Many immigrants move to America in hopes of achieving the American dream. Reluctance to grant citizenship to those who work hard in our country make it difficult for in these individuals to gain wealth. In the twentieth century the economy was flourishing, making it easier for people to get jobs; nowadays, in a recession, it is hard to find a job that pays well without a higher education. All of these factors make it harder for one to achieve the American Dream. The richest people of America continuously receive the largest tax breaks.
1. Tax Cuts Caused Income Inequality Income inequality is a big problem in the United States because the top, wealthiest American saw huge increases in their incomes, which the rest had their incomes go down. Bottom people do not have the same amount of money and the opportunity to move up the social ladder as the rich people do. In order to reduce income inequality, the government needs to tax the rich people more, and give poor people more money and more social services - education, food subsidies, health care. Tax cuts are only benefiting the richest people, and will widen the inequality gap between the rich and the poor.
Although there are people and organizations that strongly believe the government shouldn’t raise the minimum wage because it will cause a higher unemployment rate, we must raise the minimum wage now to create more jobs, help families across the country that are sinking deeper and deeper into debt, and fix the broken tax code that is taking so much money from the poor and so little from the rich. It has long been thought by many that wealthy Americans are the job creators. It’s said that the more money they have the more they can spend, and the more businesses they can start up and hire employes. But this is a misconception because it is the middle class that drives the United States economy. The United State’s economy is a consumer economy 70% to be exact(Rogow 16) but how much stuff does a multimillionaire consume?
Source: “Income Inequality.” (n.d.) Between 2009 and 2012, income gains by the top one percent increased by over 30 pe... ... middle of paper ... ...nited States has been changing over the time. It also provides historical tables. The first table shows that pre-tax income of top 1 percent had more than doubled between 1976 and 2008. And the other table shows that from 1979 to 2009, the top 5% had large increase in real income, while the bottom 20% saw a decrease in real income. Scarborough, Joe.
In other words, “lower income people pay a greater share of their income sales and payroll taxes than higher-income people” (Henchman). In America, the wealthy are being favored while everyone else has to pay. While hard to believe, education and inheritance may play a role in the increasing wealth gap in the U.S.; along with the government’s flounder... ... middle of paper ... .... "Bailing Out Capitalism." Current History 112.757 (2013): 304-310. Academic Search Complete.
The era of volatility has created a shift from America being the middle-class society to simply rich or poor (Sachs, 2011). A gap this large has not been experienced since the 1920’s (Sachs). “The top 1% of households takes almost a quarter of all household income” but an economy this top heavy will not be able to succeed (Sachs, 2011, p. 30). The working classes are struggling with housing, wage, and employment issues. Rich individuals are ignoring these troubles, shipping their business operations out of the country, thus furthering the downward spiral of the economy (Sachs).
Statistics from the video proved that “Seventy percent of the economy is consumer spending” (Inequality for all). While many of the working poor do in fact spend unnecessarily and unwisely it is unfortunate that they cannot enjoy the same pleasures as everyone else. The inequality in America is very apparent and the responsibility should be given to the top one percent and the government. It would be great if every person would step up and help make the nation great again by taking responsibility/accountability, and by creating a culture of justice, equality, and wealth. The video reported that in the year 1978 compared to 2010, the income of the typical worker differed by more than $345,000 (Inequality
The United States of America has the most unequal distribution of income and wealthy far, verging to an even greater inequality (5:33). The pillow company CEO is interested in lessening income inequality, because even though he is rich, it still effects him. With the problem of income inequality, his products cannot be sold as much. This is because people are no longer able to
However, India has a social caste system. The caste system determines what social class one is born into, and that person has to stay in that social class for their entire life. Therefore, the economy of that country would be better, but it would only help the rich get richer and politicians have a stronger effect on the poorer classes. JOBS Job growth is at an all-time low, and it is because of the pay that Americans have to have in order to survive in the United States. The largest companies in the United States are finding that there are workers that are just as qualified in other countries that do not require as much pay.
Most people are in debt, in late 2005 “wage growth was shortchanged because 46 percent of the growth of total income in the corporate sector was distributed as corporate profits, far more than 20 percent in previous periods.”(24) Household income had fallen five years in a row and was 4 percent lower. The average wages of Americans are low. The growth of the American population is expanding very rapidly; the job count compared to population growth is almost unrealistic. Only one point nine percent more jobs have come up since the beginning of the last recession. The unemployment rate is four point six percent That means that a lot of people do not have jobs; the percent of people that have a job was one point three percent, So that means that more people are not working than people with a job.