Income Inequality In The United States Essay

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The 1970`s saw many things end. But there is one end that has effected every single one of us. The end of the ‘great levelling’ and the birth of the ‘great widening’ in the mid-1970s. In the post-1950`s having a more equal society was a popular economic principle. The Pursuit of greater equality drove many social and economic reforms, Taxes and laws and social mores kept a leash on the fortunes of the 1%. For forty years in this period of the ‘great levelling’ the wealth and income gap narrowed sharply not just in the U.S. but also across most of the powerful countries of the world. But In the mid-1970s the falling inequality the ‘great levelling’ brought, stopped, and the 1% were left of their leash in belief that in doing so the rewards they would …show more content…
The wealth gap is increasing, inequality has bloomed since the 1970s. As time passes there are fewer and fewer economic opportunities. The income held by the 1 percent has been rising sharply. Many Americans believe that Income Inequality is at the level of Sweden. When in reality it is higher in the US than in most other industrialized countries. Out of 141 countries, the U.S. has the 4th-highest degree of wealth inequality in the world. The United States and many other countries are back to the levels of the 1920s. (Oxfam’s report on political capture and economic inequality) states that over half the world’s wealth now resides with the richest 1%. And a (Pew Research) revealed that 64 % of Americans believe the wealth gap is increasing and 60% percent believe our system unfairly favors the wealthy. 60% also believe that most people who work hard enough can make it. It appers the current state of income inequality is unknown, this is due partly to the fact that Much of the research on inequality has recently originated. Debates about inequality, are beginning to arise especially in the United
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