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A Fragmented Pie Essay

2085 words - 9 pages

A Fragmented Pie
Money is what makes the world go around. From day one, people are assimilated with the idea: to consume, one must spend a medium sufficient enough to receive an object that is desired. Every country has that medium. The Europeans have the Euro, the Japanese have the Yen, Chile has the Peso, and the United States has the Dollar. However, this idea of “getting and spending” has done more harm than good in specific countries. Particularly, in the United States there has been a growing issue of income inequality. The textbook definition of income inequality states: the difference between individuals or populations in the distribution of their assets, wealth, or income. The political problem itself, nevertheless, is deeper and denser than that. Out of all the developed nations, the United States is ranked with having the most uneven distribution of wealth. The top one percent reigns over the shrinking middle class and poorer social groups. In that one percent there is only a mere 400 people with more than half the wealth of the rest of the country. With that fact in mind, one could assume that the rest of the country would want to know the secrets to be placed in the elite one percent. There is, however, no secret but the unfortunate fact that upward mobility is shrinking and undeniable corruption behind the scenes has made it nearly impossible for an individual to ever have a slice of the pie. The government has made many attempts to combat this important issue but they have mostly failed. To fix the ever growing income gap inside of America, the solution of taxing the rich and giving the dollar a tangible object to be backed, should be made.
To understand the American wealth disparity, an understanding of history must be accounted for. In the documentary End of the Road, directed by Tim Delmastro, the 1944 meeting of the allied nations of the United Nations is discussed. In this important meeting, the dollar was chosen as the Worlds Reserve currency to stabilize the global economy. After World War Two, this decision soon led to a period of great economic prosperity. According to Robert Reich from his article, “Why Inequality is the Real Cause of Our Terrible Economy”, in the era between 1947 and 1977 median wages soared because big name corporations and the top one percent took home less. This national prosperity soon ended with President Nixon cutting the dollar to gold convertibility on August 15th, 1971 (Delmastro). The dollar became a currency that is ultimately backed by nothing. The tangible object of gold became insignificant. This created issues of corruption, inflation, and crony capitalism. Beginning in the 1980s, the income gap in the U.S. significantly started to widen because of this. Reich in his documentary, Income Inequality for All, further states that during Ronald Reagan’s presidency, Reagan lowered the tax rate on the rich from seventy percent to an outstanding percentage of a low thirty five. Regrettably...

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