Wealth And Income Gap Between The Rich And Poor Essays

1213 Words Nov 11th, 2016 5 Pages
Wealth and income gap between the rich and poor in the United States
The current situation between the wide gap between wealth and income is at its highest in our nation and the effects of the gap can be seen nationwide. Those on the high end of the gap (rich) will state that is crucial to our economic system and those in the middle or low end will state that the lack of economic wealth or income has and is declining prosperity, home ownership, quality of education, and health. There are many things that can be done to improve the wide gap in income and wealth in our country.
“Economists say that some inequality is needed to propel growth. Without the carrot of large financial rewards, risky entrepreneurship and innovation would grind to a halt. In 1975 Arthur Okun, an American economist argued that societies cannot have both perfect equality and perfect efficiency, but must choose how much of one to sacrifice for the other. While most economists continue to hold that view, the recent rise in inequality has prompted a new look at its economic costs. Inequality could impair growth if those with low incomes suffer poor health and low productivity as a result, or if, as evidence suggests, the poor struggle to finance investments in education. Inequality could also threaten public confidence in growth-boosting policies like free trade”( The Economist). With that being said, I do not agree with the economists that a wide, or smaller gap is essential to our country 's…

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