explain that because certain stocks and real estate markers may increase in value, those who own them, mostly the wealthy, increase accumulate more wealth (Keister para 19). They also state how individuals and family processes also cause wealth inequality, “family structure is highly correlated with wealth ownership, net of income, education, and race” (Kiestar para 22) and specifically family size and family cessation; marriage and divorce. The reason which Lisa A. Keister and Stephanie Moller say that individuals are accounted for reasons of Wealth Inequality is because it has to do with age. Their reasoning is backed up by Josh Zumbrun of The Wall Street Journal states regarding a chart that “wealth climbs with age” (Zumbrun para 3) and that people become wealth over time. Josh Zumbrun further states statistically evident of his claim that about age and wealth, “about $100,000 in your 20s, an additional $200,000 in your 30s, and then top it off with $300,000 more in both your 40s and 50s. American net worth peaks at age 62” (Zumbrun para 4). Another cause of wealth inequality that had been mention before is income inequality. The reason for income inequality causing …show more content…
John Iceland had stated in his book, Poverty in America: A Handbook, that poverty is defined differently throughout due to the changing value of money and other assets. In relation to poverty and inequality, Paul Krugman expresses his opinions by stating, “the key to understanding poverty arguments is that the main cause of persistent poverty now is high inequality” (Krugman 9). Paul Krugman discusses the association between poverty and Wealth Inequality is cause and effect; Wealth Inequality is the cause and poverty is the effect of the inequality. On the other hand, Richard S. Markovits includes another factor to the poverty and Wealth Inequality relation: economy inefficiency. He expresses that “the fact that redistributions that reduce poverty and income/wealth inequality will increase economic efficiency by reducing the amount of economic inefficiency generated in the relevant economy” (Markovits para 37). He claims that the policy of trying to reduce poverty and inequalities in the distribution of wealth will increase economy efficiency. John Oliver has also mention in his video, quoting OCEB, that “In the United States, the average income of the riches 10% is 16 times as large as the poorest 10%” (Oliver
Keister and Stephanie Moller often “fall into two camps: those that focus on aggregate-, or macro-, level influences, and those that focus on processes at the level of individuals and families” (Keister para 18). Lisa A. Keister and Stephanie Moller further explain that because certain stocks and real estate markers may increase in value, those who own them, mostly the wealthy, increase accumulate more wealth (Keister para 19). They also state how individuals and family processes also cause wealth inequality, “family structure is highly correlated with wealth ownership, net of income, education, and race” (Kiestar para 22) and specifically family size and family cessation; marriage and divorce. The reason which Lisa A. Keister and Stephanie Moller say that individuals are accounted for reasons of Wealth Inequality is because it has to do with age. Their reasoning is backed up by Josh Zumbrun of The Wall Street Journal states regarding a chart that “wealth climbs with age” (Zumbrun para 3) and that people become wealth over time. Josh Zumbrun further states statistically evident of his claim that about age and wealth, “about $100,000 in your 20s, an additional $200,000 in your 30s, and then top it off with $300,000 more in both your 40s and 50s. American net worth peaks at age 62” (Zumbrun para 4). Another cause of wealth inequality that had been mention before is income inequality. The reason for income inequality causing …show more content…
John Iceland had stated in his book, Poverty in America: A Handbook, that poverty is defined differently throughout due to the changing value of money and other assets. In relation to poverty and inequality, Paul Krugman expresses his opinions by stating, “the key to understanding poverty arguments is that the main cause of persistent poverty now is high inequality” (Krugman 9). Paul Krugman discusses the association between poverty and Wealth Inequality is cause and effect; Wealth Inequality is the cause and poverty is the effect of the inequality. On the other hand, Richard S. Markovits includes another factor to the poverty and Wealth Inequality relation: economy inefficiency. He expresses that “the fact that redistributions that reduce poverty and income/wealth inequality will increase economic efficiency by reducing the amount of economic inefficiency generated in the relevant economy” (Markovits para 37). He claims that the policy of trying to reduce poverty and inequalities in the distribution of wealth will increase economy efficiency. John Oliver has also mention in his video, quoting OCEB, that “In the United States, the average income of the riches 10% is 16 times as large as the poorest 10%” (Oliver