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Inequality economic essay intro
Income inequality sociology
Economic inequality in America
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The Social Solutions of Wealth and Poverty The evidence of this economic inequality is ubiquitously. Income and wealth is an essential part in supporting basic physical and mental health, however, it is distributed unequally throughout the globe creating wealth and poverty stricken social classes. There are solutions available in diminishing and preventing the wealth and poverty inequality. The vast amounts of prosperity can be distributed equally between the different social classes and poverty can be reduced, if not complete eradicated. Problem-solving with different political ideologies can prevent an increase in the lack of fiscal means. The economy in the United States is unequal and unfair, though solutions are accessible to create financial fairness and equality. The upper social class contains the richest communities. Wealth clearly has its benefits such as financial freedom, fulfilling wants without second thoughts, and it improves overall quality of life. However, there are several known problems associated with being wealthy. Money tends to be used as a cover up and distracts …show more content…
Conservatives consider the most effective way to prevent poverty happens within the communities. Educating children to value personal responsibility and hard work, in time, will lower high school dropout rates and lead to higher educations and diplomas to get good jobs. The liberals of the United States claim that actively enforcing laws banning discrimination in education and the workplace will prevent poverty. No one person will be singled out for not meeting criteria which will prevent the person from dropping out of school or quitting their job. Radicals believe that replacing capitalism with a more humane economic system will solve poverty. In theory, the new system would greatly reduce economic inequality and provide for a more equal economy throughout the
With each class comes a certain level in financial standing, the lower class having the lowest income and the upper class having the highest income. According to Mantsios’ “Class in America” the wealthiest one percent of the American population hold thirty-four percent of the total national wealth and while this is going on nearly thirty-seven million Americans across the nation live in unrelenting poverty (Mantsios 284-6). There is a clear difference in the way that these two groups of people live, one is extreme poverty and the other extremely
Income inequality has been and will forever continue to be a highly discussed topic in society. As a social experiment, income equality has historically failed. The adage from the communist era “from each according to his ability; to each according to his needs,” ran counter to human nature and experience. On balance, there are positive aspects to unequal income which include; its success in creating a more educated work force, competition among people to succeed and more stimulated productivity, which do not always, but tend to balance out any negative impacts such as; concentration of wealth, social consequences and outsourcing, that it may have.
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.
America in today's society is burdened with many economic and political problems that have begun to plague the nation. Controversial topics are constantly being debated from sunrise to sunset across the country with supporters and those who oppose each bearing various levels of financial and political misfortune. With the numerous economic and political problems that affect the nation, the argument over the issue of income inequality is one of the most notable. Creating a political civil war, proponents from both sides have brought the issue into national view and debate has grown substantially within recent years.
Income inequality not only harms us fiscally, but also affects our mental and physical wellbeing; therefore, it is important to identify the right ways to control wealth distribution among people.
Society today is split in many different ways: the smart and the dumb, the pretty and the ugly, the popular and the awkward, and of course the rich and the poor. This key difference has led to many areas of conflict among the population. The rich and the poor often have different views on issues, and have different problems within their lives. Moral decay and materialism are two issues prevalent among the wealthy, while things such as socio-economic class conflict and the American dream may be more important to those without money. Ethics and responsibilities are an area of thought for both classes, with noblesse oblige leaning more towards the wealthy.
Social class is a group of people who rank closely in property, prestige, and power. Within these social classes exist some properties of class level that are characteristic of their ranking. The first of these is property. Property consists of furniture, jewelry, bank accounts, and other materials that can be quantified into monetary value. (Henslin, 2014) Basically, they are things that can be quantified to add up in quantified value end up un a sum of monetary value. This value is termed wealth. This is different from income. Income is known as the flow of money. Prestige is the next characteristic looked at when determining social class. Prestige is the value which different groups of people are judged with. (Henslin, 2014) Different occupations within society offer varying levels of prestige. The final aspect looked at when determining class is power. Power is defined as the ability to exert your will within society. (Henslin, 2014) The reason to review this is because different classes of society all maintain these aspects at higher or lower degrees, with the upper tier having the
3. What are the effects of this wealth inequality in the US and what causes it, as well as some possible solutions and their ramifications, will all be discussed and answered below. There has always been a wealth gap between the richest and poorest in society. However, in the past decade, the wealth gap between the richest and poorest citizens in the US has been growing rapidly. In the 70s and 80s, the wealth and income growth rate for both poor and rich people were similar, however, between the years 2009 and 2012 the top 1% income increased 31% while for the bottom 20%, their income actually dropped and for the vast majority of Americans, the average yearly income only increased by 0.4% [4].
Inequality exist and is high in America because the amount of income and wealth that is distributed through power. In America the income distribution is very inequality and the value of a person wealth is based on their income with their debts subtracted. “As of 2007, the top 1% of households (the upper class) owned 34.6% of all privately held wealth, and the 19% (the managerial, professional, and small business stratum) had 50.5%, which means that just 20% of the people owned a remarkable 85%, leaving only 15% of the wealth for the bottom 80% (wage and salary workers)” (Domhoff, 2011). In contrary the poor do not get ahead and the rich get more. Americans are judged and placed in class categories through their home ownership which translates to wealth. Americans social class is often associated with their assets and wealth. “People seek to own property, to have high incomes, to have interesting and safe jobs, to enjoy the finest in travel and leisure, and to live long and healthy lives” (Domhoff, 2011). Power indicates how these “values” are not distributed equally in American society. Huge gains for the rich include cuts in capital gains and dividends and when tax rates decrease for the tiny percent of Americans income is redistributed. Taxes directly affect the wealth and income of Americans every year.
Income inequality has affected American citizens ever since the American Dream came to existence. The American Dream is centered around the concept of working hard and earning enough money to support a family, own a home, send children to college, and invest for retirement. Economic gains in income are one of the only possible ways to achieve enough wealth to fulfill the dream. Unfortunately, many people cannot achieve this dream due to low income. Income inequality refers to the uneven distribution of income and wealth between the social classes of American citizens. The United States has often experienced a rise in inequality as the rich become richer and the poor become poorer, increasing the unstable gap between the two classes. The income gap in America has been increasing steadily since the late 1970’s, and has now reached historic highs not seen since the 1920’s (Desilver). UC Berkeley economics professor, Emmanuel Saez conducted extensive research on past and present income inequality statistics and published them in his report “Striking it Richer.” Saez claims that changes in technology, tax policies, labor unions, corporate benefits, and social norms have caused income inequality. He stands to advocate a change in American economic policies that will help close this inequality gap and considers institutional and tax reforms that should be developed to counter it. Although Saez’s provides legitimate causes of income inequality, I highly disagree with the thought of making changes to end income inequality. In any diverse economic environment, income inequality will exist due to the rise of some economically successful people and the further development of factors that push people into poverty. I believe income inequality e...
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 issues are problems in the society today that are described as wrong, widespread and changeable. A category of conditions that people believe need to be changed. Poverty is a serious social issue in the society today. According to Peilin (2012), poverty brings hardships to families and individuals as well as political thereby negatively affecting the social stability and social development and posing a severe threat to human security (p. 243). This paper focuses on poverty as a social issue in today’s society. First, it gives a succinct introduction of the social issue, and then describes how it fits into the field of sociology. It also evaluates the sociological theories and terminology that relate to the social issue. The section that follows evaluates what is known and unknown about the particular social issue. This is followed by a discussion regarding the value of sociological research into the issue determining the available or possible practical implications of the sociological inquiry. The information presented here is strongly supported by the concepts and theories derived from reliable sources.
Poverty is a major problem in the United States today. Social, economical, political, and cultural factors all contribute to poverty. Education and economic development are two major issues that will help prevent poverty. The United States Census Bureau defines poverty as an "economic condition in which people lack sufficient income to obtain basic needs for food, housing, clothing, health services and education." In other words, poverty is powerlessness, a lack of representation and freedom. Poverty is an issue that the world faces everyday.
Looking at the bigger picture, 16.4 million of our nation’s future is technically poor. Living in poverty is defined by: An individual living alone has to make $11,770 or less per year to be considered living in poverty; two people living together has to make $15,930 or less in a year; for each household member you have to add $4,160 starting from $11,770. For example, if a household has nine members then the income has to total over $45,050, otherwise that household would by definition be living under the poverty line. All though many numbers, facts, and statistics have been presented, people may never truly understand what it is like to live in poverty until they themselves are unfortunate enough to live in poverty. America, a country which people are free to pursue all of their life dreams, a country which people enjoy success beyond anyone’s wildest dreams, a country where everyone who inhabits it is equal, yet America is a country plagued by poverty which takes a toll on health, education, and our