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Income Inequality In The United States Essay

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Describe what is happening today in terms of income and wealth inequality? Please cite at least four statistics. Why has inequality been widening?
There has been the consistence of the widening gap of inequality because the richer are becoming richer by the day. Some of the reasoning behind the inequality in the United States is that it is happening because of the hard work and sacrifice of the highly wealthy individuals. According to statics carried out by the bureau of statistics indicates that in the period between 1974 and 2012, 1% of the families’ share of the national wealth rose from 25% to 42%. On the other hand, the top 0.1% wealth tripled from 8% to 22%. Further, the records show that …show more content…

Furthermore, the shrinking middle isn’t generating sufficient tax revenues for adequate education, training family services, and safety nets. In additional the very rich Americans are accumulating not only the country’s total income and wealth but also the political power that accompanies money, and at same time using that power to reduce taxes, and receive cooperate subsidies, bailouts and tax cuts.
The middle class dealt with wage stagnation for decades. How has the middle class dealt with inequality? Why is it a problem now?
The middle class has dealt with the rise of the inequality by talking about it. Inequality is a problem because it affect the America’s purchasing power and, therefore, affecting the rate of employment and the economic growth. The middle class is major contributor to the economic growth.
Explain who are the "winners" in today’s economy?
The winners are the high-income earners. This is because the high-income earners influence the policies that the government makes in addition they are able to benefit from the tax relief and this further increases their

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