A Brief Examination Of Wealth Inequality - 1663 Words

A Brief Examination of Wealth Inequality in America Thomas Buonanno Debating U.S. Issues April 7, 2017 With every passing moment, the problem gets worse, and many people in this country do not even know it exists. Over the past few decades, the middle class has slowly begun to disappear as trillions of dollars have shifted to the top 1% of the country. This pandemic so infiltrated the American economy that the richest 400 individuals in America today own more wealth than the poorest 150 million people, more than half the country’s population. Despite a thriving GDP, the wages of workers have stagnated, and, simultaneously, the economy has grown so top-heavy that it is at risk of capsizing. Ever since the 1970s, the gap†¦show more content†¦In 1978, the richer household was 220 times wealthier than the average household. Today, the richer household is an astonishing 1,220 times wealthier than the average household. Robert Putnam, a Public Policy Professor at Harvard University said the following about the situation: â€Å"We’re moving toward an America that no ne of us has ever lived in, a world of two Americas, a completely economically divided country.† This may seem dramatic, but in many ways, this is a new reality for millions of Americans. We have begun to settle for a lower standard of living blaming our lack of wealth on â€Å"the poor economy.† This is an erroneous position which the top 1% thrives upon. In reality, it is not the economy, but how the economy’s rules are set up that determines who benefits from the wealth generated. For instance, any one of the ten wealthiest individuals in America made enough money in 2012 to pay the cost of individual housing for every homeless person in America for an entire year. Upon comparing 141 different countries, the United States ranked 4th-highest in wealth inequality, with only Ukraine, Lebanon and Russia having a more polar distribution of wealth. These statistics would not present a problem if only Americans could work their way up the socioeconomic ladder. Despite their efforts, however, much of the data shows that upward mobility is improbable if not impossible in many cases. American workers have used several tactics to try to break out ofShow MoreRelatedEffects Of The North American Free Trade Agreement1575 Words   |  7 Pagesanticipate easy entry into the Mexican market† (McDonald 1996:94). Therefore, the nature of the competitive relationship between the two countries under NAFTA merits examination. (McDonald 325) While dairy farmers had it hard, other plants have had rapid growth in manufacture positions, such as the maquiladoras. Maquiladoras, in a brief explanation, are American owned factories that reside in Mexican border towns where they receive import products, process them, and ship them back to the country ofRead MoreEssay on Whats Equality?1933 Words   |  8 Pagesthree main parts; it will attempt to provide an answer to the question. What is equality? The term equality has many connotations in the English language; therefore, it will be necessary to use it in the societal context. It will be required to take a brief look at the history of equality using examples and references from such writers as Marx, and Tawney. Following on, a more current outline will be used to provide a more up to date perspective. 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These alternative views contrast with mainstream academicsRead MoreNeoliberalism and Australia Essay2526 Words   |  11 Pageswhen in actual fact, it has caused privatisation of publicly owned assets, deregulation of important safeguards in the financial markets, withdrawal of social provisions by the state, media consolidation by vested interests and the concentration of wealth, power and influence in global corporations unhindered by borders. (Ong, 2006), (Harvey 2005). Ong further states the results have â€Å"menaced national currencies and living conditions†. (Ong 2006). These alternative views contrast with mainstream academicsRead MoreWorld History AP8768 Words   |  36 PagesChapter 4 Big Picture Questions 1. What common features can you identify in the empires described in this chapter? †¢ All empires controlled large areas and populations. †¢ All empires were brought together by conquest and funded in part by extracting wealth from conquered peoples. †¢ All empires stimulated the exchange of ideas, cultures, and values among the peoples they conquered. †¢ All empires sought to foster an imperial identity that transcended more local identities and loyalties. †¢ All empiresRead MoreEssay on American Intervention in Cuba and Puerto Rico5520 Words   |  23 Pagesinitially as a positive development. What is equally apparent is that after the war and over time, these pro-American attitudes soured considerably. There were many reasons for this development. Leaving the economic, sociological, and psychological examinations of this large issue to other more ambitious endeavors, this paper aims to explore the way in which the intervention and occupation disrupted and complicated the normal political construction of Cuba and Puerto Rico. Also, in an effort to avoidRead MoreMulticultural Education in a Pluralistic Society21691 Words   |  87 PagesWe are obliged to make sure that every child gets a healthy start in life. With all of our wealth and capacity, we just can’t stand by idly. Secretary of State Colin Powell, 2000 ISBN: 0-536-29978-1 Multicultural Education in a Pluralistic Society, Seventh Edition, by Donna M. Gollnick and Philip C. Chinn. Published by Prentice-Hall/Merrill. Copyright  © 2006 by Pearson Education, Inc. Chapter 2 Class hile he was still in college, Tomas Juarez had decided he wanted to work with children