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Wealth Inequality In America Summary

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Does the Greatly Skewed Distribution of Wealth Amongst the Lower and Upper Classes of Society Cause Conflict?
American citizens as a whole do not recognize exactly how greatly skewed money is distributed amongst the lower and upper classes, nor the problems and conflicts that come with this great amount of skewness. People argue that this uneven distribution contributes in keeping society functioning because people are unaware of this disproportional spread since there are not any grave conflicts that would cause them to need to become aware. The article, Wealth Inequality in America: It’s Worse Than You Think by Chris Mathews, instead states that the top two percent of the wealthiest people in America contain over half of the total overall …show more content…

Conflict sociologists see this skewness as a problem in society. The people who become of wealth stay in wealth because they control the power due to the mass amount of money they have compared to the rest of the population. When we say wealthy, we are discussing the top two percent of wealthy people in America. The top two percent of people own over half the total wealth in the United States. Many cities and even states do not contain a single person that qualifies as being a part of the top two percent of wealthiest people in this country. When you become in the top two percent you stay there. The people at the very bottom of the wealth spectrum, which will make-up at least half of the United States population, will share ten to fifteen percent of the total wealth. Let me repeat that, ten to fifteen percent of the total wealth of the United States is split up in-between fifty percent of the United States population. People on average don’t realize what little money they have. There are people mistakenly thought of as wealthy, but don’t even come close to comparing to those who are actually in the highest class of

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1967-1970 Income Inequality

573 Words | 3 Pages

Then we come to the next five percent fractile; they controlled just 0.7% of the yearly average wealth from the years 1967-1970. Finally, we get to the lowly bottom ninety percent fractile; they had a meger 0.07% of the yearly average wealth from the years 1967-1970. Which made the wealth inequality ratio between the top one-hundredth percent fractile and bottom ninety percent fractile from the years 1967-1970 69,716:71. In other words, the top one-hundredth percent fractile controlled $69,716 of the yearly average wealth for every $71 of the yearly average wealth the bottom ninety percent fractile controlled for the years 1967-1970. That ratio, still very lopsided, was infinitely more equal than the wealth inequality ratio between the top one-hundredth percent fractile and the bottom ninety percent fractile before the great depression ( 356,900:100), or even worse, the wealth inequality ratio between the same two groups before the great recession (301,932:113) (Duménil, Gérard).

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390 Words | 2 Pages

In the video called "The One Percent" by Jamie Johnson, the heir to the Johnson & Johnson pharmaceutical fortune describes many instances where the very wealthy explains the importance of being rich and staying rich. Rich families like the Johnson & Johnson pharmaceutical fortune gained their wealthiness by their forefathers. Every year the family of the Johnson & Johnson pharmaceutical company meets up with a family wealth adviser to keep their wealth flowing. The top one percent like the Johnson & Johnson company are at the one percent owns forty percent of the country's wealth which is opposite to the people at the bottom that makes up the 90 percent . In many different cases to preserve their wealth, companies are

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1147 Words | 5 Pages

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492 Words | 2 Pages

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466 Words | 2 Pages

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629 Words | 3 Pages

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411 Words | 2 Pages

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