- Which statistic on wealth inequality in the US (discussed on p. 29) made the biggest impression on you? Explain why?
The statistic on wealth inequality in the US that is discussed on p. 29 which made the biggest impression on me was the fact that 90 percent of American families have little or no net assets at all. It was surprising because of two main reasons. First, I really thought this number would be much lower since I was under the impression that owning a car, house or having some savings for retirement was something most people have. or at least one they have of those three. Second, I was even more surprised to understand that none of these considered assets if you have loans, debts and mortgages. It is shocking to realize that most of Americans (including myself apparently) don’t have any assets.
- What could be some of the implications of living in a society that has such huge wealth inequalities? Do you see this dynamic getting played out in everyday life in our society? How so? Example?
The consequences of living in a society that has such huge wealth inequalities are:
- The wealthy minority gain disproportionate political power which helps them pushing for policies that serves their interests. These policies oftentimes hurt the middle-class majority, who’s voice is disregarded.
- Limited social mobility that makes it harder for lower-income people to improve their living conditions.
- Unequal access to healthcare, education, and housing.
I do see this happening in the U.S. today. Lobbies, often control by the wealthy, are pushing for policies that favors the wealthy. For example, the NRA, which serves as a firearm lobby, stopping policies that can limit the use of firearms in the US although gun violence (and especially school shotting) has been a major issue in the US. NRA are using their wealth as political power which is both dangerous and absurd.
Kinder-brand chocolate eggs are banned in the US because they are dangerous to kids. In fact, the U.S. Consumer Product Safety Commission (CPSC) deemed them so dangerous, that in 1997 they conducted a recall of these eggs and released a statement calling to “immediately take them away from young children”.
Apparently, US legalizers will ban something that is not banned anywhere else around the globe but at the same time will refuse to limit guns which are limited in most of the world, simply because of the political power wealthy people have over them.
