1.Which statistic on wealth inequality in the US (discussed on p. 29) made the biggest impression on you? Explain why?

– The statistic that made the biggest impression on me is when they mention “The top 1 percent own between 40 and 50 percent of the nation’s total wealth (stocks, bonds, investment funds, land,
natural resources, business assets, and so on), more than the combined wealth of the bottom 90 percent”. This statement shocked me a lot because I always knew that top 1% owned a lot of nations wealth but 40 to 50% is huge amount way out of my thinking. This statement gives a very reasonable example of why the poor can never truly compete with the rich.

2.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?

-A country’s extreme wealth inequality has a number of effects. Because the wealthy have access to good healthcare, education, and political clout while the working class is left in poverty with few prospects, it restricts progress in society. Additionally, it creates financial instability since consumer spending drives economic growth at a time when most people struggle to meet their everyday needs. From rising displacement and declining income to increased housing and educational costs, this inequality is manifested on a daily basis. In places like New York, for instance, there are districts with opulent skyscrapers and others where families work two jobs just to make ends meet. This illustrates the stark contrast between the rich and the impoverished.