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Summary of America's 1 percent problem - Essay Example

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Stiglitz notes that the level of inequality in the U.S. is so high going by different economic measures and in comparison with other countries…
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Summary of Americas 1 percent problem
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America’s Percent Problem In America’s Percent Problem Stiglitz presents facts about the level of inequality that exists in the United s of America. Stiglitz notes that the level of inequality in the U.S. is so high going by different economic measures and in comparison with other countries across the world. According to Stiglitz, one percent of the population owns the largest share (about a third) of the nation’s wealth even as the rest of the population struggle and face a lot of hardships that are inconsistent with the American dream (Stiglitz, 2012, p. 2). The level of inequality in the American society is evident in the income of CEOs vis-a-vis the income of the average worker which stood at a ratio of 243: 1 in 2010 (Stiglitz, 2012, 3). While the top one percent are growing richer by the day, the poor are getting poorer even as the middle class continues to shrink. The problem is so grave that the middle class and the poor are driven toward living in poverty and without a safety net. Furthermore, the level of inequality is so great that economic insecurity even among workers is a reality. While many people believe that the U.S. is a land of opportunities to the extent that poverty is foreign to it, this is not the case according to Stiglitz (2012). He notes that apart from the levels of unemployment, poverty, and economic insecurity being high in the U.S., the standard of living is, in fact, on a decline (14). While several countries including Brazil have made strides to bridge the gap of inequality, the U.S. has done nothing in to reverse the trend.
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Stiglitz J. (2012). America’s 1 Percent Problem. Vancouver: The University of British Columbia. Read More
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