Hello! I am going to talk a bit about income inequality. First off income is the money received by a person from work or maybe an investment, and inequality is in the best words the lack of equality. Now when you put these words together it is the unequal amount of money received by people of different classes.
“America’s 20 wealthiest people… now own more wealth than the bottom half of the American population combined, a total of 152 million people in 57 million households” (Source). This is very sad because the people on the bottom work very hard and deserve to be making more. I am not saying that those top people are not working hard but wealth is usually inherited and so someone might have worked hard but it most likely is not going to be the person with the wealth now.
“The median American family has a net worth of $81,000. The Forbes 400 own more wealth than 36 million of these typical American families. That’s as many households in the United States that own cats” (Source). the big question to me is how did these people get this much money in the first place. They could have worked really hard like the working class or there could be something more behind their wealth.
In history it shows that if the middle class is thriving it is better for everyone because the middle class is going to want to buy more to fuel the businesses more which in turn will give everyone more money. With out a strong middle class people will not have as much expendable money to save or to spend both helping a lot of people.
Wealth is tricky because wealth makes people powerful but if you really think about it is not the wealthy that are in power but the working middle class. The people that have the true power just do not think they can use it. We tend to listen to people with money but if we stopped then what would happen, I think they would eventually disappear. People only have money because we take the time to listen to them and their ideas.
I feel like wealthy people think they are special snowflakes but in the long run they are not. Someone in their family may have invented something or gotten rich in some other way but the person now with the wealth did they really earn it.
I think this problem could easily be sorted out by taxing the rich more and not allowing tax breaks for people who make above a certain amount of money. Sadly these 400 people would highly object and we would be back where we started. It is a never ending circle but eventually with the right minds on the topic I think it can be fixed.
It is important that we try to fix this problem because in the long run the rich having to much money is not even good for them because they are not putting anything back into the economy which my backfire even on them one day.