How Does Stiiglitz Criticize The Economy In 'Of The 1 %'

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In the essay, “Of the 1%, by the 1%, for the 1%” by Joseph E. Stiglitz, Stiglitz criticizes the wealthy, and how the economy protects them. He talks about how the one percent of Americans that are wealthy own everything. The government has reduced taxes for those wealthy people, but not working Americans that are poor. The government is giving more money to the wealthy, while taking opportunities from the less-educated. Everyone in America is not equal in society. America has changed dramatically. America has went from a society that everyone worked hard to earn money to an economy that is predictable. The rich know they will stay rich and their legacy will continue. The poor knows their hard working and still struggling legacy will continue. …show more content…

The top Americans occasionally see their fortune rise as the lower Americans’ income enter a slump (Stiglitz 746). Stiglitz declares that one percent of upper-class Americans’ capital develops from the consent of the government. Inequality in opportunity leads to the middle and lower-class’ income decline (Stiglitz 748). If average Americans are not flourishing in society, it will be difficult to make money in the future. Satisfying jobs are difficult to come by because Americans cannot find ones that maintain financial stability. No matter how much wealthy people complain about the government, it is not going to reduce their income or regulate their spending (Stiglitz 748). Unbalanced distribution of wealth forms several reductions for the general public (Stiglitz 747). Cuts on significant areas, such as education and technology, has taken a toll. The top Americans have so much money that they could pay for anything themselves. America’s economy has manipulated people’s talents in the workplace (Stiglitz …show more content…

Major enterprises create new technologies that do not require industries or factories. As a result, citizens are struggling to find work due to advanced technology. In addition, the rich one percent enjoy when things benefit them the most (Stiglitz 748). Citizens with good fortune get most of the money from reduced taxes, which is similar to an income boost. Stiglitz mentions tax reductions are illustrated as wealthy people’s main source of staying rich for a long period of time (Stiglitz 748). A decline in unions contribute to American inequality (Stiglitz 748). Workers are unable to gain economic equality without higher authorities to represent them and voice their opinions. Unions that represent nearly forty percent of workers currently only represent a little over ten percent (Stiglitz 748). Rich people stay wealthy while several working Americans struggle earning capital and searching for a stable

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