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Why The Rich Get Richer And Poor Gets Poorer.

1211 words - 5 pages

Rich get Richer and Poor get PoorerIn today's world people want to be healthy, happy and well educated and most want to own some type of capital. They also want to be well paid for the work that they do and they prefer to pay as little tax as possible. While everybody is happier when the rate of inflation is low and when the economy is growing and everyone is getting better off. In booming economic times, such as we recently have enjoyed, the only problem is that "the rich get richer and the poor get poorer." Because company profits have been down but the head executives are still getting all the perks, like, stock options, and bonuses that's capitalism and that is the American dream.Poverty is a problem the government has been trying to fix. Many welfare programs help the poor, whom are individuals who lack food, shelter, and clothing, with food stamps, and assistance for both transportation and childcare. From 1996 to recent years the policies on welfare reform have become more stringent on receiving benefits, the government has been working harder on training and placing individuals in the work force.An article by Martin Hattersley says that one in five children in the U.S. lives in poverty, and 1.3 million are homeless, a 100% increase in the past ten years. Over a fifteen year period, the family incomes of the lowest 20% of the U.S. population have shrunk by more than a fifth. The incomes of the highest 20% have risen by thirty per cent and the poorest fifth of the United States population have less than one twenty-fifth of the country's total income: the highest fifth have approximately half. This means the gap between the rich and poor has broaden throughout the years.The problem of the poorest of the population is that the fact that they don't have any ownership of any of the resources. Another problem is the cost of interest, tax and rent which have made the difference between being rich and poor in the world that we live in.Martin Hattersley stated from an article he wrote that, the Census Bureau figures released in October 1997 show that the average U.S. household had still not regained the income lost in the 1989-93 slump. The average 1996 incomes were virtually the same as 1973's. There was no gain in income relative to inflation.In the article "Boom for Whom?" from the Left Business Observer (LBO) said the poverty rate declined slightly from 1997 to 1998, from 11.6% to 11.2% but the trend over the last 20 years has been relatively flat. Poverty has continued to decline as a percentage of average incomes from 43% of the average in 1959 to 33% in 1982 to 28% in 1998. The black poverty rate is the lowest on record and for female-headed households 28% are poor, and 19% of our children live in poor householdsKathryn Larin a policy analyst says that income disparities are hitting families with children the hardest and during the last decade, the income gap between the richest and poorest families grew in 37 states, home to 86 percent of...

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