Response Essay 2

Submitted By Wahid-Maqsood
Words: 642
Pages: 3

Income Inequality
The fact that the rich keep getting Richer and the poor keep getting poorer, in The United States, has been a concern for many but few have tried to fix this problem. Many Governments have changed and many false promises made but the rich still have way more than they will ever need while the poor struggle to even afford food.
Henry Ford said “In a developed economy, when one person gains, another loses” It is up to the authorities to make sure the gap doesn’t increase to the level where it is harmful to the economy, for it is the middle class that is the backbone of an economy. The U.S is a capitalist economy and not a communist economy so everyone is allowed to earn and save as much as they want with no maximum limits. The sad truth Is that the United States economy has developed into such that the Top few control more than just their wealth, they control the whole economy, making it hard for someone from a low income family to work their way up financially. The Rich should be taxed high amounts if they go above a limit and this money should be used by the Govt. to subsidize Goods and services such as but not limited to: education, house rents or mortgages, and food items. It should be the state’s duty to ensure the rich do not exploit the poor. Bill Clinton tried to approach this problem by hiring Mr. Robert Reich who is a qualified economist and an old friend of his. Mr. Robert Reich also explained the whole idea of income inequality, what causes it, what solutions we have, in his documentary “inequality for all” During his time in the Government he tried his best to reduce the gap but it takes more than just one person to bring a change. He was not supported by anyone else on the board. Over the last thirty years, before the latest recession, the U.S. economy doubled. But, according to Robert Reich’s documentary, these gains went to a very few, the top one percent of earners now take in more than twenty percent of all income which is three times than what they did in 1970. Inequality is even more extreme at the very top. The four hundred richest Americans now own more wealth than the bottom one hundred and fifty million combined.
Some people believe raising…