- When I read through “Concentration of Capital: Who Owns America” by M. Parenti (page 29) , personally it was quite shocking to learn that the top 1% of wealthy Americans own almost as much wealth as the bottom 90% of Americans combined. This stark difference highlights how wealth is extremely concentrated in the hands of very few, which is a big concern. This disproportionate share of wealth highlights the issue of economic inequality and the system through which wealth is concentrated and maintained in the hands of a few.
- Huge gaps in wealth can lead to a society where there’s a clear line between the wealthy and everyone else, creating feelings of disconnect and unfairness. When most of the wealth is with the very rich, everyday people have less to spend, which can hurt businesses and slow down the economy. Those with wealth often have more say in politics, which can lead to laws and policies that favor them, making it even harder to address inequality. You can see these issues in real life, for example, in cities where only the very wealthy can afford to buy homes while others struggle just to pay rent. Or in schools in wealthy areas that have more resources compared to underfunded schools in poorer neighborhoods, affecting the quality of education and future opportunities for those students. These examples can be seen clearly especially in New York City.
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Hi Osama. I just got done reading your response for the discussion board 5.3 questions and I have to say that you had some really good and interesting opinions to share! I think that it is quite unfortunate that there are so many examples regarding the wealth inequality that you can go and very easily see just by walking around New York City. This is only just one area in the vast country of America and yet it’s so rampant here. I can only imagine how this is displayed in other states.