My final source is entitled distribution of Family Wealth, 1963-2016. It shows as time has progressed, wealth has gone up in every kind of family, but it has grown at very different and unequal rates. The bottom earners went from living paycheck to paycheck to now being in a lot of debt. The middle class has doubled their wealth from the 60s. The wealthier of earners increased fivefold and the top earners increased sevenfold. Now this source shows the redistribution of wealth. This leads into my topic of how to overcome the problem of the wealth inequality of America. This source does not take into account in order for the wealth of the middle class to go up, people have had to work harder. In the 1970s the middle class meant one person working and the other parent stayed home. However, in order to survive high inflation with wages not increasing at the same rate, two parents must work. There has been no limit on what the top earners can earn each year as they can reward themselves large bonuses for failing. Their earnings have grown exponentially while the middle class and the lower class have not grown at the same rate. As stated in my last youth voice post, in order to help solve this problem, looking at a progressive way, raising taxes on the wealthy can help shrink the gap. Another possible solution is raising the minimum wage to a living wage. It is unfortunate that now people cannot make it by with a minimum wage job. Other sources have revealed other alternatives such as fixing problems that have led to the major problem of wealth inequality. This could be changing the corporate tax code because with the current tax code, wealthy companies do not have to pay the same rate. By fixing other problems, the major problem can be fixed and American can lead to a better place. A place in which the American Dream can be achieved.
McKernan, Signe-Mary, et al. “Nine Charts about Wealth Inequality in America (Updated).” Nine Charts about Wealth Inequality in America (Updated), 4 Oct. 2017, apps.urban.org/features/wealth-inequality-charts/.Tags: Judge Memorial Catholic High School