Let's take it back to the past in regards to wealth distribution in this country. The fact is that the economy boomed from the end of WWII into the 1970's. “Incomes grew rapidly and at roughly the same rate up and down the income ladder, roughly doubling in inflation-adjusted terms between the late 1940s and early 1970s” (CBPP). Through the 70's economic growth slowed, and the wealth gap widened. Middle-class families were now considered lower class. People relied on the government to help them out with welfare programs. The middle-class class was weakened and the gap grew and grew. There were periods of positive fluctuation, however the middle-class simply never regained it's status that was held in more prosperous times in the past.
The fact is that a lot of Americans are uneducated when it comes to saving their money. Living hand to mouth and check to check is definitely no way to live, however a majority of Americans do in fact live like this. Most middle class and lower class Americans do not understand that putting all of there earnings in a checking account is actually not the best or safest idea. With the current low interest rates, you are actually losing money if you are fully invested in a money market due to inflation. Thi...
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“A Guide to Statistics on Historical Trends in Income Inequality.” cbpp.org. Center on Budget and Policy Priorities, 2013. Web. 06 April. 2014.
Smith, Noah. “How to Fix America's Wealth Inequality: Teach Americans to Be Cheap.” The Atlantic. Atlantic Pub., 12 March 2013. Web. 06 April 2014.
Pennington, Maura. “ To Fix Income Inequality, The Have-Nots Must Become The Do-Somethings.” Forbes. Forbes Inc., 08 March 2013. Web. 06 April 2014.
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