The Growing Gulf Between Rich and the Rest of Us

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Throughout our nation’s history, the elite have held a strong political influence. They have helped shape the American political system, and have reinforced our nation’s self-image as a land of opportunity. But today, the growing gulf between rich and the rest of us threatens to erode our self-image and our way of life. Here are some steps the federal government can take to slow down or reverse the growing inequality in our nation.

American political system under influence of wealthy elites since American Revolution

Considering the recent Supreme Court decision in the case of Citizens United v. Federal Election Commission, one could argue that the United States is governed by a bunch of wealthy elites. Although the aforementioned decision hasn’t completely sunk the American political system, it’s still an issue.

There’s also a new buzzword sweeping the political landscape, the “super PAC”. This is a political entity that can pour hundreds of millions of dollars into campaigns. They are funded by big unions, billionaires, and other mega-billionaires. Although many observers see these groups as nefarious forces, the truth is that they are the driving force behind most US elections. In fact, super PACs have had a hand in more than half of the most recent presidential elections.

The fact of the matter is that super PACs and other forms of money politics are a huge problem for democracy. The best solution is to reform the system, but that will only be possible when a group of citizens reclaims their belief in government as an effective and ethical institution.

Cost and risks of capitalism have been shifted largely to those who work rather than those who invest

During the last twenty-five years of the twentieth century, the world economy changed dramatically. A lot of trade between developed countries occurs within the same industry. The standard economic models are not able to explain this growth.

One theory that can explain this growth is the supply chain model. Companies can use their economies of scale to move their basic operations to less expensive locations. This approach has helped create a new type of enterprise. It also frees up large amounts of cash.

Another theory is the Heckscher-Ohlin model. This theory suggests that factors of production flow easily over national borders. It is also good at projecting likely trade patterns.

A new entrant in an industry may find it difficult to compete with an established firm. However, a smart business leader can anticipate market shifts and take action. For example, a company may impose new efficiency standards on its truck fleet. They can also work with governments to phase out heat-trapping HFC chemicals. These changes can have significant economic consequences.

Rise of the working rich reinforces America’s self-image as the land of opportunity

Those who work in the upper class are not just rich. They also have the power to influence the government and make decisions about where to invest their resources. This group includes bankers, corporate lawyers, investors, venture capitalists, and top executives.

Upper class people often feel that they are superior to others, even those of lower income. They have a distinctive outlook and lifestyle. They attend private schools from pre-school to university level. They also live in expensive downtown co-ops and exclusive suburban neighborhoods.

In addition to working for large corporations, the upper class also plays an important role in shaping public opinion. Nonprofit organizations play an important role in public policy debates. Their members shape public opinion and ensure the stability of society. They are often called bipartisan or nonpartisan.

There is a growing gap between upper and lower class incomes. This gap has widened in the twentieth century. The upper class owns 35-40% of privately held wealth in the United States.

Steps the federal government could take to slow down or reverse inequality

Despite great economic progress globally, inequality remains a problem. It affects citizens’ well-being and political stability, and it creates distortions in the allocation of economic resources. Inequality can be addressed through a range of policies, and governments have the opportunity to alleviate inequalities.

In the United States, income inequality has risen dramatically in the last two decades. The share of national income earned by the top 1% of earners jumped by 2.5 percentage points, from 8% to 15%.

The economic crisis of 2008 highlighted the widening economic and social divide in America. The Obama administration has taken steps to combat inequality. He has invested in human capital, created pathways to good jobs, and created apprenticeships. He also expanded Medicaid to ensure all Americans have access to health care. He has also introduced College for All, which allows students attending public colleges and universities to pay no tuition.

While there are many factors that contribute to the widening income gap, taxes play a major role. The US tax code has become less progressive in the past 50 years. The top 1% of earners pay less in taxes than the bottom 50%.

November 28, 2022


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