StudentShare
Contact Us
Sign In / Sign Up for FREE
Search
Go to advanced search...
Free

Economic Inequality and Gentrification, Assignment - Essay Example

Cite this document
Summary
It is reported that half of the US’s total assets are owned by only a group of 400 people. Such a condition is a great challenge to the country and also to the…
Download full paper File format: .doc, available for editing
GRAB THE BEST PAPER97.7% of users find it useful
Economic Inequality and Gentrification, Assignment
Read Text Preview

Extract of sample "Economic Inequality and Gentrification, Assignment"

Economic Inequality Economic Inequality What is the problem? (Describe the issue, including detailed facts and analysis)The American economy is composed of 70% middle class but over time the share of income they own have been decreasing. It is reported that half of the US’s total assets are owned by only a group of 400 people. Such a condition is a great challenge to the country and also to the middle class. The few resources they own hamper demand and hence may prevent economic growth. The struggle of the middle class, in the American economy, affects all sectors of the economy.

In theory, aggregate demand determines the rate of economic growth and such declining demand is a big problem for the US government. On the contrary, the income of top 1% in the society has been rising, further widening the inequality gap. To compound the problem of the inequality, the cost of traditional avenues of self-improvement like higher education has been exponentially increasing. In 1978, a typical male US worker was earning $48,000 a year (adjusted for inflation) but by 2010, the median wage had dropped to $33,000.

Meanwhile, during the same period, the average person in 1% top bracket was earning $390,000, by 2010, the amount has almost doubled to $1,100,000. Something must have happened in 1970’s (Chaiken , Silverstein & Kornbluth , 2013).2. What are the causes? (How did we get to this point?) In the film, Reich argues that in 1970’s, combination of anti-union legislation and market deregulation worked together to create an economic boom but less of the wealth trickled down to the middle class (Chaiken , Silverstein & Kornbluth , 2013).

But the problem was noticeable as the women we entering the market and working hours were rising recouping the lost income. Furthermore, during the same period house prices were raising allowing people to borrow. Moreover, in 1970’s there was underinvestment in education. The tuition fees were introduced hampering any hope of higher education among many people in the middle class.3. What solutions can you identify, based on what you’ve learned?One of the voice in the film, Nick Hanauer’s, billionaire, believes that he does not pay enough tax.

Nick continues to argue that hammering the middle class, the main drivers of the economy is wrong. The middle class are the one who buy products and services, thus creating demand, which in turn leads jobs and more taxes. The economic system puts top 1% at the center of the economic universe as the job creator instead of the middle class (Chaiken , Silverstein & Kornbluth , 2013). There is also a need to make the poor a priority. The eradication of poverty policies need to be discussed and addressed on national platform.

USA needs to re-think the main strategies that are being used to eradicate poverty and close the political and economic gaps allowing greed to flourish. Unless this happen, the threat of poverty will continue to be a problem to the American people ( West & Smiley ,2012). ReferencesChaiken J. & Silverstein M. S. (Producer), & Kornbluth J. (Director). (2013). Inequality for all[Motion Picture]. USA: RadiusWest C. & Smiley T. (2012). The rich and the rest of us. (2nd ed.). California, CA: SmileyBooks

Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Economic Inequality and Gentrification, Assignment Essay”, n.d.)
Economic Inequality and Gentrification, Assignment Essay. Retrieved from https://studentshare.org/business/1681552-economic-inequality-and-gentrification-assignment
(Economic Inequality and Gentrification, Assignment Essay)
Economic Inequality and Gentrification, Assignment Essay. https://studentshare.org/business/1681552-economic-inequality-and-gentrification-assignment.
“Economic Inequality and Gentrification, Assignment Essay”, n.d. https://studentshare.org/business/1681552-economic-inequality-and-gentrification-assignment.
  • Cited: 0 times

CHECK THESE SAMPLES OF Economic Inequality and Gentrification, Assignment

Class Inequality: Mobility and Class Structure

In Acs and Zimmerman, “Like Watching Grass Grow” the authors try to differentiate between income inequality and economic mobility.... It provides the most relevant classic and contemporary readings, providing a balanced coverage of inequality's both in the present and past.... However, this inequality: MOBILITY AND STRUCTURE The book The inequality reader is the ideal textbook for undergraduate inequality s....
1 Pages (250 words) Assignment

Class Inequality: Theory

The inequality: THEORY Marx- es in Capitalism and Pre-Capitalism Pp.... ReferencesGrusky (2011) The inequality Reader: Contemporary and Foundational Readings in Race, Class, and Gender.... The farmers also suffered the same peril as they were not able to act together as a class in economic and political action in recent years.... Weber classified economic, social and political inform of class, status and party respectively....
1 Pages (250 words) Assignment

Racial-Ethnic Inequality

In Oliver and Shapiro's “Black Wealth/White Wealth”, the authors delve into the deep economic divide between whites and black due to generations of inequality and economic oppression.... According RACIAL-ETHNIC inequality The “inequality Reader” offers a selection of contemporary essays from leading scholars on social inequality.... The book offers fodder for thought for undergraduate students on how to tackle inequality....
1 Pages (250 words) Assignment

The US History since 1865

Despite the fact that, there have been efforts of sensitization since the 1960s; issues of racial inequality are still reported across the region of… Although most of the incidences involving racism are sometimes considered as less sensitive, there are several cases that are relatively offensive....
5 Pages (1250 words) Assignment

The Historiography of Civic Equality

The historiography of civic equality shows the extent of inequality in the ancient society.... Political equality details a case of equal rights and liberty of every individual in… On the other hand, economic equality advocates for a similar amount of total wealth among the people.... On the other hand, economic equality advocates for a similar amount of total wealth among the people....
1 Pages (250 words) Assignment

The Earning Inequality in Israel

The paper "The Earning inequality in Israel" discusses that The Bank of Israel formulates reports about the country's economy and their recent studies established a link between technology industries in the state and its impressive economic environment.... nbsp;… Israel has the most complex question under the earning inequality because approaches applied to other countries in countering it are most likely to fail in the country.... The most worrying characteristic of Israel is the growing income inequality....
9 Pages (2250 words) Assignment

Cultural, Economic, and Institutional Inequality in the US

inequality and Prosperity: Social Europe vs.... This research paper will seek to expand, on policy recommendations, to reverse the trend of economic inequality in the United States, providing an alternate view of the period after World War 2, particularly the last thirty years.... The author of this assignment "Cultural, Economic, and Institutional inequality in the US" focuses on the social inequality of the USA.... It is mentioned here that this paper will seek to answer the question: what are the main reasons for cultural, economic, and institutional inequality in the USA....
2 Pages (500 words) Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Contact Us