Wealth inequality is described as the unequal distribution of assets within the United States. “Wealth,” including homes, automobiles, personal valuables, businesses, and savings. Income inequality is the unequal distribution of household or individual income throughout the United States. Wealth inequality and income inequality are both directly related to the common readings. The common reading says that there are approximately 14.6 million high net worth individuals, meaning that they take up only seven percent of the population of the world or only two percent of the population of adults in the world.
The article says the major difference between the high net worth individuals and the rest of the population of the world is that the high net worth individuals have multiple streams of income. The typical working american has only one stream of income and that is their daily job, so of course their income will be incomparable to somebody that has multiple incomes coming in daily. The biggest problem that i believes comes with such a big gap in income, between the typical person and the high net worth individuals, is that their money, of course, comes with power. The high net worth individuals also have a great advantage in being able to obtain a very high rate of credit while the normal american has little ability to obtain credit due to their lower rate of income. While doing my research for this paper I hope to discover why such a big gap in incomes is allowed.
The writer of the first article I am going to discuss is Sarah Glazer. Her article was published by CQ Researcher. Her article, “Wealth and Inequality,” discusses how president Obama tried to help struggling and low income Americans climb the income ladder and provide more government revenue programs benefiting the poor. He also tried to raise minimum wage and put an end to the tax loopholes that favored the wealthiest taxpayers. This article supports my stance that wealth inequality is a negative thing due to the fact that some high net worth Americans use tax loopholes to get around paying the proper amount of taxes. This article was useful because it helped answer my question of why such an unnecessary gap is allowed in incomes throughout America and that is because they say changing this would punish entrepreneurialism and stifle economic growth. The argument is that wealth at the top creates jobs at the bottom.
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The second article I’m writing about is by Tim DiMuzio. This article was published by ROAR magazine. This article is mainly about the differences between high net worth individuals and the rest of the population. It also talks about identifying the high net worth individuals. It also talks about how money brings power to the high net worth individuals. The article talks about the controversy on such a large gap in incomes should be allowed but they defend that question by saying they earned it. This article also supports my stance because it uses keywords such as “financial crisis.” It also talks about the protest that spanned over 951 cities in 82 different countries, which helped bring knowledge of wealth and income inequality all across those countries. This article helped answer my question of why such a big gap in incomes is allowed. I found the answer in this article and it says that the gap is allowed because they have earned it but it also says that one year, a man named David temper made 3.5 billion dollars. That same year, the average income in the united states was 55,000 dollars. That means that he made 63,636 times more money than the average working american. So, yes he may have earned the money, but it would be unimaginable for him to be 63,636 times more productive in his work than everybody else.
The last article i’m writing about it by Marcia Clemmitt. Her article is also published by CQResearcher. This article mainly touches on the growing gap between the poor and the rich. Most analysts agree that the incomes of the poor have been pulled away by the income of the rich, or high net worth individuals. When the average american files their taxes, they get back approximately 900 dollars less than what they would have got in 1979, but when the average high net worth person files their taxes, they’re going to get back about 70,000 dollars more than what they would have. A lot of people say that the “winner-takes-all,” economy we are stuck in is pulling us into a recession.“Income Inequality: Is the Gap Between Poor and Rich Getting Wider?,” agrees with my stance on income inequality. The article reads that it is pulling us into a recession, and that the high net worth americans have been pulling away in the recent years. My question of why the income gap is allowed wasn’t touched on in this article.
“Today, we live in the richest country in the history of the world, but that reality means little because much of that wealth is controlled by a tiny handful of individuals.” A quote from Bernie Sanders’, “Income and Wealth Inequality.” His article also states “There is something profoundly wrong when 58 percent of all new income since the Wall Street Crash has gone to the top one percent.” I strongly agree with him. I believe that one percent of people should not be getting more than the amount of income as the other 99 percent all together. “The top 1% hasn’t controlled this much wealth since before the Great Depression,” as quoted by MarketWatch.
