Wealth Inequality In America

The continuing rise of economic inequality and wealth inequality in America is one of the biggest issues in the country. Currently the top five percent in America hold seventy-four percent of the country’s wealth, leaving the other ninety-five percent of Americans are struggling financially to survive. In this article, How Experts Would End Inequality if They Ran America, written by Stein, there are several different explanations on how to address the rising income inequality in the U.S., the four suggestions that I chose were written by Boushey, Azzerad, Tedeschi and Kelton. Boushey argues that universal access to child care will drive down the inequality within our country. Azzerad states that in order to combat the current rise in income …show more content…
Tedeschi argues that an effective solution would be to provide the lower families in the country with the same Thrift Savings Plan packages that the richest Americans are offered. With a TSP package like this an individual will receive an automatic contribution equal to one percent of their work without any contribution. Tedeschi also goes on to explain that if an individual contributes five percent to their TSP package they will receive an automatic match of five percent, therefore doubling their return. This would be beneficial because it would follow the individual from job to job. His solution to pay this would be to eliminate the mortgage interest deduction and use those funds for the …show more content…
The top one percent in America are provided with retirement plans that many of the lower class citizens do not have. If an individual is receiving one percent of their works income in a retirement plan without having to pay into it, they’ll still be able to invest in their future. I also believe that this plan is a very appealing plan because they know that if they put any percentage into the TSP they’ll be getting their investments matched making them more financially secure in their future. I think that eliminating the mortgage interest deduction would be beneficial to those who can afford that, not all home owners can afford to have their mortgage interest deduction taken away, I believe that it should be individuals who fall into the higher tax brackets who have more money that can afford to have their deduction removed in order to help eliminate in the inequality in the country. I also agree with Kelton’s idea to rein in Wall Street and crack down on white collar-crimes. Many times workers on Wall Street are only working to benefit themselves rather than to grow the country as a whole, with this type of rationality the income inequality has grown significantly, I believe that it’s important to stop this. Individuals who are in bottom percentage are sent to jail for crimes they