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Wealth Inequality In The United States

594 Words3 Pages

The United States is one of the most developed and wealthiest nations on the planet. However, the nation today has more income and wealth inequality as compared to any other key developed nation. In addition, there is a very large gap that exists between extremely rich and the rest of the people. Most of this income and wealth is controlled by a shocking small percentage of individuals. This accrues to only 1 percent of the nation’s total population. Today, there are about 400 billionaires and millionaires who earn billions of US dollars every year through entrepreneurship and heavy international investments (Gornick & Jäntti, 2014). In spite of great technological advancements in the country, as well as productivity, many Americans work for longer hours and get low wages in return. For example, the actual average income for American male employees is about $783 less as compared to what it was 42 years ago; at the same time as the actual average income for female employees is well over $1,300 less as compared to what it in the year 2007 (Gornick & Jäntti, 2014). …show more content…

In 2007, wages and salaries, which constitute income in the country, went down from 70% all the way to 60% (Gornick & Jäntti, 2014). During this time, the income that is generated by the top 1 percent of American households has tripled from 6 percent all the way to 19 percent. This ever growing disparity is being aggravated by failures in policies and in particular, the inequality is being blamed on years of progressive tax decrease, regulatory, transfer along with failures in full-employment laws in recent

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