- Which statistic on wealth inequality in the US (discussed on p. 29) made the biggest impression on you? Explain why?
- 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?
3 thoughts on “Discussion Board 5.3”
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1. The statistic that made the biggest impression on me is that the top 1 percent of Americans own between 40 and 50 percent of the nation’s total wealth, more than the combined wealth of the bottom 90 percent. This stark disparity highlights the extreme concentration of wealth and power in the hands of a very small fraction of the population, underscoring the systemic inequalities that persist in the U.S. economy.
2. Living in a society with such huge wealth inequalities can lead to numerous negative implications, including reduced social mobility, increased poverty, and social unrest. This dynamic is evident in everyday life through the growing gap between the rich and the poor, the prevalence of low-wage jobs, and the struggles of many families to afford basic necessities. For example, the rising cost of housing and healthcare disproportionately affects lower-income families, worsening their financial instability and limiting their opportunities for upward mobility.
1.The statistics on wealth inequality in the US made the biggest impression on me. It’s that fact that 40-50% of American wealth is concentrated in 1% of the population.It’s more sad than impressive because the 99% of the united states population are economically struggling like it was showed in module 4 where we learned that even the middle class is struggling;to the bottom of the ladder where basically low income families have little to no assets .It’s very different for higher income families since most of them obtain their wealth inherited from their own families because the higher class pay less taxes than the working class .
2.In my opinion some of the implications of living in a society that has such a huge wealth inequality is the limited access of basic needs in a low income community like healthcare and education. Some other implications in my opinion are also higher crime rates in those low income communities because as sad as it sounds some people in low-income communities tend to go for the easier route and try to find money wherever they can. I see this dynamic play out in our society everyday because sincerely people are getting exploited to work multiple hours and their salaries only cover their bills.From personal experience i’m a college student who works full time and my salary only covers so much .
1. What made the biggest impression to me was that the inequality in wealth is that the top 1% of Americans hold more assets than the bottom 90% combined. This figure exemplifies the excessive concentration of wealth in the United States, where a small minority of the population controls an unfair share of the country’s resources. The wealthiest 1% of Americans hold more money than the bottom 90% combined, thanks to inheritance, stagnant wages, inequality in income, favorable tax policy, and capital ownership. These elements form a self-reinforcing system in which the few can continue to collect and enhance their money while the majority struggles to overcome finances, resulting in increased inequality.
2.The disparity in wealth has far-reaching consequences, ranging from decreased social mobility and political power to economic instability and social dissatisfaction These dynamics are manifested in everyday life through differences in education, healthcare, housing, and political power, resulting in a society in which the rich continue to prosper while the poor face growing hardships. This mismatch has long-term societal effects, including increased division, instability, and a collapse in social unity. For example I come from a low income family which lead to me taking out student loans to help pay for my education. While I was working full time to cover my expenses, the cost of tuition and living was too expensive without trying to avoid borrowing.