Income Inequality Essay

257 Words2 Pages
Thesis: It might have taken a near-historic recession and a nation-wide protest, but Americans are finally noticing the rapidly growing income gap between the rich and the poor. I. The gap between the rich and poor is widening. a. Wealth is heavily concentrated in the top 1 percent of the U.S. population. 1. “The wealthiest 1 percent of the American population holds 34 percent of the total national wealth…Sixty percent of the American population holds less that 6 percent of the nation’s wealth” (Mantsios). 2. According to Forbes, there are 403 billionaires in the U.S., as of March 2010. b. However, some believe the income gap is exaggerated, claiming c. The income of the richest group is growing much faster than the income of the middle and lower class. 1. A 25 year trend, 1979-2004 “The average after-tax income of the top one percent of the population nearly tripled…for a total increase of…176 percent. By contrast, the average after-tax income of the middle fifth of the population rose a relatively modest 21 percent… The average after-tax income of the poorest fifth of the population rose just 6 percent” (Aron-Dine). II. The bigger the income gap, the more crime, ect. III. What started/could solve the income gap problem? The most commonly named culprits for the income inequality in America such as outsourcing, immigration and the gains of the super-rich. However, they are only diversions from the main issue: the differences in

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