- 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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The wealth inequality statistic that made the most significant impression upon me is that 90 percent of American families have little or no net assets. It was striking because I have seen family and neighbours work so hard going from job to job, and most are barely subsisting from their labor. The minimum wage in New York City is $16.50 per hour. The cost of housing, food, and transportation create an environment where most of us without support from family cannot afford to live. The recent government focus on removing health care, food, and housing subsidies is even more shocking in light of this inequality. The implications of living in a society with such substantial wealth inequalities are becoming more evident with less opportunity to advance for individuals not born with extreme wealth. Obtaining an education is expensive, and many Americans have to take out loans to attend school, even if they work full time, like me. This additional debt often cannot be recouped after graduation when all aspects are considered, such as lost income and compounded interest from the debt accumulating over the life of the loan.
According to the statistic provided on page 29, the wealth of the richest 1% of Americans exceeds the total wealth of the entire bottom 90%. This glaring contrast provides a truly shocking image of wealth and income concentration wherein a minuscule fraction possesses an example of wealth to which the majority could hardly aspire. Such a society showcases one that provides every economic opportunity and resource in such a heavily tilted scale that it survives the notion of the rich getting richer amid the rest lacking equal attention and pulling all strings to stay alive. The larger ramifications of this extraordinary inequality are ominous and far-reaching. It spawns social protests and rigors as those outside the capitalist realm begin feeling marginally treated and, hence, disenfranchised from the democratic state. Additionally, it compromises democratic institutions as elites and the rich impose disproportionate control on the policy realm by scuttling proposals that seek to represent the general will of the public. In quotidian life, it means various forms such as differential access to quality education and healthcare provision, limited upward mobility opportunities, and perpetuation of the cycle of poverty. For instance, a child born into low-income family settings would, regrettably, attend a poorly funded primary and secondary school. This lessens the options available for him or her and, thus, creates a poverty-generating chain. On the other hand, a child originating from a rich family’s surrounding enjoys opportune access to top schools and beyond; thus such a child is more successful. This entrenches the notion that wealth is passed down, leading to increased inequality.
The statistic that left an impression on me the most was the one percents assets & wealth being more than the bottom 90% combined. That is very concerning considering that they live way beyond what’s needed and there are people that die from starvation that would only need a spec of what they have to just survive. I find it inhumane especially considering they won’t and don’t have the ability to spend or utilize even half of the wealth they have because in order to buy things they need to be produced by working people.
Some implications of existing in a society with huge wealth inequalities are evident in the choices people have to make. For working class people , as the cost of living rises, they have to make up for it by losing time with family. Even utilizing their income and savings to buy necessities over more desirable items or luxuries like clothes, shoes,and trips to the movies. Even necessities like a certain brand of milk or transportation, or if you’re gonna choose eating dinner or if your paying for your lights to stay on. They become more stripped of their humanity, their utilities of security and their joy to just be alive. Whereas the capitalist get more time to do things they want because they can pay workers to work more means more, which generates profit. They get to upgrade their cars, hire more people to do all the services they need, they get the best of the best fruits and vegetables while working class families who are barely getting by struggle. I do see this dynamic being played out because as I said previously, if workers can’t support their livelihoods or maintain a level of joy to desire to even live they can’t be used as a commodity in production , which is required in the capitalist system. Additionally, considering that there are more workers than capitalist the ability to create a disruption in the capitalistic system is very viable. And to expound upon that sentiment, the use of social media creates a mass awareness among the working people that can instantaneously be given information and connection to others in order to come together and create the change that’s desired. As social media is a free resource for awareness that has time and time again proved itself to be enormously relevant in political matters across it’s entirety, think of BLM, LGBTQ rights, the METOO movement all being social movements that previously existed but were undervalued and not given the spotlight to be respected in society, and gained more support, acceptance, resources, and more importantly change through social media’s connectivity and powerful ability to reach millions of people around the world.