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In Confronting Inequality, Paul Krugman asserts that the American Dream is one of equality and a lack of clear class distinctions. He argues firstly that economic inequality leads to social inequality, which he then pronounces to be a major challenge for the American Dream. However, though I agree that the classic version of the American Dream involves the chance for an individual to harness the possibility of social mobility so as to become economically better off than his or her parents, I believe that it has changed a great deal. Currently, most Americans not only desire to do better than their parents, but they also hope to become rich beyond their wildest dreams. This is the sort of goal that can, by definition, only be achieved through inequality. Therefore, inequality is a necessary component of the new American Dream. …show more content…
One only has to observe the vast differences in lifestyle between the very rich, the middle class, and the very poor to see that this is true. Such differences have always existed, however they have recently grown tremendously. “The lion’s share of economic growth in America over the past thirty years has gone to a small, wealthy minority,” so much so that this minority has left the growth of the average individual behind in the dust (Krugman 561). Meanwhile, the economic improvement of ordinary people has grown at a much slower rate and, in some cases, has even stagnated. For many, “the lack of clear economic progress for lower- and middle-income families” is exceedingly concerning (Krugman 561). Income inequality seems to threaten their dearly beloved American ideals regarding the middle class and social relations. They view the growth of economic inequality as evidence that “America has moved deeper into a new Gilded Age” of income inequality and clear class divisions (Krugman
According to Gregory Mantsios many American people believed that the classes in the United States were irrelevant, that we equally reside(ed) in a middle class nation, that we were all getting richer, and that everyone has an opportunity to succeed in life. But what many believed, was far from the truth. In reality the middle class of the United States receives a very small amount of the nation's wealth, and sixty percent of America's population receives less than 6 percent of the nation's wealth, while the top 1 percent of the American population receives 34 percent of the total national wealth. In the article Class in America ( 2009), written by Gregory Mantsios informs us that there are some huge differences that exist between the classes of America, especially the wealthy and the poor. After
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 phrase “The American Dream” is an incredible thing. The promise of that dream has convinced hundreds of millions of people that, as a citizen of this country, you can accomplish anything if you work hard enough. Whether you want to be a doctor, athlete, or even a president, those things should all be within your reach, regardless of your class or race! America is the nation where dreams can come true. Unfortunately, for a large number of people that believe this, this is a concept that does not apply to them. Many Americans find opportunities are denied to them because of their race. Others can be found living in poverty and far from anything that would be considered desirable. Statistics show that the wealthiest 1 percent of Americans earned 9 percent of all U.S. income in 1979. Did you know that the same 1 percent earns 24 percent of all U.S. income today? That is a staggering example of the income inequality in America. The American Dream is that if you work hard and have the ability you will succeed, but that has become an impossibility for millions of disadvantaged Americans because the income inequality has been steadily increasing since the 1970s and racism and poverty are constant barriers to their success and financial security.
In the United States there are four social classes : the upper class, the middle class, the working class, and the lower class. Of these four classes the most inequality exists between the upper class and the lower class. This inequality can be seen in the incomes that the two classes earn. During the period 1979 through the present , the growth in income has disproportionately grown.The bottom sixty percent of the US population actually saw their real income decrease in 1990 dollars. The next 20% saw medium gains. The top twenty percent saw their income increase 18%. The wealthiest one percent saw their incomes rise drastically over 80%. As reported in the 1997 Center on Budget's analysis , the wealthiest one percent of Americans ( 2.6 million people) received as much after-tax income in 1994 as the bottom 35 percent of the population combined (88 million people). But in 1977 the bottom 35 percent had about twice as much after tax income as the top one percent. These statistics further show the disproportional income growth among the social classes. The gr...
Years ago, the United States of America was the prime example of prosperity and opportunity. In recent years, in the worst recession since the Great Depression, unemployment and interest rates have skyrocketed. The “American Dream” is an idea that was once a commonly accepted ideology in this country. It has since become only a fallacy. The “American Dream” is no longer an attainable idea, only a fantasy. The “American Dream” is not a true dream that will ever be equally attainable by everyone.
The American Dream is known to be a hope for a better, richer, happier life for all citizens of every class. For almost all Americans, this entails earning a college degree, gaining a good job, buying a house, and starting a family. Although this seems wonderful, a large amount of the American population believes that the Dream has changed immensely because of increased prices in today’s society, the price of tuition being highly unaffordable, as well as the unemployment rate skyrocketing and weaker job growth. While some American citizens believe it has changed, others believe that the American Dream has not changed, but point out it is harder to obtain.
The American dream is a slowly fading dream that seems to be escaping all the lower classes of American society. The American dream still exists if we examine it correctly. The dilemma with the American dream is that it has become so much harder to fulfill. Social inequality, along with a lack of social mobility, have negated the ability to accomplish this. As time has passed, the gap between the rich and poor has become larger and larger.
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
People who work hard enough become successful and build a good life for themselves and their family. Millions of Americans and others who admire America have believed this for generations. However, is this still true? Brandon King debates his interpretation of the American Dream in his published work, “The American Dream: Dead, Alive, or on Hold?” During his essay, the speaker highlights how important the American Dream is to the economy and providing a distance from inequality. The speaker emphasizes his belief that the American Dream is still alive within America and that people must work hard to achieve it. When discussing the American Dream, King will agree that the idea is alive and thriving in the minds of Americans; yet, I argue that the idea is on hold within American society due to lack of upward social independence and economic mobility.
The American Dream is so important to our country and especially for our generation to take seriously. The American Dream is the opportunity to reach the goals one sets for themselves. It is about having your dream job and life you have always fantasized about. The dream is also about having freedom and equality. The American Dream was much easier to attain a few decades ago compared to today. However, it is still possible. The economy was better fifty years ago than it is today. People are in greater debt now and the United States is in higher debt than it was fifty years ago. The American Dream is still possible despite the lack of improvement within social mobility in American society over the past years. The American dream is achievable by being able to live a middle-class lifestyle and that lifestyle is obtainable through hard work and perseverance, even in light of obstacles such as racism. “The American Dream is still achievable, however, the good news is that people at the bottom are just as likely to move up the income ladder today as they were 50 years ago” (O’Brien 1). The ability to attain the American Dream is hindered by race, the middle class, and giving up facing adversity.
... continuous injustice in financial prospect because the top dogs are too occupied with new ways of making money for themselves while the rest of America are focused on putting a roof over their heads or feeding the entire family. For few fortunate individuals, they will be able to accomplish their ultimate American Dream; however, most Americans will often shun away for the life time of financial progression. Like George Carlin, a comedian once said during his stand up show about the American Dream, “The owners in this country know the truth, it is called the American dream because you have to be asleep to believe it.” In reality, when the prospects of the American Dream is ignored by our society, dreams often become unfilled and expectations for superior life turn out to be a sham, an enduring nightmare for most people in the pursuit for their American dream.
America’s upper class has been getting richer since the past three decades, and we have still not found a way to stop this. We have been unable to find a way to distribute America’s wealth equally, so we can have a decent lower class and a good middle class. Inequality has caused many people to struggle in various ways, but their is alway another side to the story.
Income inequality has affected American citizens ever since the American Dream came to existence. The American Dream is centered around the concept of working hard and earning enough money to support a family, own a home, send children to college, and invest for retirement. Economic gains in income are one of the only possible ways to achieve enough wealth to fulfill the dream. Unfortunately, many people cannot achieve this dream due to low income. Income inequality refers to the uneven distribution of income and wealth between the social classes of American citizens. The United States has often experienced a rise in inequality as the rich become richer and the poor become poorer, increasing the unstable gap between the two classes. The income gap in America has been increasing steadily since the late 1970’s, and has now reached historic highs not seen since the 1920’s (Desilver). UC Berkeley economics professor, Emmanuel Saez conducted extensive research on past and present income inequality statistics and published them in his report “Striking it Richer.” Saez claims that changes in technology, tax policies, labor unions, corporate benefits, and social norms have caused income inequality. He stands to advocate a change in American economic policies that will help close this inequality gap and considers institutional and tax reforms that should be developed to counter it. Although Saez’s provides legitimate causes of income inequality, I highly disagree with the thought of making changes to end income inequality. In any diverse economic environment, income inequality will exist due to the rise of some economically successful people and the further development of factors that push people into poverty. I believe income inequality e...
The “American Dream” consists of all U.S citizens having the opportunity to obtain success and prosperity through hard work and determination, but, in a capitalistic economy such as the United States the “American Dream” is merely impossible. Low wages are masked as starting points, taught to eventually pay off in the form of small raises or promotions. Competition to obtain unequally shared resources, is used to define an individual’s extent of initiative. In reality, these are all concepts used by the wealthy to deter the poor working class from obtaining upward mobility. Middle class America, the key factor in helping the wealthy stay wealthy, have adapted to these beliefs and concepts, created to keep them far behind. Conflict theorist
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.