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Income inequality research
Compare and contrast the rich and the poor
Income inequality research
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The comparison between rich and poor people is a topic with an enormous gap. The bridge between the two is longer than most see it, and is increasing steadily. Michael Sandel wrote a book discussing his opposition to the market society in the United States. The focus of Sandel’s book lies within the title, What Money Can’t Buy. He believes that everything seems to be for sale and that we are a society that revolves around the idea of every person for themselves. Sandel also states that inequality is rising faster than ever. Even though everything is for sale in this day and age, that does not mean everyone is able to purchase whatever they want. Inequality comes in many forms like race, gender and age. Income inequality affects people the most in a market society. Some families are at a disadvantage just because they have more mouths to feed, which creates issues in providing basic needs to your family. In today’s world, how much money you make is a big deal. Happiness is no longer the most important or easiest thing to achieve. Money, and how much of it you have, has taken over the minds of most American’s; they are starting to believe that the more money you have means the more things you can get. According to Sandel, rich Americans are taking advantage of jumping the queue. People have the option to pay more money to get better service at airports, get closer to the front of lines at amusement parks, and to get to the top of the Empire State Building faster than everyone else who pays the normal price (18-19). It is a great business strategy, and if you have the money to waste to get to the front of a roller coaster then you can afford to spend it. But this is not fair to the families that cannot afford it. O... ... middle of paper ... ...r, Straus and Giroux, 2013. Print Stossel, John. "So What If Rich People Have More Money than Poor People in 2014." Fox News. FOX News Network, 8 Jan. 2014. Web. 02 Feb. 2014. . Tavernise, Sabrina. "Education Gap Grows Between Rich and Poor, Studies Say." The New York Times. The New York Times, 9 Feb. 2012. Web. 3 Feb. 2014. . Ungar, Rick. "The Retirement Crisis Is Here For Millions-Income Inequality Now Set To Wreak Its Ugly Revenge." Forbes. Forbes Magazine, 19 Mar. 2013. Web. 01 Feb. 2014. .
In “The Real Truth about Money” (2005), Gregg Easterbrook discusses the effects of money on the people’s happiness. He presents his article with statistics of the generation immediately after the World War II and the current generation. He has experienced both generations as he has lived in both and is very familiar with the difference of people’s lives now and back then. Easterbrook is a highly reputed journalist, he is an authorized writer, editor, and professor. He worked with many professional magazines and newspapers; accordingly, he has enough knowledge to write about the people’s happiness in terms of money. Easterbrook has well convinced the readers with psychological facts from university researches and credible
In Confronting Inequality, Paul Krugman discusses the cost of inequality and possible solutions. Krugman argues to say that it is a fantasy to believe the rich live just like the middle class. Then, he goes into detail about how middle class families struggle to try to give their children a better life and how education plays a factor in children’s future lives. For example, children’s ability to move into higher education could be affected by their parents economic status. Also, He discusses how politicians play a role in the inequality, because most of politicians are in the upper economic class. Finally, Krugman says how we could possibly have solutions to these various inequalities, but how America won’t get
Stone, Chad, Danilo Trisi, Arloc Sherman, and William Chen. "Center on Budget and Policy Priorities." A Guide to Statistics on Historical Trends in Income Inequality. Center on Budget and Policy Priorities, 6 Nov. 2013. Web. 03 Dec. 2013. .
Jeffrey Reiman, author of The Rich Get Richer and the Poor Get Prison, first published his book in 1979; it is now in its sixth edition, and he has continued to revise it as he keeps up on criminal justice statistics and other trends in the system. Reiman originally wrote his book after teaching for seven years at the School of Justice (formerly the Center for the Administration of Justice), which is a multidisciplinary, criminal justice education program at American University in Washington, D.C. He drew heavily from what he had learned from his colleagues at that university. Reiman is the William Fraser McDowell Professor of Philosophy at American University, where he has taught since 1970. He has written numerous books on political philosophy, criminology, and sociology.
... 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.
Edelman, Peter. "Poverty in America: Why Can't We End It?" The New York Times. The New York Times, 27 July 2012. Web. 15 May 2014.
Further arguments bolster the defense of this perception regarding income inequality. Writers, such as The New York Times Tyler Cowen, add wood to the fire in his articles written about this topic. As a proponent of this view, Cowen (2015) argues that income inequality should not be the main concern and rather than to try and bridge the gap between the wealthy and lower classes, the country should turn its' attention to the problem of economic mobility as the real issue. The argument made by Cowen slightly parallels the argument made by Garret in that income inequality will never cease to exist, but we as a nation can reduce it by defeating what Cowen (2015) believes the underlying cause to be; economic mobility. Instead of taking a communist approach to the situation with taking money from the wealthy class and distributing it to the less fortunate, Cowen (2015) proposes that by uprooting the financial instability of the lower class the government can thrust them into higher economic status. CNBC writer Carol Roth also provided another argument. Roth (2014) is very blunt and to the point in her article regarding the problem, or there lack of, income inequality in the United States starting by stating the harsh reality that life is not equal for many Americans in a variety of circumstances. Counteracting the argument of citizens that believe there is income inequality and that there needs to be a redistribution of wealth, Roth (2014) says,
Erika’s sweet sixteen is today, and her parents bought her a brand new car. She pulls into the school’s parking lot and flaunts about how her parents not only got her a car, but also a trip to Italy. People start to walk away, even some of her best friends. As the day goes on, her friends have not talked to her since morning. Fed up, Erika asks them what is wrong. Kristie, one of her friends, tells her how they cannot stand listening to her talk about her ostentatious gifts anymore. When Erika gets home from school, her mom asks her what is wrong. It is then she realizes what her friends were trying to say and tells her mother she does not want the car anymore. Her mother, astounded, asks why not and gets a reply of money cannot buy friends, nor can it buy happiness. According to “Does Money Buy Happiness,” by Don Peck and Ross Douthat, they disagree with the connection between money and happiness.
In the book “Think and Grow Rich,” the author, Napoleon Hill, provides a set of principles that he calls the key to financial success. The idea at the center of these principles is that one becomes what he or she frequently thinks about, in this case success (i.e. rich). Hill lays out a method he created to translate one’s thoughts into reality, creating an insatiable hunger and drive within an individual to succeed. Using the examples of his son and some of America’s legendary iconic business leaders, of which Hill studied and interviewed, including Edwin C. Barnes, he demonstrates that anything one puts his or her mind to can be produced and conceived.
“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.
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).
What should our goals be in life? Bill Strickland makes the point that no matter who you are you can do anything you put your mind too. In his book “Making the impossible possible” he explains his own struggle and how he made it through life to be able to help others. He explains his young childhood. He talks about how he had to live through riots and the racism. He talks about how he wanted to help people make their lives better. He explains his struggles with trying to maintain these buildings and how he made great connections. He tells about his love for pottery and his want to help others. His book was truly an inspiration and turned out to be more than I took his book for in the first few pages. His book made me think about my life and how I can relate to him.
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.
“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.
"Growing Income Inequality and the Education Gap." Economist's View. N.p., 8 May 2006. Web. 12 Dec. 2013.