Economic Inequality

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Economic Inequality

There can be different views on what people think about the subject of economic inequality. Some people think it definitely exists in this country and it is unfair. There are also people who think that there are inequalities and that is not something to be alarmed about. They think that it’s an exaggerated notion. What is economic inequality? It is when different people have different levels of income or wealth in a society. Now you may not think there is a problem with this by definition because that is technically saying that if I make a dollar more that you do in a year then there is inequality. The problem that some people argue with economic inequality is when the differences between the wealthy and the working class are so large that economic and political power becomes somewhat concentrated in the hands of a minority who then extend the unequal income distribution by controlling the rules that govern the system. In particular there are two different points of views I would like to compare on the issue of economic inequality. W. Michael Cox (former chief economist at the Federal Reserve Bank of Dallas) and Richard Alm (business reporter with the Dallas Morning News) agree that there is economic inequality but they feel like it is being blown out of proportion. They argue that these inequalities are not threatening. They think we should focus on whether the bottom is better or worst off in terms of consumption, instead of focusing on the gap of wealth between the top and bottom. They feel that the wealth from the top is the reason that the bottom benefit from breakthroughs in technology such as color TV’s, VCRs, computers and answering machines that is perceived to make like better for all (pg. 337). Cox and Alm reject the saying “The rich are getting richer and the poor are getting poorer”. They do agree the rich are getting richer but they also believe the poor are getting richer or doing better also. They give...
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