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Effects of income inequality in usa
Effects of income inequality in usa
Causes of economic inequality essays
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Inequality did not just occur in the everyday life of a Mexican-American, there were also signs of inequality in the educational system. This is explained in “Occupied America A History of Chicanos” by Rodolfo F. Acuña. The fact that the Anglo-Americans had stereotypical views such as them being “dirty, shiftless, lazy, irresponsible, unambitious, thriftless, fatalistic, [and] selfish…” (Acuña 186). This made it extremely hard for them to progress since they would always be seen as a nobody.
Many solutions, such as social investment, early childhood education, job training for young adults are avenues for addressing the shrinking middle class. Many of these ideas have been around since the 1990s, and most know that they will work, however, no one wants to pay the cost of such social investments. Thus, this is a fine example of how one topic, income inequality, can be addressed from two different angles, that of economist and that of sociologists, and what contributes to the inequality can be supported based on what is actually measured. In this specific comparison, due to the differences in disciplines addressing the same issue, the variables measured are completely different and as a result, yield very different results.
In the story “The Upside of Income Inequality”, Gary S. Becker and Kevin M. Murphy effectively express’s the importance and need for income inequality in our society. Furthermore, Holly Ellyatt’s newspaper article Income Inequality: Is It Good For Everyone? serves to also point out that economic success and greater productivity is linked to “income inequality”. Although it may seem extremely unfair for someone to make up to two hundred and fifty times as much money as someone else, this notion of “income inequality” actually benefits the society as a whole by encouraging others to work much harder in life and better themselves and their education.
With globalizations, middle-class Americans are experiencing a new level of employment uncertainty, which speaks to the increase in homelessness and food insecurity. According to our class guest speaker Vic Papale, “Americans are faced with higher domestic food prices, reduced incomes and employment and having already sold off assets, reduced food consumption and cut spending on essential items such as health care and education.” These families, individuals and children risk falling deeper into destitution and the hunger-poverty trap.
We have had numerous recessions which in turn makes matters worse as middle class working people lose their jobs or get paid less as a result of of this. When a group faces this kind of setback, it creates inequality in the country because not everyone suffers because of this, but not much is done to erase the issue. Most problems arise when the middle class is expected to pay a certain amount in taxes that could be beyondmeans while the 1% does not face the same issue. We saw this become a main concern in the 2016 election as some candidates wanted even lower taxes for the 1% in turn putting that burden on the middle class. When focussed more precisely, it becomes known of the wage gap between white workers and black or latin workers.
Paul Krugman, an economics professor at Princeton, writes “Confronting Inequality” chapter 7 in his book. Equality in America is what makes America, what it stands for. Social and economic inequality still is a part of everyday life in America. Education is making parents struggle because they want to give them a good education; but also, health care for those who need it. Middle-class starts to scramble more every day while the high-class gets more prosperous.
Income Inequality Income Inequality or “wage gap” is a big topic for freedom fighters and liberals for the simple fact that it isn’t equal for everyone. Because the wage gap is so prominent it's one of the biggest “facts” that discrimination is still apart of everyday American society. The wage gap from these radical interest groups think the economy is get a dollar take a dollar instead of a free flow economy. This misguided idea of the economy is absolutely not true and isn’t at the fault of the Government, but the people.
Inequality is known to all. Everyone now in days will get judge for everything. Inequality is not just in America it is every where and we got to stop it. And if you do not know what inequality is I will tell you what it is.
In a future utopia where everything is automated and run by machines, we will have unlimited energy, clean water, and food. Improvements in medicine will allow us to live longer and healthier lives; robots will drive our cars, manufacture our goods, and do our chores. Now due to the fact that machines will be taking over a lot of aspects of our lives, there will be a greater gap in income inequality Many people will be pushed out of a job and it will cause them to become poor. Capitalism cannot function in a high technological future society with an overwhelming degree of poverty. There won’t be much wage work for humans.
3.1 How income inequality affect on people live in America. The income gap in America affects people, who live in this country. The issue has a strong impact in America’s society; in particular, the nutritional disparity between rich and poor people. In USA, the food gap becomes the top signal for the class distinction, but it used to be clothing or fashion. The food inequality in America is not only influencing the poverty, it is also cost hundreds of billions of dollar per year because of Non Communicable Diseases (NDCs) (Ferdman, 2014).
Evaluate to what extent rising income inequality was one of the triggers of the subprime mortgage crisis in the U.S in the 2008. The United States have suffered two major economic shocks in the last century, in 1929 and in 2008. In both cases, the pre-crisis stages had one common feature, a sharp increase in income inequality, followed by a sharp increase in households debt leverage. Between 1983-2008 there was a rapid increase in the United States’ debt-to-income ratio, this increased the probability of the economy facing a financial crash, such as the one experienced in 2008.
Some people would argue that the inequality gap of the rich and the poor do not affect our democracy, while others would say the opposite. Either way, there is a huge wealth gap between the rich and the poor in the United States today. While this gap between the classes expands, citizens are discussing whether something should be done, or should be left alone. On one side of the spectrum, people believe that great inequality is incompatible with our democracy.
The United States exhibits a wide difference of wealth distribution between rich and poor people, which is larger than any other major developed country.
3.0 Consequences of income inequality The consequences bring by the income inequality is still a contradictory arguments on whether it is good or bad for the economic growth. In positive view, income inequality stimulatesthe aggregate economic growth. In negative view, income inequality slows down the aggregate economic growth (Andriuskevicius, Ciegis&Dilius, 2017). 3.1 Positive impacts on economic growth Income inequality reflects the rich become richer and the poor become poorer.
I see that there is a big issue with income equality. I agree that it is an issue that needs to be fix. Income equality is the unequal distribution of household or individual income (inequality.org). I feel like there should be some type of change to income inequality because many people are affected by this. According to the article, income inequality has increased over the last 30 years.
