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

“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 statistic is shocking because it reveals just how concentrated wealth is in the hands of a small elite, highlighting the extreme gap between the richest and the rest of society. The fact that the top 1 percent control more wealth than the bottom 90 percent combined shows how unequal economic power is, meaning the majority of people have little financial security. This also means that the U.S. is not the land of equal opportunity.

Living in a society with massive wealth inequalities can lead to a huge disconnect amongst people that are disenfranchised and the people who are wealthy. This causes a lack of trust in institutions and the government. Additionally, wealth inequality can perpetuate cycles of poverty and hinder social mobility, as those born into less wealthy families may not have access to quality education, healthcare, or opportunities to build wealth, making it harder for them to improve their circumstances. In everyday life, this wealth inequality dynamic can be seen with the increase in the number of people experiencing homelessness even though they work full-time jobs reflects how the economic system disproportionately benefits the wealthy. People working multiple jobs to make ends meet while struggling to afford basic needs like healthcare, housing, or education as well.