Is America going to collapse due to our economic inequality? During the second major industrialization, extreme wealth hit America and monopolies were born in the business world as well as more defined classes based on wealth. Robber barons like Vanderbilt, Carnegie and Rockefeller held a new kind of wealth, owning industries while the workers under them lived in the slums of the city. Modern day America has founded laws against monopolies and such, but we are seeing the three standard American classes of wealth, upper, middle and lower, change. The upper class becoming wealthier, the middle class disappearing and joining the ever growing lower class. The article “Trouble with the Super-Rich” by Barbara Ehrenreich brings to front the problem …show more content…
Year’s ago, mention of this widening gap between the privileged and the struggling was considered “Marxist”, but now the facts are too evident to be blamed on a belief. The richer continue to get richer and the poorer get poorer; due to the fact that, the wealthy pay the labor working majority unfair wages. Ironically, this “supreme” group makes their fortune because of these under paid people. For example, Walmart a low paying corporation owned by the wealthiest family in America. As previously stated, the success of the upper class is at the expense of the lower class and we see this in more ways then one: late fees and rates are collected by the rich, Realestate is bought up by them, and they have control of politics. The solution seen most fit by Ehrenreich and Lowenstein would be to remove the classes and have an egalitarian …show more content…
While the wealthy are deciding which Louis Vuitton shoe to purchase, the unfortunate are trying to pay rent and buy food. The sheer number of homeless people seen wandering the streets is a tell tale sign that America has a problem. The wealthy make their money off everyone else; such as the Walton family, as mentioned. Their family’s wealth is 149 billion dollars, and they are currently the richest family in America (Richest Families). The fact of the matter is most of their employees are paid minimum wage, most likely working two jobs just to get by. As Ehrenreich says, the money collected from “..all those late fees, puffed up interest rates, and exorbitant charges for low-balanced checking accounts do not… go to soup kitchens”. Does anyone know where the money goes? Oh right, the rich. Education is very important for success and of course, the best education is usually private school for K-12. Public schools teach kids for free, as it should be, but the standard of private compared to public is unequal. College is not free; although recently community colleges are pushing to be made public. Which should happen so the lower class students do not have to rely on scholarshipsand grants to receive a higher eduacation. The students that are unable to afford college are at a disadvantage to those wealthier students who can afford any good school they get accepted to. The fact is, the rich
America was once known as the land of opportunity. However, that is no longer the case. Americans are still suffering from a depression that began three years ago in 2008. According to the Bureau of Labor Statistics, in 2007, the United States unemployment rates were 4.6 percent. In 2009, one year after the depression began, the unemployment rate rose to 7.6 percent. Millions of Americans are living in poverty, unable to afford the basic necessities. On the other hand, there is a minuscule percent of the population that are billionaires. Written in 2005, Holly Sklar’s essay “The Growing Gulf Between the Rich and the Rest of Us” argues that if something isn’t done about the growing inequality between the rich and the poor, the American economy as a whole will weaken. A year later, the Economist published the article, “Inequality and the American Dream” implies that the American dream is broken. Sklar’s argument sheds light on the Economist’s argument. In particular, Sklar’s use of facts regarding the wealthiest Americans, the poorest Americans, and the discussion of the impact of inequality on society provide insight into the Economist’s article.
In this paper, Gregory Mantsios compares and contrasts class in America. He uses facts to support his point that things are getting better for the upper class, while things are increasingly getting worse for the middle and lower classes. Throughout the paper, he demonstrates comparing and contrasting by using “myth” versus “reality”.
The class system has been in place within humanity since the very birth of economic trade. It is a fact of life that others will seek self-betterment and gain power to provide for those that they love and their own personal interest. Throughout the years the implementation of a social class system has helped to differentiate the types of economic situations as nation and serve as a system to work toward the betterment of the society as a whole. However, as the world became more productive and the gaps between the higher classes and lower classes increased the efficiency of the social class system and the decisions made from the individuals within it has been called into question. Kalen Ockerman opened the channel to question if the class system is the helpful institution that benefits of all its citizens or if the lower classes are not getting the support and attention they deem necessary.
“Confronting Inequality” by Paul Krugman opens up our eyes to the fact that, in America, we are becoming more and more unequal based on our standings in society. Our standings in society is directly related to amount of money that we make and what class our parents were in while we were growing up. However, being judged based on our parents’ status is not justifiable. America is full of injustice when it comes the social structure of it’s’ citizens. The majority of America used to belong to the middle class, now there is less middle class and a widening gap between the high class and the low class of people. Yet not much is being done to correct this injustice. In fact, it seems that the more we do, the farther the gap widens. Why is
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
In "Class in America", Gregory Mantsios says that "when politicians and social commentators draw attention to the plight of the poor, they do so in a manner that obscures the class structure and denies any sense of exploitation." Based off our readings, class discussion and films, income inequality is known to be erased or ignore. Our society frowns upon the expression of income in our daily conversations, as it could be seen braggy or a complaint depending on your status of income. Because it's frowned upon to talk about, the topic of income inequality becomes erased or ignored. In addition, income inequality in America's class structure can affect people's ability to reach their American Dream.
In addition, the poor are overburdened they always have been, especially in 2014. This is owing to the fact that the middle class is close to disappearing, which is forming a large gap between the poor and the rich. Furthermore, banking can be more expensive for nearly all poor people, whom are usually put in extreme circumstances where they are required to pay more taxes. And the poor are usually shut out from society and are left on the street as if they were a piece of garbage, which is why it is particularly difficult to attain a job as a poor person. Not many people in the world care for the poor. It is surprising to think that the poor had not been oppressed in 1791. Someone would think the poor have always had a heavy burden. The majority of America’s population is poor and they are ignored and portrayed as aliens whom we should have no contact with.
Weber, Wright and Tilley each contribute various theories to that can be applied to inequality and stratification within the contemporary United States. Reaching back to Weber’s work on class, status and parties, it is clear that this class is still a relevant concept even today. Weber views the class stratification system as a segmented structure, broken down into the simple components of class, status and party which in turn relate to power within a capitalist society. He defined “class situation” in relation to the following conditions (1) "have in common a specific causal component of their life chances in so far as (2) this component is represented exclusively by economic interests in the possession of goods and opportunities for income,
I believe that there is too much wealth and income inequality in the United States
The largest group in America is facing extinction. We are talking of course about the American middle class. In 1971 the American middle class population was 36% higher than the population of the lower class. However, today the middle class population is now only 22% higher than the lower class (McDill). This is only a 14% drop spread over 44 years. The major issue here is that while the middle class shrinks, the upper and lower classes are growing. Financial experts believe that soon the middle class will become nonexistent and America will be divided into two extremes, poverty and wealth. This issue has become so severe that the United States government has stepped in and created a “middle class task force” passed as part of the government “stimulus package” of 2009. However most experts including Kent McDill of the millionaires’ corner, Doyle McManus of the LA Times, Erik Kain of Forbes magazine believe that the government’s program is putting a knife in the middle class. They believe this because the government is taxing businesses until they are forced to leave America and go overseas. This, along with the rise of mechanical workers and ignorance of the issues facing the middle class led to the decreasing job market. Jobs in America will soon be split into either very high paying upper class jobs or very low paying jobs. This makes the job market a hit or miss in America. It is predicted that America will soon be either very rich or very poor with no middle ground.
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
A kid growing up in poverty does not have near the same probability of graduating from a university as a wealthy individual does, and each learns to value post high school education accordingly. Do you think most poor hungry kids are going to think about college after seeing flashy drug dealers from their own neighborhoods driving Benzes, wearing designer clothes, loaded with jewelry, and toting matching Rolex watches? They know this kind of life is morally wrong, but do you think they would rather see their families continue to live like rats? Many of these kids have already dropped out of high school to better support their families by working a full time job. So many times funding is not the only problem. Sure, they could probably get financial aid to go to college and make even more money in four to six years, but hungry stomachs and overdue rent payments just can’t wai...
...ment, income inequality will exist due to the rise of some economically successful people and the further development of factors that push people into poverty. Although it may not seem fair that there are rich people blowing money on impractical and meaningless things while people live in poverty, it’s a reality that the United States has experienced for centuries.
The poor gets poorer, and the rich gets richer. Economically speaking, this is the truth about Capitalism. Numerous people agree that this inequality shows the greedy nature of humankind. The author of the source displays a capitalist perspective that encompasses an individualist approach towards an “un-ideal” economic system. The source articulates a prominent idea that capitalism is far from perfect. The reality is, as long as capitalism exists, there are always those people who are too poor or too rich in the system. We do not need elitists in our society but that is exactly what capitalists are. In this society, people are in clash with those who “have” and those who “have not”, which creates conflict and competition. Throughout
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.