Wealth inequality essay

In America, there is a wealth gap, the differing distribution of resources among the Americans. According to Survey of Consumer Finances (1983–2013), the households near the tail end of the wealth distribution moved from having little to huge debts estimated to $2,000. Those in the middle had their wealth doubling up while those close to the top side quadrupled leaving the top side with six times increase in wealth in that period alone. Over that period to date, the wealth gap has widened with the differences in earnings. As per United States Bureau data (2014), at the start of the 1970’s, there was a slow economic growth that came with the growth in income for families at the top and a sharp drop in income growth for the families in the middle and the lower ones in the ladder.

The government is also blamed for adopting certain policies that encouraged wealth inequality. Policies on taxation, monetary and shutting the unions are seen to have been counter-productive. Healey (2015) Statistics from the U. S. Department of Labor, Bureau of Labor Statistics (2009), men got paid better than women and the gap is said to remain unchanged. While this happening, many Americans are still homeless and live in poor conditions, children cannot access schools, and many people do not even have health care insurance, the list goes on and on. Personally, I support the imposition of tax on the wealth of these rich and super-rich Americans to fund the serious urgent needs of the day. Here is a bigger picture about this taxation issue and why I think it is a good idea; if the government can invest in those projects and assets that will promote labor demands and that will mean more resources for the middle class and the poor.