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Income Inequality In America Essay

617 Words3 Pages

Income inequality is a significantly large problem within the United States. Many Americans are unaware of how unfairly money is distributed. Lots of Americans don’t even consider the income gap to be a crucial problem within the United States. There are solutions, but only if the government were able to change its economy. Income inequality is truly a massive issue needing to be recognized. Several Americans do not know how large the income gap is. In a 2011 paper by Michael Norton and Dan Ariely, they asked 5,000 Americans about the distribution of money between social classes. “The average American believes that the richest fifth own 59% of the wealth and that the bottom 40% own 9%.” (Fitz) In reality, the richest 20% of Americans own …show more content…

Multiple of these solutions involve government help, if not all. In Nobel prize winner Joseph Stiglitz’s new book, Rewriting the Rules of the American Economy: An Agenda for Growth and shared Prosperity, he talks about solutions for the American Economy. Some of these solutions include wage increases, new tax laws and regulation, and and changes within the American economy and how it operates. (White) And as said earlier, several Americans believe that hard work can help anyone climb up the social ladder. However, it seems very difficult at the moment as is. It is quite tough to live in the United States. The most common minimum wage within the United States is $7.25. (NCSL) The living wage for one adult within the state of Wisconsin is $10.20. (livingwagecalculator.mit.edu). That is a $2.95 difference, which may not seem that big of difference until expanded further. With a wage of $7.25 per hour, for eight hours each week, for a year, is $21,112. Meanwhile, with a wage of $10.20, the yearly income is $29,702.40. That is an $8,000 plus difference, and all these numbers haven’t even gone through taxes yet. No wonder it is so difficult for many families, no wonder parents have to work multiple jobs to sustain themselves. Although there are solutions, it may take a while until distribution of money will become more

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In short, the social structure such as terms of employment or tax systems, bring about the present American economic inequality. There is interaction between social structure and economic inequality. If one of them get worse, the another will also be aggravated. The government should carry out the policy to reform the whole American society paying attention to all consistent of America, not only improve superficial part of

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Inequality is often associated with racial injustice, but actually goes beyond that and has created new ways for social inequality to exist among various circumstances in our country. It affects millions in terms of their way/ quality of life. In the United States and around the world, civilians struggle to receive adequate health care at the expense of their day jobs, hindering them from this as they cannot afford it. The middle has been struggling for decades over the same issues, yet permanent action has yet to transform the country. The issue of inequality has recinfoced itself in health care and income and continues to manifest itself in our society today leading to social problems in which we cannot escape making it an institutional

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Wealth gaps in America is something that people do not know much about causing them to not realize how severe it is getting. In America, the top 10% of people (the very rich) are holding 50-80% of the wealth. This statistic is very scary and hard to grasp. Another scary fact is that the top 1% of the population holds around 35% of the United States net worth. People may ask what do these facts mean?

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There is a clear solution to wealth inequality in America, and it is increasing minimum wage so the lower classes can gain wealth .The uneven distribution of wealth and the low wages are the main problems in America and raising wages is the solution. Wealth inequality is the root of all problems in America. When wealth inequality is fixed, America will flourish and will be the most successful country that has ever

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The US has one of the highest levels of income inequality in the developed world, with the top 1% of the population holding over 40% of the nation's wealth. This has resulted in a shrinking middle class, with a growing number of Americans living in poverty. Additionally, the country's debt-to-GDP ratio has steadily

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