Most people in the United States believe that one of the major problems in America is inequality. Paul Krugman, the recipient of the 2008 Nobel Prize in Economics and the author of
“Confronting Inequality” believes that as well. He states “The lack of clear economic progress for lower- and middle-income families in itself is an important reason to seek an equal distribution of income” (561). Krugman states that he believes that the rich keep getting richer and the poor are getting poorer is the main problem of inequality. Brandon King who wrote “The
American Dream: Dead, Alive, or on Hold?” also agrees that inequality is a major problem.
Many people believe it is killing the American Dream that each individual can, through hard
working …show more content…
Although lower and middle class do not have as much money as the upper class it doesn’t mean that anyone cannot be “rich”. Anyone can put in work and get more money for their self if they believe and work hard enough. The main points that were touched on by Krugman and King were: the wealthy, the economic classes, and inequality.
Krugman believes that “vast income inequality inevitably brings vast social inequality in its train” (563). Krugman points out that not every American can afford to stay the night in an eleven-thousand-dollar hotel suite, and that many Americans in the middle-class can barely
Matjazic 2 afford to buy a house. With this King states “to many, the most worrisome problem is inequality: that wealth is concentrated into the hands of a rich minority” (612). I agree with the Krugman, it seems way too unequal how one person can be born into a family and automatically have more money than most people in the United States without having to lift a finger. Nonetheless, he is right, the upper-class has a majority of the money in the Nation and mainly only desire to …show more content…
While in the same survey, they were asked what it was to be successful. Most people in the survey stated things like financial stability and a struggle free retirement. With this information, King believes that “the American Dream of today is a trimmed down version of its former self” (611). However, Krugman believes that America is moving into a new “Gilded Age” because of all the sharp class distinctions.
The United States is divided into three economic classes: The lower-class being the poor, the middle-class being the average American who has a steady job, and the upper-class which is described as anyone who makes more than the average American. The average American makes around $50,000 a year. King describes the upper-class as the “rich minority” which is absolutely true. The percent of people that are in the upper-class is around one percent. King states “some economists and politicians argue that supporting the richest sectors of the American economy will bring economic stability and a full recovery” (613). He then states “I agree: government funding for Wall Street and struggling businesses makes the economy healthier” (613). I
“Confronting Inequality” believes that as well. He states “The lack of clear economic progress for lower- and middle-income families in itself is an important reason to seek an equal distribution of income” (561). Krugman states that he believes that the rich keep getting richer and the poor are getting poorer is the main problem of inequality. Brandon King who wrote “The
American Dream: Dead, Alive, or on Hold?” also agrees that inequality is a major problem.
Many people believe it is killing the American Dream that each individual can, through hard
working …show more content…
Although lower and middle class do not have as much money as the upper class it doesn’t mean that anyone cannot be “rich”. Anyone can put in work and get more money for their self if they believe and work hard enough. The main points that were touched on by Krugman and King were: the wealthy, the economic classes, and inequality.
Krugman believes that “vast income inequality inevitably brings vast social inequality in its train” (563). Krugman points out that not every American can afford to stay the night in an eleven-thousand-dollar hotel suite, and that many Americans in the middle-class can barely
Matjazic 2 afford to buy a house. With this King states “to many, the most worrisome problem is inequality: that wealth is concentrated into the hands of a rich minority” (612). I agree with the Krugman, it seems way too unequal how one person can be born into a family and automatically have more money than most people in the United States without having to lift a finger. Nonetheless, he is right, the upper-class has a majority of the money in the Nation and mainly only desire to …show more content…
While in the same survey, they were asked what it was to be successful. Most people in the survey stated things like financial stability and a struggle free retirement. With this information, King believes that “the American Dream of today is a trimmed down version of its former self” (611). However, Krugman believes that America is moving into a new “Gilded Age” because of all the sharp class distinctions.
The United States is divided into three economic classes: The lower-class being the poor, the middle-class being the average American who has a steady job, and the upper-class which is described as anyone who makes more than the average American. The average American makes around $50,000 a year. King describes the upper-class as the “rich minority” which is absolutely true. The percent of people that are in the upper-class is around one percent. King states “some economists and politicians argue that supporting the richest sectors of the American economy will bring economic stability and a full recovery” (613). He then states “I agree: government funding for Wall Street and struggling businesses makes the economy healthier” (613). I