Instancesof Wealth Disparity in America
Theproblem of wealth disparity has always existed in the United Statesof America. Wealth disparity is also referred to as wealthinequality, and it relates to the unequal distribution of assetsamong the American citizens as well as residents of the country.Recently there have been some instances that have been picked out toshow the problem of wealth disparity that has become an enigma in thecountry.
In2007, a study showed that the top 10% wealthiest individuals in thecountry owned 80% of all financial assets. That would mean that thesmall portion of individuals actually controls most of the financialresources in the country. The richest 1% of the American people owned34.6% of the country’s total wealth. It is a clear indication thatonly a small portion of the population is well of financially. Theother 19% controlled 50.5% of the money held by the state. That wouldamount to the top 20% owning 85% of the country’s total wealth.That means that the bottom 80% owns the remaining 15% (United StatesCensus Bureau).
Thesituation was no different in 2011. The inequality in financialassets was even greater compared to the total wealth. The top 20% whoare the crème de la crème controlled 93% of the country’s wealthwhile the remaining 7% was controlled by the other 80% (United StatesCensus Bureau). There also exist racial disparities since the blackssince to be relatively poorer compared to other groups in thecountry.
Theeconomic disparities need to be corrected and controlled, and thatcan be done through various means. The government needs torestructure its money allocation bases so as to cater for theeconomically strained. The state also needs to put in place measuresto control inflation levels, and that is possible through controllingthe money market and the goods market (Belsie). The government alsoought to strengthen unionization so that the unions can fight fortheir employees and empower them to bridge the wealth gap.
Belsie,Laurent. "The Causes of Rising Income," 1 Jan. 2007. Web. 3Dec. 2014.
"UnitedStates Census Bureau." Income:About Income.1 June 2012. Web. 3 Dec. 2014.