Question

Discuss the growing income inequality in the U.S. and the world with someone mature enough to have some perspective from experience about it. Ask them what they think about the widening gap between the rich and the rest of us in America, as our course materials speak of this problem. How has the economic trend for middle class Americans affected them? How as it affected you?

Answer 1

Economic inequality has become the central problem of America.Some basic facts are given below-
1. For the past 50 years,20% of households who are highest earners have brought larger share in the total income of the country.
2.U.S. has the highest income inequality among all G7 countries.
3.Income gap between black- white people has held steady since 1970.

61% of Americans have thoughts that there is too much of income inequality in their country. They are unable to live normal life .No accumulation of savings are possible thus unable to do any investments for future purpose.

ECONOMIC TREND for Middle class Americans affected them in such manner that income of middle class people have slower rate than upper tier incomes for the last five decades.Income of American adults have decreased from 61% in 1971 to 51% in 2019.The labour class market is not doing well,their jobs are at risk . Household income and wealth has not come back to its pre- recession level.Its continue to be widening.

It has affected my life in manner that I am unable to pay my educational expenses and health expenses.I can not demand for luxurious goods because of their higher prices.Thus I feel miserable because of this income inequality.