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Income Inequality: Mixed Opinions Essay

872 words - 4 pages

Income inequality is a problem facing the United States today. Income inequality, also called economic inequality, is defined as “The unequal distribution of household or individual income across the various participants in an economy.” (Income Inequality). There is a huge dissimilarity between the poor in society and the rich. Income inequality is a real problem, which we have today; however, there are both positive and negative aspects on whether or not the issue should be resolved.

Income inequality is a problem facing the United States today. This issue is a concern that is exposed in an article by the Washington Post called, “This Viral Video is Right: We need to worry about Wealth Inequality” (Klein). The article has a graph showing the differences between the lower and upper class. According to the graph, the bottom five percent of people have less than 2.6% of the nation’s wealth compared to the top five percent of people who have 38.3% of the nation’s wealth. That is a 40.9% difference between the lower and upper class. In another article from titled “Top one percent: How much do they earn?” (Bell) from Bankrate.com, shows the difference between the top fifty percent and the top one percent. In 2008, the top fifty percent of Americans need to make $33,048 in order to make the top fifty percent. In contrast, in order to make the top one percent, a person would have to have made $380,354 in 2008. In 2009, both numbers decreased. To make the top fifty in 2009, a person would have had to make $32,396. On the other hand, in order to make the top one percent, a person would have to make $343,927.

These are some positive aspects of the gap being solved. The gap in wealth is positive because it allows for progress in civilization according to Andrew Carnegie. In Carnegie’s essay, “The Gospel of Wealth” he says “This change however, is not to be deplored, but welcomed as highly beneficial.” (Carnegie). Carnegie also says in his essay that it is “essential for the progress of this race.” This gap is also positive because if we didn't have a gap in income, then the United States would be a society called socialism. Socialism is a society in which is when everyone gets paid equally no matter the profession. For example in a socialistic society, you could be the CEO of a major company, but you would get paid the same amount as the janitor if that company. The American Dream is based on hard work. The gap in between...

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