Summary of America's 1 percent problem - Essay Example

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America has been increasing in the inequality between the rich and the poor who occupy the 90th percentile on the wealth distribution while the rich occupy one percent. The economic recession of 2007-2008 made things even worse with the poor and middle class being hit the most…
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Summary of Americas 1 percent problem
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Americas percent problem Affiliation: America has been increasing in the inequality between the rich and the poor who occupy the 90th percentile on the wealth distribution while the rich occupy one percent. The economic recession of 2007-2008 made things even worse with the poor and middle class being hit the most and taking forever to recover. Some have not even recovered to date having lost their employment, depleted their savings and having their homes foreclosed and now rendered homeless or living with compassionate relatives. In comparison, the rich one percent was hit but not much and since they had numerous investments, they were able to recover pretty soon and were already enjoying the fruits of the additional income once the recession ended by 2010.
Arguments have been made for and against this increase in the inequality gap and the consequences it is bound to elicit. The truth of the matter however remains and that is the fact that the rich are continuing to be rich hence owning almost everything in the country while the poor and now the middleclass are becoming poorer and poorer by the day and the government is only aggravating this through its cut throat policies meant to benefit the haves who are the minority.
This trend will make the US lose its economic superpower position to other nations that actually care about the whole nation in such a way that they are trying ways to reduce the gap between the rich and the poor for future social and political stability and not only economic stability. America should borrow a leaf from some of these nations such as Brazil otherwise the near future presents only doom for the nation in general.
Stiglitz, J. (2012). The price of inequality: America’s 1 percent problem. New York: W. W. Norton & Co. Read More
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