- 90 percent of American families having little no no net assets stands out to me the most. It just speaks more to reasons many working-class Americans are living check to check and are in debt. Considering these large, flourishing corporations creating low-wage jobs and high priced liabilities (cars, electronics, medical bills) it’s no wonder so many people are struggling. The same capitalistic systems we depend on to suit our daily lives also benefit from our regular paychecks and unawareness of the underpinnings of their systems. Yes, there is plenty of information and resources to learn more about what they do and how we can maybe participate more in investing and other wealth building tools but most people will not participate due to their own personal circumstances — mostly likely because they can’t afford too.
2. Poverty, increase in crime, and homelessness would be a few outcomes with living in a society with such a large gap in wealth equality. One positive about wealth inequality in America is seeing that example of creating wealth and having the possibility of obtaining that. But what happens if you don’t get that chance? Due to location, lack of education, and lack of funds to obtain quality education the opportunity may not be there and you are therefore relegated to an impoverished standard of living or even homelessness. Crime may seem like an attractive option if it involves getting what you need to survive or simply acting out violent crimes due to frustration.
Dramatic wealth inequality is still prevalent today so I would say these things are still playing out. The COVID-19 pandemic has shed light on wealth inequality. With minimal to no savings, investments, and assets, many Americans quickly had to turn to unemployment aid with fear of losing their homes if can’t pay rent or mortgage. Violent crimes were said to have increased during the pandemic as well. Unfortunately, the working class people and even small business owners who could not financially prepare for something like this were negatively affected and left to fend for themselves the best way they could.