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Income Inequality in America - Essay Example

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Inequality in America is of great concern as President Obama commented ‘inequality is the defining challenge of our generation' (Winship). Inequality has reached toxic levels in America especially after the great depression in which only a few people own wealth compared to the large population…
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Income Inequality in America
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Income Inequality in America

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Political inequality is another contributory factor as some minority groups lack representation in the government thereby widening the inequality gap.

Researchers argue that inequality results in financial crises in the country and creates indebtedness. As the inequality increase, the middle class tends to overspend to be at the same pace with the rich leading to bankruptcy as every level tries to catch up with the next. The rich people in America have taken the largest chunk of wealth while the incomes in the middle and low class stagnate lowering their living standards (Furchtgott-Roth 13). Middle class in the United States have the tendency to spend more compared to their counterparts in other places due to pressure. Most of the spending by the non-rich people involved personal appearance and maintenance of their homes and their spending is more compared to other people in the same class. Any increase in their incomes will still make very little improvement as the spending is directed to buying of discretionary items and not the basic commodities. Income inequality is a big problem in America as it also leads to political inequality as the outcomes of politics are inclined towards the preferences of the rich. Income inequality relates to the unequal distribution of the wages and taxable income although consumption is left out. Consumption should be one of the measures of inequality and well-being as it results from the disposal of incomes. ...Download file to see next pagesRead More
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