Question

Is income inequality in the US a major issue of our times?

Comments

Survey Cool entitled Income Inequality in the United States in 2019 this should valuable for you.

Answer 1

^{Certainly, income inequality is a major issue of our times. The top 1 percent of earners in the US now earn more than the bottom 50 percent, and the gap is growing. Inequality is also growing in other countries around the world.}

Answer 2

Yes, it is! See, the US has one of the largest income inequality gaps in the world, for a developed country. This is bad, basically because that wider the gap becomes, the more people live in poverty. You can see many problems increase in unequal countries - more teen pregnancies, more obesity, more incarceration rates, and more bad grades. Many economists also say that income inequality slows economic growth - because the middle class is shrinking and the number of impoverished people is increasing, it means that there are less people working in dynamic industries. Inequality weakens a country's middle class, shifting everyone into the lower class. The middle class ends up not being able to support the economy, which leads to economic slowdown. US economic growth has averaged 2.2%, which is a whopping 1.1% less than our usual average. This is all because of inequality.

Answer 3

It certainly is, in a nation with so much wealth it's shameful that it is distributed so unequally. For example, in 2015, the top 1% of US income earners, received 22% of all income - how can this be right, source: this infographic?

The problem is capitalism, which encourages the wealth of the few over sharing the wealth across “the many”. The issue has become tremendously worse over the past 4 decades and got even wider during the depression of 2008.

Until policy makers tackle this issue the situation will only get worse. We need tax reforms, increases to the minimum wage, reduced immigration, increased benefits, more regulation of certain industries (e.g. financial services) etc. These are just a few of the factors, it’s no one issue which contributes, its potentially hundreds, but in my opinion, the top 1% have a definite strategy of how they intend to become wealthier and wealthier at the expense of the remaining 99%.
 

Answer 4

I would not call it a major issue, although there are some people trying hard to make it a major issue. The premises are based on lack of understanding of simple truths and normal human behavior. What the country needs is for everybody to take a course in economics. You can find some very informative essays on the economics involved at fee.org

Answer 5

The economic and political impacts of inequality may include slower GDP growth, reduced income mobility, higher poverty rates, greater usage of household debt leading to increased risk of financial crises, and political polarization.

Answer 6

It is not an issue in the USA, but also in other countries. In fact, it is an old issue that the local people are dealing with. In the past, it is worse than now. I am sure that things will be changed if we reach the 15th Industrial Revolution.

Answer 7

Yes. Income inequality in the US is a major issue of our times, as it creates systemic disadvantages and undermines social mobility for many.

Answer 8

Income inequality has a variety of different meanings and is often used as a political issue. Some people may believe that it is a major issue due to the increasing income inequality between different classes of people, with those in the lowest class having less access to good jobs and therefore higher wages.