Unequal Wealth Distribution in the U.S. Did you know that the top 1 percent of Americans hold almost 40 percent of the country’s total wealth? Or that the same 1 percent has 288 times as much wealth as the median American household? Those are staggering and shocking statistics that present a grim reality. In response, activists have created the Occupy Wall Street group and have developed its trademark slogan, “We are the 99 percent.” The motto refers to the economic struggle between the bottom 99 percent of Americans and the wealthiest 1 percent, who are rapidly accumulating the majority of national wealth. The large income gap in the U.S. has caused and will continue to result in economic issues, social chaos, and political injustice. “The world holds enough to satisfy everyone’s need but not everyone’s greed,” Mahatma Gandhi once astutely observed. In a few carefully chosen words, Gandhi pointed out the reason behind economic tension. For example, “Poverty, hunger, homelessness, illiteracy, preventable disease, polluted air and water, and most of the other ills that beset humanity have the same root cause: the inequitable distribution of the planet's wealth and resources” (Canadian Centre for Policy Alternatives, All social and economic problems caused by an unfair distribution of wealth). Additionally, our economic system—unregulated capitalism—advocates and defends a wantonly unequal distribution of wealth. For instance in 2010, “The top 400 people (.0000013% of the population) held more wealth than the bottom 60% combined” (Brian Rogel, Unequal Distribution of Wealth). The top 1 percent has grown richer while inversely affecting the general population. “From 1983-2009 the bottom 60% have had a decrease in both their perce... ... middle of paper ... ...ther words, politicians are corporate whores and corporations are political whores. This blending of corporate and political interests creates an economic whoredom that favors the super wealthy. All while the vast majority of Americans are marred in the chains of political discrimination. Unequal wealth distribution is a significant issue in the United States. The U.S. exhibits the widest disparity in wealth amongst developed countries by a substantial margin. (Government is Good, What is Really Wrong with Government”. This problem is on the uptick as the salaries of CEOs continue to increase astronomically while that of ordinary Americans stall and in some cases even decline. Not only is this matter an economic dilemma but it is also a social and political one as well. This fiasco has led many Americans to believe that the bank of justice has gone bankrupt.
Time and time again we hear politicians and office holders preach the need for a powerful middle-class. You may then be surprised to hear that “about 82% of America’s net worth belongs to the top 20%, the next 80% of people only own about 18% of America’s wealth” (UCSC). Some may argue that this disproportion is the beauty of capitalism, the chance to create an empire. I argue that the proportions are simply unfair. Why is it that “ the average CEO makes 350X as much as his/her employee” (UCSC)?
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
...visions and relates to us a powerful social evolution based on the ever-widening gap between the majority of the American population (“the 99%”) and the wealthy minority (“the 1%”) (Zinn, p. 619-621, 1995). Zinn’s “prophecy” of a society where the “rich get richer and the poor get poorer” has been attacked time and again by conservatives and others. Considering the events of the last several years, the banking crisis, and the rise of the Occupy Movement in 2011, Zinn’s theories regarding the 99% are amazingly perceptive, even predictive of 21st Century times.
... warn them about their future in the financial market. Even though Miller wrote this novel in 1991 about the trends of the 1980s, the graphic novel is still current today. In fact the distribution is even more skewed then it was 20 years ago. “As of 2007, the top 1% of households (the upper class) owned 34.6% of all privately held wealth, and the next 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). This data shows that we should be extremely worried about the trend of the distribution of wealth in the United States. A more equal distribution is healthy for average citizens because it allows us to thrive in an environment which gives us more opportunities to move up in the economical society.
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.
There are many different ideologies in regard to how to deal with poverty in America. One such ideology is the redistribution of wealth. This idea is predominantly held by liberals, and on the surface it may sound like a good idea. However, so far it has proven to be ineffective. As a long term plan the redistribution of wealth will do nothing but harm the economy, and as a result the American people. Not only is it ineffective, but it is also immoral. The redistribution of wealth is most certainly not the answer to the problem of poverty in America.
Everyone has his or her own ideas of how wealth should be distributed properly. Some people believe wealth should be left to family, left for public services, or become the property of others. Others believe that people should not have excess wealth, resulting in non-existent class distinctions. An alternative view is that wealth is not distributed; instead, the wealthy continue to grow wealthier while those in poverty can not escape it and fall further into a life of poverty. The beliefs discussed above come from three different writers. Those writers include Andrew Carnegie, Karl Marx, and Robert B. Reich. These writers all have different opinions on how wealth should be distributed properly.
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.
In We Are the 99 Percent, author Brian Stelter tells what he means by his title “We Are the 99 Percent” which is a political slogan widely used in the Occupy movement. The title refers to “the vast majority of Americans (and it’s implied opposite, “You are the 1 percent,” referring to the tiny proportion of Americans with a vastly disproportionate share of wealth), into the cultural and political lexicon.” (Pg. 679). He presents this short story in the form of an essay in which he shares his thoughts and analysis from joining the Cultural and Political Lexicon. This paper will review Brian Stetler’s story, his main arguments, and will evaluate the quality of Brian Stetler’s writing.
John Oliver points out the controversial topics that affect the economy of United States of America. He discusses the huge gap between the rich and poor. Oliver pays great attention to how media fails to inform the audience about the actual facts of the gap between the fortunate and the unfortunate. Moreover, he talks about the federal estate tax. He explains that most American gain properties from inheritance. 42% of total wealth in America is held by 1% wealthiest families. Inheritance plays an important role in the concentration of wealth and it accounts for 40% of all household wealth which is very concentrated at the top. Even though in 2015, the tax in this country was set to annul, this action could not have pushed
About one-fourth of the nation's wealth is detained by the top one percent of its people; whereby eroding the self-identity it was built on and slowly destroying the ideal of the "American Dream." As an ideal, individually, it exists; however, as a reality, statistics show that our political and economical situation is "for the 1%" instead of "for the people." Furthermore, it is not only our American self-identity that is being deprived; this rut-like state and growing national debt is caused by our own pragmatism. What is the solution you may ask, to this income equality? Look out for the "other guy," because what is good for the part is good for the whole.
Professor Raghuram G. Rajan of the Booth School of Business of the University of Chicago is one of the renowned economic analysts who believe that the levels of inequality had everything to do with both the financial crises of 1920 and 2008. According to him the rising levels of inequality in the past three decades led to rise in political pressure for redistribution that eventually came in th...
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).
The income and wealth gap is something that is all over the world, and even in the world’s biggest economy (USA) there is still a huge gap between the richest 1% and everyone else. First of all there is a big difference between wealth and income, one can have very little income but however be extremely wealthy and visa versa. Income is how much you earn per week/month/year. However wealth is measured in assets you have, for example houses, shares, antiques etc. (Pettinger, 2008). In my paper I am going to be discussing what has caused this gap from the 1850’s and also to compare and contrast this with the wealth gap in Europe. Overall I am going to be looking at how Capitalism has had a part to play in this as well as the establishment of wealth