The US Inequality of Income and Wealth
Introduction
First of all, it is worthwhile noting that the phenomena of income and wealth are inseparably linked, as the amounts of income an average resident receives comprise his or her wealth. The United States of America is generally considered to be the richest country worldwide. That is our current reality; however, it hardly means a lot, as small groups of unfair individuals usually control the aforementioned wealth. Talking about the exact state, it is paramount to provide a vivid map that will actually facilitate the common perception of the worldwide situation around income’s level of equality as well as give an opportunity to make some comparisons amid countries. The World Bank (table 2.9) proposes the following map:
Inequality Reasons
As we can absolutely see from the map, the United States of America possesses both income and wealth inequality to the extent that seems to be even larger comparing to other major already developed states throughout the globe. According to Sanders, “The reality is that since the mid-1980s there has been an enormous transfer of wealth from the middle class and the poor to the wealthiest people in this country.” Undoubtedly, such a condition has formed neither favorable nor acceptable principle; thus, it seems better to be altered in the near future. Within the USA, it is often said that at least one tenth of the percent (rich people) possesses next to the same wealth as approximately ninety percent (the figure is comprised with soi-disant “bottom” American dwellers).
Significance
Talking about significance, we would like to put an emphasis on the possible consequences that may happen due to wealth inequality. The gap between standards of living is sensitively dependent both on distinct values of production factors that are owned by local residents and on effectiveness of their utilization. Considering general features, the problem relating to income-wealth inequality stands for a unified threat for political and economic stability within the country.
Improving the Conditions Caused
In order to decline the circumstances emerging from the aforementioned inequality, it is important to create an effective plan that will be followed with both thorough and long-drawn-out performance by authorities. For instance, our group insists on providing persistent amendments to current legislation. We have decided to single out the following ones:
1) To consciously increase the existing federal minimum hourly wage. A level of poverty tends to decrease, if people will work a minimum of forty hours per week;
2) To draw a very significant attention to large corporations that have to pay American income taxes, so that they will comprise corporations’ fair share;
3) To guarantee a free access to healthcare, being an unquestioning right of any US dweller;
4) As future is said to belong to youth, it seems fairly important to create a gratis tuition regardless of an average family’s income.
Conclusion
Works Cited
The World Bank. World Development Indicators. Table 2.9: GINI Index (fn. – this column only). Web. 2014. <http://wdi.worldbank.org/table/2.9>
Sanders, B. Issues. Income and Wealth Inequality. Web. 2016. <https://berniesanders.com/issues/income-and-wealth-inequality/>
