Preview

Wealth Inequality In America

Good Essays
Open Document
Open Document
555 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Wealth Inequality In America
“Wealth inequality can be described as the unequal distribution of assets within a population. The United States exhibits wider disparities of wealth between rich and poor than any other major developed nation,” (www.inequality.org) There are two factors that I believe contribute to the wealth gap are income and race inequalities. As the gaps widen within those two factors, the wealth gap in the United States continues to grow exponentially.
Is there a difference between being rich and being wealthy? Yes. In my opinion, to be rich means to make a lot of money. As the rich get richer, that also means they might accumulate more debt. From mansions to expensive cars, their liabilities exceed their assets. To be wealthy, means to have …show more content…
However, it is no secret that white men make the most money in the race and gender categories. This will remain a fact for a very long time. So with such a disadvantage, how will we ever close or decrease the gap in wealth in America? It initiates a chain of events that will continue to perpetuate the inequality in race and income. A non-white professional can work as many hours, if not more, than a white person and will still not make as much money. Then as the non-white professional continues to work and struggle to make ends meet, he will be unable to save any portion of his income. He will not be able to save for retirement, an emergency fund, or to purchase a home. As the non-white professional works from check to check, he will also accumulate debt. Many times, this debt exceeds their income. Non-white families have less assets than white families because of their inability to save money. These inequalities bleed into other categories that are disparaging for non-white families. For example, non-white families have fewer assets and have more student loan debt. If there is no money saved, there is no money to purchase a car or home. In turn, not many non-white families are home owners.
Looking at the big picture, the wealth gap will not change anytime soon. Year after year, it gets a little wider and wider. If I was asked on how to fix the wealth gap, I honestly would not know where to start. Racial and gender inequalities have improved over the years, but not significant enough to help the gap. There are many inequalities that are against non-whites that it makes it discouraging to even
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Wealth Inequality In America Summary
    • 227 Words
    • 1 Page

    Wealth Inequality In America Summary

    After watching the video, "Wealth Inequality in America", published by Politizane, I was surprised when finding out that only the top one percent of America has 40 percent of all the nation's wealth. It was also surprising to discover that the top one percent owns half the country's stocks, bonds, and mutual bonds, while the bottom 50 percent of Americans own only half a percent of these investments. One of the notions I had that was challenged by the video was the amount of money the wealthy actually have compared to the rest of the classes. I was aware that wealth mostly distributed to the wealthy class, but I never imagined that the division between the wealthy class and the rest of the classes would be so huge. Its incredible that the CEO's…

    • 227 Words
    • 1 Page
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Did Differences in Wealth and Status in the Colonies Increase of Diminish from 1700 to 1750?
    • 277 Words
    • 2 Pages

    Did Differences in Wealth and Status in the Colonies Increase of Diminish from 1700 to 1750?

    Throughout the history of mankind, there has always been a gap between the wealthy and the poor. America made miniscule attempts to end this course of action, but it is simply human nature and therefore cannot be changed. From 1700 to 1750, the differences in wealth and status in the colonies continued to increase. Once the gap started to widen, it was very difficult to alter due to the structure of the political system (or lack thereof).…

    • 277 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Discuss Whether the Most Effective Way to Have Income and Wealth Equality Is to Tax Income More Progressively.
    • 1106 Words
    • 5 Pages

    Discuss Whether the Most Effective Way to Have Income and Wealth Equality Is to Tax Income More Progressively.

    Income is a stable flow of money, often a salary, which someone works for but this can also be made through interest on savings. This flow of money is often very unequal from person to person due to wage differentials, this then creates inequality. Wealth on the other hand is a stock of assets which have a market value, which may change over time e.g. houses or cars. These are often inherited but can be bought by someone through their income. Wealth and income often found together however someone who is wealthy doesn’t always have a large income. Their relationship with inequality is also very different with a lot more inequality found in wealth as a fifth of wealth is concentrated among the richest one per cent of households however there is still some in income.…

    • 1106 Words
    • 5 Pages
    Good Essays
    Read More
  • Powerful Essays

    Chapter Summary: The American Dream
    • 1045 Words
    • 5 Pages

    Chapter Summary: The American Dream

    Robert H. Frank explains that the income inequality is hurting our economy and over all well-being. During World War 2, the income rate rose tremendously at the same rate. America during this time had a great economy with a bold middle class striving to receive the American dream (Frank, 581). Plenty of new building and complex infrastructures were built and people were sanguine; the American dream was passionately alive. Life for many Americas was great, the country as a whole was striving with new complex infrastructures which a small gap between the rich and poor. Unfortunately, during the last three decades the economy had fallen and therefore, increased the income inequality. There has been no evidence proving that greater income inequality helps strengthen our economy. Recent studies have found that countries where income inequality grow fastest has shown the largest financial distress. These financial distresses include heightened divorce rates, increased bankruptcy filings and long commute times. In my opinion, everyone should agree that the elevated income equality is a negative and do something to prevent it. This is only one of the many obstacles that make the goal of the American dream…

    • 1045 Words
    • 5 Pages
    Powerful Essays
    Read More
  • Good Essays

    Week 6 Racial Diversity In Society Worksheet
    • 872 Words
    • 3 Pages

    Week 6 Racial Diversity In Society Worksheet

    There are gaps between incomes when comparing all racial groups. The group that I chose to study is African Americans. According to our text book, there is a significant gap between the incomes of the Black and White households (Schaefer). In 2009, the median income of Black households was $32,584. This is much lower than that of the White households holding at $54,461. Household incomes for African Americans have been gradually rising and can be seen in the median household income for the year 2013, $41,142, according to the tables provided in MySocLab Social Explorer Map: Income Inequality by Race (). There is also a low possibility of African Americans owning a home because of the lower income, but also due to discriminatory lending practices (Schaefer). Employment is another area that is held lower for African Americans. The unemployment rates have been high since the 1940s. The unemployment rate for Black males aged 16-24was 35 % during the height of the recession; this is very high because the national unemployment rate was this high during the Great depression. The social standings for this group, African American, is also much lower than Whites. There is a 39.2% rate for Black families with two parents and a 49.7% rate for those families that are only maintained by the mother (Schaefer, Figure 8.4). From a political standing, even though Barak Obama has entered and been in the White House, African Americans still have not received an equal share…

    • 872 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Wealth Inequality Research Paper
    • 270 Words
    • 2 Pages

    Wealth Inequality Research Paper

    Wealth inequality is also a major issue between the rich and the poor. Wealth is “the value of assets owned by an individual of family at a point in time. (Gilbert, 277). Even though the rich do pay taxes, it doesn’t affect them as bad as the poor. They are still able to live comfortably because of the property that they owned. These properties are sometimes inherited and passed down to them. Not only that, but it is most likely that they also have some sort of savings or safety net to maintain their lifestyle in case anything should happen. The poor on the other hand, even though they have to pay taxes as well, this can affect them drastically. Simply because majority of the time they do not own much. They do not own any property,…

    • 270 Words
    • 2 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Eugene Debs 'Labor Day Message'
    • 134 Words
    • 1 Page

    Eugene Debs 'Labor Day Message'

    Q: Do you think we will ever shrink the disparity between the rich and the poor?…

    • 134 Words
    • 1 Page
    Satisfactory Essays
    Read More
  • Good Essays

    Examples Of Inequity In America
    • 656 Words
    • 3 Pages

    Examples Of Inequity In America

    There are several distinctive divides in the economy, race being one of them. Part of this has to do with housing because “in 2011 the wealth of the median white household was 110,000…

    • 656 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Intergenerational Social Mobility
    • 917 Words
    • 4 Pages

    Intergenerational Social Mobility

    Let us come back to the ‘All American Dream’, this dream was meant for you and me, and anybody in between, rich, poor, black, white, Christian, Muslim, whatever one identifies as should not be he barrier between them and achieving a better way of life. The root and the only place to start adjusting this social ladder is by working toward equal opportunities for all children across social classes so that they may move on up and bring better life to their own children and leave an everlasting impact on generations to come raising the value of education, hard work and…

    • 917 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    Quintile Income Inequality
    • 1654 Words
    • 7 Pages

    Quintile Income Inequality

    Income inequality is often associated with negative things such as decreased quality of life and a lack of social mobility. Yet, the lower classes are receiving less and less of the United States’ overall income while the top earners' share is increasing. Why? This paper will explore causes of the growing income inequality as well as possible solutions to slowing it down.…

    • 1654 Words
    • 7 Pages
    Good Essays
    Read More
  • Good Essays

    African American Income Inequality Analysis
    • 853 Words
    • 4 Pages

    African American Income Inequality Analysis

    One such challenge is the pervasive income inequality among minority groups such as the African-Americans. For a long time, the United States has established itself as the country where even the wildest dreams can be achieved with the right combination of hard work and motivation. For this reason, an outsider would expect to find a glittering economy where income inequalities and cases of poverty are unheard of. However, the reality on the ground is grim and unconvincing. Amy contends that the poverty rates in the United States have hovered around 11-13% for the last forty years and over 43 million Americans languish and endure in severe economic hardships. From the conservative’s perspective, government interference would only increase public spending while trying to rescue such individuals from economic hardships and increase the tax burden on other…

    • 853 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    Essay On Wealth Inequality In America
    • 1249 Words
    • 5 Pages

    Essay On Wealth Inequality In America

    In the United States, the top ten percent of all households own seventy-six percent of all the wealth in the country (1). Income inequality is frequently highlighted, but why is wealth inequality rarely brought to our attention? The political system has failed to deal with the problem, and the gap will only continue to grow in the future. How can we call this the land of opportunity when the bottom forty percent will most likely stay the bottom forty percent for their entire lives (1)? That is why I offer a modest proposal to overthrow the current system and establish a Utopian society built from the rubble. This Utopia, which I shall refer to as the United Socialist States of America (USSA), is going to be built around the premise of economic equity through the equal distribution of resources and knowledge. This would create a society without greed because money is the ultimate…

    • 1249 Words
    • 5 Pages
    Good Essays
    Read More
  • Good Essays

    Inequalities In America
    • 1055 Words
    • 5 Pages

    Inequalities In America

    Inequality is a real problem that many Americans face. Those who are born into poorer households empirically have less opportunities than those who are not, a fact that is especially true for people of color. Lower incomes, higher rates of unemployment, higher rates of poverty; all of these are elements that prevent people of color from achieving the same kind of social mobility as the white majority. When considered alongside a multitude of social and systemic discriminatory factors, it is clear that the same opportunities are not afforded to everybody (PERIODIC SENTENCE). Despite the progress that has been made over the past two centuries, there is still a long way to go when it comes to truly making America a land of equal…

    • 1055 Words
    • 5 Pages
    Good Essays
    Read More
  • Better Essays

    Wealth Inequality
    • 1395 Words
    • 6 Pages

    Wealth Inequality

    Life in present-day America is very unequal. There are wide gaps in income distribution which causes negative impacts on the everyday lives of most Americans. This income gap is wider than at any other time in the past century. The United States has the largest gap between rich and poor than any other democratic country in the world. Income inequality has negative effects on the entire society. American minority groups and women earn less money than their white counterparts. The educational system in the country is suffering ranking fourteenth among industrialized nations. Research shows that the wealthier a person is the longer their lifespan will be. Increased crime rates in the poorer inner cities…

    • 1395 Words
    • 6 Pages
    Better Essays
    Read More
  • Satisfactory Essays

    Criminology
    • 516 Words
    • 3 Pages

    Criminology

    One of the most significant problems in the world now is that of economic inequality, and the social problems it produces. And the most damaging impact may be in developed nations such as the U.S. and Canada. The U.S. in particular has the greatest gap in wealth among all developed nations, and the problem it is causing is becoming more apparent with each passing day. During the recession in the U.S., at least 6 million people have lost their jobs; 25 million are underemployed. Eight trillion dollars of middle class wealth has been destroyed in the housing collapse. One out of eight mortgage holders owe more money on their home than it is worth. Fifty million people live at the poverty level. One of out of 8 people is on food stamps. One out of 2 children will be on food stamps at some point in their lives.…

    • 516 Words
    • 3 Pages
    Satisfactory Essays
    Read More

Related Topics