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  • Essay / Personal reflection on the topic of economic inequality

    When I hear the word economic inequality, the first thing I think of is injustice, the distrust of income and wealth within of the country's population. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an original essay So I'm going to talk about the highest revenue shares. The chart shows us the share of income held by the top 10 percent, from 1979 to 2015. The United States was 25.30 percent in 1979, but since then the share of income held by the top 10 percent richest hundred rose to 30.20. percent. This represents an increase of 4.9 percent between 1979 and 2013. This shows us that the income held by the richest 10 percent is increasing. In my opinion, I think it's bad for the rest of the population because 30.20% is a large percentage of the US population that earns and earns a very large portion of the money earned. It's unfair because the owners of companies like Facebook, Apple, Tesla, Microsoft make so much money that their wealth increases dramatically, but that of their workers does not. They pay their workers a very small part of the money while the workers help the owners of these companies make money. There is no country where less than 20% of income is held by the richest 10%. Which is crazy because it's not fair, for it to be fair I think the percentage has to be less than 20 percent. The share of income held by the richest 10 percent in Iceland is only 21.30 percent, which is the lowest percentage of any other country. The highest share of income held by the richest 10 percent is in South Africa, at 51.3 percent. The conclusion I came to is that countries that are in poor conditions tend to have a higher percentage than countries in less poor conditions. The income of the United States is divided in the same way that the share of income held by the richest 20 percent is 46.45 percent, the share of income held by the richest 20 percent is 46. .45 percent. the fourth 20 percent is 22.72 percent, the income share held by the third 20 percent is 15.42 percent, the income share held by the second 20 percent is 10.31 percent and finally, the share of income held by the lowest 20 percent is 5.11 percent. This data was collected in 2013. This data shows me that income generated in the United States is distributed in a completely unfair way. The top 20 percent earn 46.5 percent of the money, while the bottom only earn 5.11 percent, which is crazy because the difference is so big and even the fourth 20 percent earn 23.6 percent of income, or almost half of income. Top 20 percent. I remember during Economy 201 we looked at the recent survey and the percentage was much higher for the top 20 percent in 2018-2019. Overall, the rich are getting richer, the poor are getting poorer, we need to make a change to the system to make it fair for everyone. I think too much economic inequality is bad for society because then people won't have as much motivation. make money because nothing would be fair. This will also reduce economic growth, which is bad for the country. I'm not saying that a little economic inequality is bad, but too much inequality is bad for the economy because it will change a lot of.