Recently, the recession has increased the wealth gap resulting in the rich getting richer and the poor to get poorer. This is an important issue facing society. As the poor and the middle class struggle for financial stability and wealth the top 1% of the rich continue to grow their assets. What is the reality of this issue? Is society’s perception of this issue accurate? How does one’s socioeconomic status influence success? There are many perspectives to this provocative topic and can vary when looking at them through an economical or a political lens. Often times, the wealthy are privileged with an unfair advantage over the poor.
A large portion of society misjudges the top one percent. According to Estelle Sommeiller and Mark Price
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With no strong supporting evidence, some people believe those who make an honest living as members of the working and middle class are actually happier. Menezes, a world famous blogger, preached, “you are rich when you have peace of mind, love flowing through you and satisfaction and close friends and family” (p.2). This source would not be credible, however, she is a primary source who knows what it is like to live in poverty. She believes she is at an advantage over those who have “wealth beyond your basic needs and few luxuries” …show more content…
They have many more things in life going for them that makes their life easier in a lot of ways. These elite ultra rich individuals should be known as the .01%. Everyone agrees it is negative when such few people have such a large control of the wealth. However, they are at another advantage because if we tax them they can take their profit to other countries to better their assets. All of these advantages relate to the bigger picture of one’s socioeconomic status and how influences their success. In order to solve this problem once and for all we must make it easier to move up and down financially by extending opportunity and making the American dream, more than a dream. We can do this by relieving the tax strain on the middle class to help them afford job growth and expansion of their businesses. Furthermore, they will spend more money strengthening and growing our country’s economy. Just like the super wealthy’s investments, our investment in capitalism will take time to
According to Gregory Mantsios many American people believed that the classes in the United States were irrelevant, that we equally reside(ed) in a middle class nation, that we were all getting richer, and that everyone has an opportunity to succeed in life. But what many believed, was far from the truth. In reality the middle class of the United States receives a very small amount of the nation's wealth, and sixty percent of America's population receives less than 6 percent of the nation's wealth, while the top 1 percent of the American population receives 34 percent of the total national wealth. In the article Class in America ( 2009), written by Gregory Mantsios informs us that there are some huge differences that exist between the classes of America, especially the wealthy and the poor. After
He further shows us that the people of today are richer than their grandparents but are not happier in their lives (from National Statistics of social pathology). Even with these facts, people in the United States still believe if they had more money all of their problems would be solved, but once they reach that next income bracket they are not satisfied and try to reach the next one. Myers et al tells us, "even if being rich and famous is rewarding, no one ever claimed material success alone makes us happy. Other conditions like - family- friends- free time - have been shown to increase happiness" (Csikszentmihaly 145). therefore we must find balance in our own lives, and not just focus on making money. Instead we need friends, family and even free time, as aforementioned doing an activity you enjoy such as listening to music or
The highest earning fifth of U.S. families earned 59.1% of all income, while the richest earned 88.9% of all wealth. A big gap between the rich and poor is often associated with low social mobility, which contradicts the American ideal of equal opportunity. Levels of income inequality are higher than they have been in almost a century, the top one percent has a share of the national income of over 20 percent (Wilhelm). There are a variety of factors that influence income inequality, a few of which will be discussed in this paper. Rising income inequality is caused by differences in life expectancy, rapidly increases in the incomes of the top 5 percent, social trends, and shifts in the global economy.
Inside of this video, this guy really targets an issue nobody has really been presented. He shows charts that talk about how we Americans think our wealth is distributed. We think distribution is doing alright. Americans think that the bottom 40% is getting a bit of money. They also believe that the middle class is doing reasonably well. Unfortunately, that is not the case. In the video, he breaks it down a little bit getter. He shows a graph that shows how money is actually being distributed. The poorest of poor don 't even register on the poverty line. The middle class is barely making it. And then there is this huge difference between "the rich" and the poor. It is proven that the 1% of America has 40% of the entire nation 's wealth ("Wealth Inequality in America."). The bottom 80% of America only share 7% of the nation 's wealth among themselves. The top 1% has 50% of the stocks, bonds, and mutual funds. The bottom 50% of Americans only own 0.5% ("Wealth Inequality in America."). The poor is not just getting by but they are scraping and fighting to get by. Now that it is clear that there is a lot of poor people in America, it is important to figure out how to fix
When I was growing up, I often reflected on what my chances of success would be later on in life. I always wondered if I would have the same opportunity to make as much money as top richest 1 percent of Americans who hold 34 percent of the total national wealth.(Mantsios 284) These were the rich and successful people I had seen in movies or on television that made billions of dollars a year. I was raised in a middle class family and my parents from the beginning did everything in their power they could to provide me with an opportunity for success. My father, who came from a lower class family, dropped out of college after his sophomore year and began working in construction. When my mother became pregnant with me, my dad decided he would launch his own construction business. I have witnessed first hand how hard he works each day to make the living he does, working from dawn till dusk, 6 days a week. My father is good at what he does but in contrast to the top one percent of Americans, his annual salary (along with the other 99 percent’s) is incomparable pocket change to them. Although my father began with nothing and was able to work his way up and out of the class he began in I still wondered why he was not able to make as much, or even half, in a lifetime as some elite Americans make in a month. It seemed crazy to me that the majority of wealth in America is concentrated within a group of a few, elite Americans that make hundreds of times more than what the rest of the country’s citizens do. I began to ponder the questions: Does everyone in America have an equal opportunity to succeed?...If not, then why? Do the other 99 percent not work hard enough?. I whole-heartedly believe that the amount of effort an individual puts int...
America’s upper class has been getting richer since the past three decades, and we have still not found a way to stop this. We have been unable to find a way to distribute America’s wealth equally, so we can have a decent lower class and a good middle class. Inequality has caused many people to struggle in various ways, but their is alway another side to the story.
Wealth is a diverse topic amongst many people, it’s talked about widely and there is a lot of books, journals, and statistics - that I will use in my paper - but were written based on what other people have found to be true. These sources I have chosen to use talk about the factors, struggles, and lifestyle lived based on being wealthy or not.
“Why the Rich are getting Richer and the Poor, Poorer” written by Robert Reich, describes as the title says, why the rich are getting richer and the poor, poorer. In Reich’s essay he delves into numerous reasons and gives examples of each. It makes one wonder if the world will continue on the path of complete economic separation between the rich and the poor.
Rich people are just that: rich. They have far more money than the working class. Some of the wealthy have done good with the money they’ve worked for. They’ve donated it to charity, used it to help a community, but that doesn’t stop them from having a known name or money that can get them to where they don’t deserve to be. For example, colleges will look at a pair of people who have the same scores and even if one has shown to have more work ethic, the one with more money is chosen simply because of the money. It allows them to pay in full rather than forcing the school to give grants to allow the other student to
“The real measure of your wealth is how much you’d be worth if you lost all your money.” (unknown). All families are not perfect, they all have problems that they struggle with daily, they all go through tough times that cause unhappiness, but the thought that these factors have no affect on rich people is completely untrue. In Judith Guest’s Ordinary People and Jo Goodwin Parker’s “What is Poverty” both address how two families relationships, happiness and daily struggles are affected by the amount of money they have, which shows that the more money a person has does not necessarily make that person happier.
Wealth inequality is the uneven distribution of resources in a given state or population, which can also be called the wealth gap. The sum of one’s total assets excluding the liabilities equates the person’s wealth also known as the net worth. Investments, residents, cash, real estates and everything owned by an individual are their assets.In reality, the United States is among the richest countries in the world, though a few people creating a major gap between the richest, the middle class and the poor control most of its wealth. For more than a quarter of a century, only the rich American families have shown an increase to their net worth.Thisis a worrying fact for the less fortunate in the country and calls for assessment (Baranoff, 2015).
Income inequality continues to increase in today’s world, especially in the United States. Income inequality means the unequal distribution between individuals’ assets, wealth, or income. In the Twilight of the Elites, Christopher Hayes, a liberal journalist, states the inequality gap between the rich and the poor are increasing widening, and there need to have things done - tax the rich, provide better education - in order to shortening the inequality gap. America is a meritocratic country, which means that everybody has equal opportunity to be successful regardless of their class privileges or wealth. However, equality of opportunity does not equal equality of outcomes. People are having more opportunities to find a better job, but their incomes are a lot less compared to the top ten percent rich people. In this way, the poor people will never climb up the ladder to high status and become millionaires. Therefore, the government needs to increase all the tax rates on rich people in order to reduce income inequality.
Social class has a major influence over the success and experience of young people in education; evidence suggests social class affects educational achievement, treatment by teachers and whether a young person is accepted into higher education. “34.6 per cent of pupils eligible for free school meals (FSM) achieved five or more A*-C grades at GCSE or equivalent including English and mathematics GCSEs, compared to 62.0 per cent of all other pupils” (Attew, 2012). Pupils eligible for FSM are those whose families earn less than £16,000 a year (Shepherd, J. Sedghi, A. and Evans, L. 2012). Thus working-class young people are less likely to obtain good GCSE grades than middle-class and upper-class young people.
The Relationship Between Social Class and Educational Achievement Many sociologists have tried to explore the link between social class and educational achievement, measuring the effects of one element upon the other. In order to maintain a definite correlation between the two, there are a number of views, explanations, social statistics and perspectives which must be taken into account. The initial idea would be to define the key terms which are associated with how "social class" affects "educational achievement." "Social class" is the identity of people, according to the work they do and the community in which they live in. "Educational achievement" is the tendency for some groups to do better or worse in terms of educational success.
..., a person who earns $25,000 is happier than a person who makes $125,000 and an employee who makes $500,000 is only slightly happier than someone who makes $55,000. Lastly, there are more important things in life that and make you happy, for example, friends. They don’t come with a price tag, and if they do, you definitely need new friends. Money won’t make you happy since good times can’t be bought. You don’t need a fancy vacation to have a good time; it’s just a matter of who you spend it with. Over the years, humans have blown the value of money way out of proportion. People make it seem like if you’re not filthy rich, then you won’t live a good life but it’s not true. You can lack money and yet still live a perfect, happy life.