Essay about The Inequality Of Income Inequality

Essay about The Inequality Of Income Inequality

Length: 1027 words (2.9 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

Income inequality has been on the rise since the 1970s, however, it is a more pertinent problem now than it has been ever before. Despite evidence that cutting income inequality would improve the efficiency of the economy, the government shows a lack of understanding of that and continues to allow that inequality to increase. The disparity in income has become so pronounced that the top ten percent of Americans make more than nine times the income than the bottom 90 percent. This statistic has compounded over the years, and shows no signs of slowing down. The article posits that without reforms and changes, there won’t be lasting solutions for the middle and lower classes to rise above their current means.
The capitalist system of old is no longer the standard through which the American economy works. In the old days, people were free to engage the market through innovation and competition to drive the economy forward with new and better products and services. The system as it functions now does not operate in this way. Capitalism now only benefits “capitalists.” The owners and operators of huge corporations and banks see the most profit for their goods and services. The rest of the population is merely employees now. Most of the capital that the average American owns is tied up in their housing. This outsourcing of manufacturing creates a twofold problem for the US economy. Firstly, the GDP falls significantly because there are fewer products made in the US. Over the last ten years, the US has important billions of dollars more than it has exported. This trade deficit translates to a reduction in income from industry. And as more and more corporations move their manufacturing overseas, less and less Americans have viable options ...


... middle of paper ...


... is around ten times as much as a colored family. They are far less likely to inherit any wealth through generations and face even worse obstacles unjustly placed upon them, such as discriminatory policies that keep them from owning houses and the wage gap between white and colored workers who occupy the same job. Over time, the level of poverty compound and the level of poverty becomes a system that becomes harder and harder to break out of. The government does try to make things easier for families across the board, or at least they claim to. Every so often, the government issues tax breaks that are meant to encourage people to save more and invest in an attempt to gain wealth. However, these tax breaks are really only beneficial to those who have higher incomes and more wealth. Those people already have money put away and getting an additional break allows them to

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay about The Inequality Of Income Inequality

- Income inequality has been on the rise since the 1970s, however, it is a more pertinent problem now than it has been ever before. Despite evidence that cutting income inequality would improve the efficiency of the economy, the government shows a lack of understanding of that and continues to allow that inequality to increase. The disparity in income has become so pronounced that the top ten percent of Americans make more than nine times the income than the bottom 90 percent. This statistic has compounded over the years, and shows no signs of slowing down....   [tags: Poverty, Economic inequality]

Better Essays
1027 words (2.9 pages)

Essay about The Inequality Of Income Inequality

- Introduction People are expected to have a peaceful life; full of fun and learning from the experiences that they participate in throughout their life. This is an ideal expectation that every human-being would like to achieve, but the world today has many problem that block people from achieving what they expect to achieve. The problem that people facing is income inequality. It is a big problem that creates an impact on every person and every nation. According to the article “World Economic Trends in the Distribution of Income, 1965-1992”, it said “the majority of the world’s total income inequality is between-nation inequality, not within-nation inequality (Korzeniewicz & Moran, 1997)”....   [tags: Economic inequality, Poverty, Gini coefficient]

Better Essays
1808 words (5.2 pages)

Essay about The Inequality Of Income Inequality

- Income inequality can be said to be the level in which earnings are apportioned in an unequal manner among the citizen of a given country. For instance, in the US, this inequality in earnings, between affluent and ordinary citizens, has continued to grow significantly by a very wide gap. Income inequality has increased drastically since the 1970s in the United State after several years of stability. This means that the shares of the country’s income received by higher income households have increased significantly than those of the lower income households....   [tags: Poverty, Economic inequality, Employment, Wage]

Better Essays
833 words (2.4 pages)

Income Inequality in the United States Essay

- Income inequality not only harms us fiscally, but also affects our mental and physical wellbeing; therefore, it is important to identify the right ways to control wealth distribution among people. History Income inequality in the United States has increased and decreased throughout history, but in the recent years, the widening gap has become a serious issue. Income inequality is usually measured by Gini coefficient. According to this method coefficient varies between 0 and 100; while 0 represents complete equality (income is distributed equally among all the population of the country), 100 represents complete inequality (only one person receives all the country’s income, while the rest of...   [tags: Economic Inequality]

Better Essays
3100 words (8.9 pages)

Income Inequality in the United States Essay

- America prides itself on being one of the most successful democratically governed counties. The idea of the American dream is that all citizens have equal civil liberties and a responsive government. However the effectiveness of democracy is being threatened by increasing inequality in the United States. “The dominant view holds that economic development and modernization are the key to the continued growth of democracy” (Snider and Faris 2001; United Nations, 2011). In the last decade especially the American Society has had significant moments of increasing equality....   [tags: Economic Inequality]

Better Essays
3272 words (9.3 pages)

Essay on The Problems of Income Inequality

- Every American dreams of finding a job that pays well so that they may live comfortably and take care of their loved onesfor years to come. Most Americans hope to find some way to make a living that they enjoy, something that they view as productive. Unfortunately, many do not have this luxury. In our society, a good portion of the population is forced to hold the base of our country in place while hardly being redeemed for their time and effort, and thus the problem of income inequality. Numbers of these people live from paycheck to paycheck, barely getting by, not because they manage their money poorly, but because the value of their time at work is negligible (Chapter 2 Economic Inequalit...   [tags: segregation, society, income]

Better Essays
1108 words (3.2 pages)

Essay on Income Inequality : A Growing Problem

- Income equality is a growing problem and is causing significant problems. The income gap between the rich and poor has been increasing and just recently surpassed levels that our nation has not seen since 1928. There have been studies showing the correlations between inequality and both health and happiness. This reaction paper discusses three articles with different perspectives on income inequality: Income Inequality Is What 's Destroying America (Gilani), U.S. Income Inequality, on Rise for Decades, is Now Highest Since 1928 (Desilver), and How Inequality Hollows Out the Soul (Wilkinsin, Pickett)....   [tags: United States, Poverty, Economic inequality]

Better Essays
1002 words (2.9 pages)

Income Inequality in Iran Essay

- There are many problems that face Third World nations. Income inequality affects all nations in the world. It affects some countries more than others though. Income inequality is a major problem in the Third World. In the Third World, the top 1% of people earns 15 % of the income, and the top 5% earn 40% of the income. However the poorest 20% earn only 1% of the global income. This creates a world of haves and have nots. This affects many aspects of society in a county. In the Islamic Republic of Iran, income inequity is a serious issue....   [tags: Iran Poverty and Inequality]

Better Essays
3419 words (9.8 pages)

Income Inequality and Society Essay

- Income Inequality’s affect on Society Income inequality is on the rise and it is evident in most cities throughout the United States. There are individuals with six to seven figure incomes and then there are individuals whose income is just enough to get by. The middle class is not as prominent as the upper and lower class. This should be the other way around. There should not be so many cities with very wealthy neighborhoods right next door to low class, rundown neighborhoods, with little middle class households....   [tags: middle class, families, income, finances, economy]

Better Essays
1043 words (3 pages)

Income Inequality Essay

- 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....   [tags: the american dream, social norms]

Better Essays
939 words (2.7 pages)