Analysis Of 'How Income Inequality Benefits Everybody'

Income inequality, a topic that under normal circumstances is strongly opposed. Many Americans have believe that the wealth gap should be reduced because it hurts our economy. George F. Will proposes that income inequality is actually beneficial to our society and wrote “How Income Inequality Benefits Everybody”, Published in 2015 on The Washington Post. Wills primary claim in the article is to convince readers that income inequality is not necessarily a bad thing. He claims that because America’s capitalistic system permits for enormous wealth gaps it diminishes the gaps between lifestyles. He uses information from initial prices of luxury goods and how they have been reduced by a significant amount over the years. Will begins to establish

People around the nation have been changing their view on what type of economy America should have. Bernie Sanders a Democratic nominee wants to replace capitalism with a more socialistic economy and hopes to remove income inequality. Americans are unsure on where they should stand on the issue of America’s economy and the wealth gap, presenting an ideal opportunity for the article to get recognition and convince readers that the wealth gap is beneficial to America.
Throughout the piece, Will makes many valid points on how income inequality can be beneficial to all income classes. Will builds his appeal through the use of logos by providing information about previous monopolies in American culture. He provides data of historic prices of goods such as LED televisions and oil and compares the price to after the industry was monopolized. Will covers the issues of outsourcing and monopolies to persuade readers into believing that the wealth gap allows for industries to have flexible prices on their goods making them more affordable for the average income

He supports his claim using statistics about companies that formed monopolies. These statistics help solidify his reasoning and gain more understanding on his opinion. John D. Rockefeller Had 85 percent control over the market of kerosene and Will states that, “Kerosene prices fell from 30 cents a gallon in 1869 to 6 cents in 1897”. Will attempts to persuade reader that while “Rockefeller’s monopoly over the oil industry was branded as “menacing”, his control over the oil sector led to other companies such as Ford to finding opportunity. Ford was able to take advantage of the low oil prices to sell massive amounts of Model T’s for an affordable price. Will states that, “Monopoly profits are social blessings when they “signal to the ambitious the wealth they can earn by entering previously unknown markets.” He attempts to convince readers that monopolies are healthy for an economy, they give entrepreneurs encouragement to take risk for the potential profit. The author uses the information given about Rockefeller to make another claim about how monopolies affect the economy. “It provides the incentive for creative people to gamble on new ideas, and it turns luxuries into common goods.” From the information that is provided throughout the article Will is able to enforce his view that income inequalities caused by monopolies allow for luxury goods prices to be affordable to average income families.