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Wealth Inequality In America

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Wealth Inequality In America
“Wealth inequality can be described as the unequal distribution of assets within a population. The United States exhibits wider disparities of wealth between rich and poor than any other major developed nation,” (www.inequality.org) There are two factors that I believe contribute to the wealth gap are income and race inequalities. As the gaps widen within those two factors, the wealth gap in the United States continues to grow exponentially.
Is there a difference between being rich and being wealthy? Yes. In my opinion, to be rich means to make a lot of money. As the rich get richer, that also means they might accumulate more debt. From mansions to expensive cars, their liabilities exceed their assets. To be wealthy, means to have …show more content…
However, it is no secret that white men make the most money in the race and gender categories. This will remain a fact for a very long time. So with such a disadvantage, how will we ever close or decrease the gap in wealth in America? It initiates a chain of events that will continue to perpetuate the inequality in race and income. A non-white professional can work as many hours, if not more, than a white person and will still not make as much money. Then as the non-white professional continues to work and struggle to make ends meet, he will be unable to save any portion of his income. He will not be able to save for retirement, an emergency fund, or to purchase a home. As the non-white professional works from check to check, he will also accumulate debt. Many times, this debt exceeds their income. Non-white families have less assets than white families because of their inability to save money. These inequalities bleed into other categories that are disparaging for non-white families. For example, non-white families have fewer assets and have more student loan debt. If there is no money saved, there is no money to purchase a car or home. In turn, not many non-white families are home owners.
Looking at the big picture, the wealth gap will not change anytime soon. Year after year, it gets a little wider and wider. If I was asked on how to fix the wealth gap, I honestly would not know where to start. Racial and gender inequalities have improved over the years, but not significant enough to help the gap. There are many inequalities that are against non-whites that it makes it discouraging to even
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