Issue Of Income Inequality

Income inequality has been a major issue in American history. There are many different factors that contribute to inequality. These include education, wealth, discrimination, ability, and monopoly power.

This article comes from ABC news and was written in the last two weeks. The title of the article is “Why it Matters: Income Inequality” and the concern of the article is how in America the rich keep getting richer and others are left behind in the dust unable to support themselves financially. This concept relates to Chapter One of the text when it was said that “market forces of globalization facilitating exploitation of the most vulnerable members of society on an even larger scale than previously possible.” (*** pg.3) This is one of the key topics that have been debated during the course of this year’s presidential election. The candidates are constantly being asked what they would do about the large income gap that is happening in America and how this huge crisis could be solved. The middle class is seemingly non-existent because of the difficulty

Without realizing it, most of us live in a bubble. This impermeable layer makes us oblivious to what's going on in the world and ignorant to the truth. The media is powerful, but there is a huge difference between seeing something, and experiencing it in person. After 17 years of living in that bubble, I finally popped it and opened my eyes to a world I had never felt before. Colombia, like many developing nations, faces rampant income inequality that acts as a huge barrier for the country to make a leap towards economic prosperity. But to truly understand this great monster in our world called "income inequality", you have to experience both extreme living conditions. And during the summer, I was able to do just that. In 24 hours. With an

The issue of income inequality in the United States is complicated and does not have a definite answer. Income inequality can be measured in a few different ways. The first measurement for the income inequality in a country is to look at the percentages on households and group them into income categories, called distribution by income category. The second measurement for income inequality is called distribution by quintiles or fifths. This is when you divide the total number of people, households, families into five groups called quintiles to examine the percentage of total before tax income received by each quintile. Each quintile would then be ordered by income and households in the category.

The American economy has been in a constant rise since the economic decline earlier this decade and keeps on being the vigorous beast it was amid the twentieth century. The Center on Budget and Policy Priorities and the Economic Policy Institute concluded that the income wage hole between the wealthiest and the poorest one fifth of families is altogether more extensive than it was two decades prior. The middle class has not seen the advantages of this powerful American economy. The middle-income pay has stayed level at 44,389, an assume that spoke to a 3.8% diminishing from its top in 1999. In 2005, the median income, when adjusted for price level change, really declined, a pattern that has proceeded since 2001. Since the 1970s as the salary for the wealthiest 1% of Americans has multiplied, wages for middle class families have stayed even, however this is simply in the wake of including a second household income. Even workers with college degrees, who were once viewed as first class specialist, have witnessed this wage stagnation, as income of laborers with 4-year professional education fell 5.2% when adjusted for price level change from 2000 to 2004.

The problem of income inequality is one that is very prevalent in this time in America. The disparity of wealth in this country is very vast and a growing problem. These problems of income inequality are taking away peoples aspect human dignity, this is a major moral issue because everyone is entitled to human dignity and when it is taken away from them that is moral wrong. Additionally this is an issue in which the Church is very involved in. Additionally President Obama in his State of the Union Address back in January also made note of the problems in the nation with regards to income inequality and the minimum wage. The United States Catholic Conference

The debate over whether income inequality should be an important topic in comparison to other issues that our nation faces. Income inequality an be defined as “the extent to which income is distributed in an uneven manner among a population (dictionary.com).”According to the Census Bureau who reported that there has been a “rise in income inequality in America, the gap between rich and poor in New York is getting worse (CQ Researcher, pg. 991)”. Right America has one of the largest inequality gap, in comparison to India and the African nation of Burkina Faso (CQ Researcher, pg. 991)”. This debate over income inequality has been inconsistent. Some do not see an issue with the way that money is distributed, while other see this issue as a major problem that our nation faces and strategies/ policies needs to be implemented to address this issue. I

Income inequality is increasingly becoming a significant concern for many countries around the world. The income difference between the highly-educated, skilled, wealthy class and the poor, low to mid-skilled workers is growing larger and larger. In fact, the incomes of the rich are increasing significantly, while the low skilled workers’ incomes have been declining (The Economist, “Wealth Without Workers”). According to The Economist, real median wages have been decreasing since 2000 in half of the member countries in the Organisation for Economic Co-operation and Development (OECD). In the United States, there was a 4% increase from 1980 to 2012 in the share of national income that was distributed to the top 0.01% (The Economist, “True Progressivism”). Canada is facing a similar problem of rising inequality.

Income inequality has been a major concern around the world, and it mainly links to how economic metrics are distributed among individuals in a country. Economists generally categorise these metrics in wealth, income and consumption. Wilkinson and Picket (2009) showed in their studies that inequality has drawbacks that lead to social problems. This is because income inequality and wealth concentration can hinder or delay long term growth. In 2011, International Monetary Fund economists showed that less income inequality increased the duration of countries’ economic growth spells more than free trade, low government corruption, foreign investment or low foreign debt (Berg and Ostry, 2011).

The highest earning fifth of U.S. families earned 59.1% of all income, while the richest earned 88.9% of all wealth. A big gap between the rich and poor is often associated with low social mobility, which contradicts the American ideal of equal opportunity. Levels of income inequality are higher than they have been in almost a century, the top one percent has a share of the national income of over 20 percent (Wilhelm). There are a variety of factors that influence income inequality, a few of which will be discussed in this paper. Rising income inequality is caused by differences in life expectancy, rapidly increases in the incomes of the top 5 percent, social trends, and shifts in the global economy.

One of the challenges American workforces that facing today is income inequality. The fact of income inequality is something we become increasingly aware of here in the 21st century in the United States. According to the U.S. Census Bureau, some of the perceived factors that may affect income inequality challenges are globalization, technology, race, gender and age discrimination, imbalance between population and job creations, and education that they received. These factors, drawing out the main points, and decide which factors are the most critical when it comes to determining income, or promotions of the American workforces. It rose as the issue of great concern to working families across America. In other words, for many in the workforce,

With the topic of income inequality becoming more prominent in the media, it is important to focus on the individuals who are taking the most advantage of this: CEOs of business firms. According to the Norton and Ariely (2011), “the top 1% of Americans hold nearly 50% of the wealth, topping even the levels seen just before the Great Depression in the 1920s.” Unfortunately, this number is only increasing with time as a result increasing the gap of average household income in the United States. To further examine pay deviation, it is important to understand the causes for this divergence. In the United States, the CEO of a company now makes 380 times the average worker’s pay in the company (Norton & Ariely, 2011). Therefore, does it mean that

Income inequality is on the rise and it is evident in most cities throughout the United States. There are individuals with six to seven figure incomes and then there are individuals whose income is just enough to get by. The middle class is not as prominent as the upper and lower class. This should be the other way around. There should not be so many cities with very wealthy neighborhoods right next door to low class, rundown neighborhoods, with little middle class households. Digging deeper, 47.6% of the money in the United States belongs to individuals that receive $98,200 or more (“Distribution of U.S. family income”, 101). The middle class should be much more noticeable with the upper and lower

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Income inequality is a very important issue that has been facing our country for decades. With a few very wealthy people at the top, and many poor people at the bottom, there is a large income gap that seems to never really close. The government, as well as non-profit organizations, have made an effort to lessen this gap, but there has not been much progress at all. Therefore people are trying to figure out new ways to reduce the income inequality in the country. Many have proposed the idea of increasing education, which they believe will greatly lessen the gap between the people at the top and those at the bottom. However, this is not the case. Education can help close the income gap, but its impact is limited as the wealthy elite continue to make more money. Thus, other strategies must complement more education in order to make substantial progress. While there will never be complete income equality, there is certainly progress to be made that will lessen the gap to a safer level.