Disaparity economics Who is the top 1% of the income and where do they live - Essay Example

31 October Topic: Disparity economics: Who is the top of the income and the differences between rich and poor?Introduction:The concentration of wealth in fewer and fewer hands has given birth to economic inequalities in the US which keep growing at an unprecedented rate. It is a reality that the richest 1% is frenetically outpacing everyone else in the country at a bewildering speed. This speed is making the difference between rich and poor bigger and bigger. Everyone is falling behind, while a handful of people keep getting richer like powerful money-making machines.

Thesis statement:This speech aims to “scrutinize disparity economics and highlight its consequences which the middle and working classes are forced to face.” Body:Reason behind disparity economics in the US:The reason there is such economic difference between the rich and poor is that the playing field is structured so that the wealthiest players get favored by capitalism the most. Disparity economics is influenced by many factors like globalization, political environment, and cultural changes.

In America, it is claimed that globalization made “money go truly crazy” (Peterson, cited in Freeland). How the richest 1% live their lives?The lifestyle of the richest is a far cry from that of the poor. The richest are the globetrotters who never stay in the country for long. They know foreign places better than they do places in their own country. They spend more time with airline flight attendants than with their families. Most of these richest people are businessmen. A look into the lives and cultures of these people helps a common person to assess how differently they live their lives than a middle class person who has to deal with so many insecurities in life.

For example, the employment market is so unpredictable because the economic condition of the country has made layoffs so common now everywhere in the US.Who makes the richest 1%?All the capital gains keep rolling toward that 1 percent which already has enough of these gains. The result is that other classes, especially the middles class, is drastically robbed off of its gains. For example, Freeland in her very insightful book gives examples of Bill Gates and Warren Buffet to prove how staggeringly unequal the American society has become.

It is claimed that both these men together have a tight grasp on as much wealth as the other 120 million Americans at the bottom of the wealth distribution. Gates and Buffet are two most important names of the top 1% of the US society. Where the richest 1% live?Buffet lives in Omaha in not a very luxurious home. Still, the structure of the house is very nice. He also just sold a luxurious vacation home located in Laguna Beach. It is safe to say that he lives a very comfortable lifestyle. Bill Gates lives in a very large mansion which took over 7 years and 63 million dollars to build alone.

The mansion is located in Washington. There is every luxury imaginable arranged in this mansion. Two or three people control as much wealth as is controlled by many millions of Americans which is highly unfair. Conclusion:Concluding, the above discussion shows that economic inequalities force the middle and working classes to deal with quite worrisome consequences. In contrast, the wealth of the top 1% knows no bounds and is enough to last many generations. This difference of wealth is unbelievably huge and disastrous.

Work cited:Freeland, Chrystia. Plutocrats: The Rise of the New Global Super-Rich and the Fall of Everyone Else. London: Penguin Press, 2012. Print.