Economic Inequality

 Many would say that people of color do not work as hard which leads to them having a hard time developing a steady income and acquiring wealth. Some Would believe this then creates a cycle in the culture that leaves them disadvantaged. In actuality what happens is that colored people have had laws against them that have only recently been removed that left them disadvantaged in comparison to their  white counterparts. An Oxford article states, "Yes, our own hard work and life choices matter. But as we will see in the data, these matter much less than the one big thing over which we have no control: where and when we are born." (Roser, 2013) Since they have been disadvantaged, going to college and getting a degree that would help get a better job with more benefits, pay, and flexible hours becomes a very difficult task.  This then leaves colored people stuck in a low income household who will continue to live paycheck to paycheck and have a very difficult time gathering wealth whether that be through purchasing assets such as a house, car, etc. What is clear is that this cycle is caused by a lack of wealth. When a family has wealth they can increase their chances of guaranteeing their child better success in their financial endeavors. Since colored families have a harder time acquiring wealth it makes sense that their children would find it difficult moving themselves up the economic ladder because they have to find themselves a job to make ends meet as soon as independence is achieved because they do not have the support financially from their parents. The Scientific American even has a sruvey where, "Americans overestimated the amount of upward social mobility that exists in society." (Fitz, 2015) There have been many different recommended methods in which people have brought up in order to counter economic inequality in America. In my personal opinion I believe that tax brackets and percentages need to be adjusted so that the wealthier have higher percentages to account for their higher wages. I say this because I truly believe that there should be a limit to one's personal wealth. However, I do see the problem in saying that because where is the line drawn? Would that mean that no more large companies can form since that would mean that someone has too much wealth for investing in their business? Either way I truly believe that one person should make billions and that putting it towards an asset like a mansion is unnecessary because mansions generally house one rich family instead of the multitudes that it could, which I believe is a general waste of space. It is over luxurious things like this that make me believe that taxes should be imposed on the higher class so that crumbling communities can be righted and the economic classes can reach a better state of equilibrium. It is this hoarding of wealth that helps secure one family's offspring 100x over that bothers me because it could be better spent helping a family that can not guarantee their child's future due to circumstances that they can't prevent.

Roser, M. (2013, November 24). Global economic inequality. Our World in Data. Retrieved March 6, 2022, from https://ourworldindata.org/global-economic-inequality

 Fitz, N. (2015, March 31). Economic inequality: It's far worse than you think. Scientific American. Retrieved March 6, 2022, from https://www.scientificamerican.com/article/economic-inequality-it-s-far-worse-than-you-think/

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