Essay On Wealth Gap

The wealth gap otherwise known as wealth inequality is best described as the unequal distribution of assets within a population. Here in The United States there is a wider gap of wealth between rich and poor than any other major developed nation.

The wealth gap in the U.S has hit an all-time high. The gap between rich and poor is wider than it’s been in 30 years. Last year it was found that the wealth gap is the widest that it’s been since 1983.

The main reason for the wealth gap is because of the wages staying the same. In some states the minimum wage is still $7.25. I’m not sure how anyone could possible live off of $7.25 an hour but still millions of Americans have to find a way to make it work. A CEO makes 300 times more than his workers. The top 20 percent of earners rake in over 50 percent of the total

earnings in any given year.

The wealth classes are divided into three different classes. Low meaning the family only made two-thirds of the U.S. Median. Middle meaning between two-thirds and two times the median income and high made more than that.

The lower class of Americans usually includes those that have low education, low income, and low job status jobs. Most of these people are forced to take jobs that require little or no education requirements. Some people find themselves in situations where they are laid off and these are the only jobs that they can find.

Even though there is no universal definition of Middle class, middle class Americans usually make an annual income of $25,500 to $76,500 a year. Most middle class Americans usually have at least an associate’s degree. A middle-class lifestyle can vary depending on the cost of living for a particular city or state. What is middle class in Georgia may be considered dirt poor in New York because of the cost of living.

Upper class Americans typically have post-graduate degrees and work at high-level, white-collar positions.

Upper class Americans are usually referred to a rich and are the wealthiest in the U.S. Members of the upper class accumulate wealth through investments and capital gains, rather than through annual salaries.

The richest 20 percent of Americans hold 84 percent of the nation’s wealth. The bottom 40 percent have less than 1 percent. The top 1 percent of Americans have a bigger slice of the pie (40 percent). The top 1 percent actually own at least half of the country’s stocks, bonds and mutual funds. It would take the average worker more than a month to earn what a CEO makes in one hour.

It’s my opinion that something should be done to redistribute the income. The rich continue to get richer while the poor are getting even poorer. Even though some of us have the same opportunities but choose different routes of life most rich Americans are actually born reach.52 percent of Americans agree that the government should redistribute income. In order to redistribute the wealth it would consist of heavy taxes on the richest

Americans.