Why Socio-Economic Inequality Matters
According to analysts, inequality promotes political dysfunction and slows down economic growth. Because wealthy households typically spend a smaller percentage of their income than poorer households, concentrated income and wealth lower the demand in the economy. The economy suffers due to weaker demand and slower future growth when low-income individuals do not reach their full potential.
The Status of Economic Mobility in America
Although Americans have historically taken pleasure in their ability to advance economically, there are indications that this trend may change. From more than 90% of those born in the 1940s to 50% of those born in the 1980s, the percentage of Americans who earn more than their parents has decreased. Here are five aspects that highlight the downfall of the socioeconomic framework in the United States:
Income Difference on A Wider Level
The level of general inequality in the United States has significantly increased over the past 30 years and is close to the level that existed before the Great Depression. However, the real pattern of development needs to be more concise.
Pay Rise of Highest Earning Wagers
The wage gap between CEOs and the typical industrial or production worker has significantly widened in recent decades. In 1965, CEOs made 24 times as much as a production worker. In 2009, the chief executive officer made 185 times as much.
Homelessness & Severe Identity Crisis
In a recent survey, out of a total of 750,000 Americans, one in five slept on the streets every night; he was classified as homeless. A number of men, black individuals, middle-aged people, veterans, and people with disabilities made up the total tally. Living without a home contributes to severe issues such as mental illness, drug addict, bad company, and more.
Discrimination based on Ethnicity
We know that inequality, race and ethnicity are related. While the wealth of Black households has barely increased since 1960, the median wealth of white households has tripled. On the other hand, the unemployment rate of Black Americans has increased than that of white Americans. Plus, black Americans are underpaid in top-grade positions, such as corporate leadership.
Seclusion of Deprived Groups
Residential discrimination in America has become racially and geographically concentrated. It involves denying or limiting housing opportunities to certain individuals or groups based on race, ethnicity, religion, sex, national origin, or disability. This can take many forms, including redlining, steering, and discriminatory rental or lending practices.
Why Does Government Need to be Funded?
An Attempt to Understand the Concept of Distributive Justice
The book takes a deeper dig into the socio-economic and political nature of the US. It is a refreshing take by the author, who wonderfully clarifies the power of money and the impact of its inadequate distribution. It discusses the intricate relationship of wealth and its distribution in the masses. At the same time, it explores the lacking of not utilizing it in a justified manner.
The book offers an in-depth analysis of fundamental organizational tenets which can make or break the fabric of American society in the coming years. The narrative enlightens upon cutting-edge, incredibly potent factors necessary to decide the rise or decline of the world’s most dominant economic and military power.
