inequality essay 234343

inequality essay 234343 - ECONOMIC INEQAULITY WIDENS IN THE...

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ECONOMIC INEQAULITY WIDENS IN THE UNITED STATES CALIFORNIA POLYTECHNIC STATE UNIVERSITY Abstract
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Econ omic Inequality-4 United States is considered as one of the richest country in the world, however inequality exists amongst its four social classes. . Of these four classes, inequality exists mostly between the upper class and the lower class. The inequalities of both classes are clearly depicted through their incomes. From the year 1979 through the present, the growth in income has disproportionately escalated. In the last fifteen years, the income of the upper classes has continuously been increasing while the income of the lower classes has generally declined, showing that the inequality gap between the rich and the poor has widened immensely. Moreover, numerous causes such as high cost of education, outsourcing and technology have invaded the middle class jobs, which have served to enhance the wages of skilled workers while depressing the employment opportunities and earnings of the lower wage workers.
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From the past three decades, the trend towards inequality is rising at a rapid rate in the United States. To begin with, “In 1976, the wealthiest one percent of Americans owned 19% of all the private material wealth. In the US today, they own over 40% of all wealth. Their share now exceeds the wealth owned by the bottom 92% of the US population combined” (Wolff, 2007). In other words, the top 5% of the wealthy, own over half of the wealth pie, the bottom three-fifths hold a paltry of 4.2% of the total net worth. As the economy grew the majority of money went to the rich and very little to the ones in the bottom quintile. The economic conditions along with the public policies, have created incentives for the money makers to make more money, researchers like Krugman call it “Wal-Martization” where, in order to expertise their earnings, the rich have reformed the business strategies and the resources, which has got them the bigger slice of the income pie and have left others with the leftovers.
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This note was uploaded on 12/22/2011 for the course ECON 303 taught by Professor Battista during the Fall '11 term at Cal Poly.

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inequality essay 234343 - ECONOMIC INEQAULITY WIDENS IN THE...

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