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Wealth Inequality in the United States Perspective
Wealth inequality has increased sharply within the United States since the late 1970s. This inequality is due to a number of reasons which will be discussed in the paper. The gap within the wealth of different households in the United Stated had become quite severe since the times of the Great Depression.
The Concept of Wealth
Wealth can be defined as the current market value of all existing assets that are owned by the household nets as part of their debts. Also, assets can include all the financial and non-financial assets over which the right of ownership can be implemented and that facilitates different economic benefits to their owners. Another definition of wealth includes all the pension wealth that is held by individuals after their retirement and/or disbursementthrough life insurance companies (Saez and Zucman 5).
Surely, there is a notable difference between wealth and income. Income is quite commonly used to refer the amount of money generated over the period of time; however, wealth is a collection of owned assets.
There is surely not a single dispute over the fact that the United States has been undergoing a severe rise in income inequality for the last four decades. In an article published on Washington Centre for Equitable Growth by Emmanuel Saez and Gabriel Zucman it is found that a “total income earned by the top 1 pe…
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