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Summarize& Response - Essay Example

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It appears that its timing is around the early years of the 21st century. The author of this reading was definitely trying to address fellow Americans and bring out the issues concerning…
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Summarize& Response

Download file to see previous pages... In that case, brings out clearly how racial differences can be associated with the wealth gap and income inequalities that exist among different people.
Generally, the most important point that the author is trying to put across is the issue of financial differences and income inequalities among people. It tries to figure out why there is a wide gap between the wealthy and the poor and why there is a wide gap of income inequality too. Therefore, the text explains that wealth gap among different families could be tied to unmerited sources which include family inheritance and other discrimination that mainly lead to racial wealth gaps (Shapiro 42). This means that when one is raised in a rich family and inherits the family’s wealth, there are no chances of wealth redistribution. Thus, the wealth will continue living luxurious lives and enjoying their wealth while those who are poor will continue with their financial state. This makes it difficult to narrow the gap between the two types of households; poor and wealthy.
Trying to establish the real cause of wealth gap and income inequality gap between the white people and black people, the author finds out that the situation all because one’s amount of wealth is determine by the level of income. According to Shapiro (49), this is because when someone earns more income, that person is then in a better position to make investments and savings. Over time, such a person would have accumulated wealth inform of investments. On the contrary, the low income earners earn less amount of income which may not be enough for them to make any savings or investments. It then turns out that the average income of a white person is higher than that of a black person. This is the reason why a typical white family has wealth of about $73, 450 more than that owned by a black family. In regards to this then, the racial wealth gap would be based on people’s level of income.
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