Economic Inequality

Paper Summary:

This paper examines how America was built on the ideal that those who contribute to the nation's economic growth should reap some of the benefits and how, over the last two decades, however, the benefits of growth have been skewed in favor of the wealthiest people. It looks at how recent changes in the economy have benefited society, bringing greater wealth and lower employment rates to the country. It attempts to analyze whether this economic growth can achieve the necessary social goals of the nation, which aim to reduce poverty and the income gap between people.

Outline
Introduction
Causes of Economic Inequality
Arguments Concerning Economic Inequality
Conclusion

From the Paper:

"In the early 1980s, trade and technology resulted in a "blue-collar disaster" because families struggled to maintain "living standards only by having fewer children, putting more members to work, and running up debt" (Allen, 1999, p. 1). Many people expressed outrage that people got poorer, while the country was obviously growing richer. However, there is a simple explanation for this. Although the country's economy was growing, but the "pieces were very unequally divided. The size of some people's pieces were growing faster than the pie itself is growing, which means other people's pieces had to shrink" (Watkins, 1999)."

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