This website uses cookies to ensure you have the best experience. Learn more

Truth About The Income Disparity Essay

1939 words - 8 pages

Truth about the Income Disparity
Recently, President Barack Obama announced his plan to rein in the compensation of executives and raise tax rates on capital gains. This has again brought the topic of America’s widening income gap to the front page. While it is true that the wealth of America has long been dominated by a small number of people, most Americans do not see it as economic inequality or an obstacle to the development of the economy, which can be explained from two aspects—culture and economy. Instead, the real problem is the workers’ slow-paced wage increase, especially compared with the rising health care costs.
Admittedly, most of the household income and wealth in ...view middle of the document...

As to the reasons behind poverty, the individualistic reasons were weighted much more than the external social factors (Ladd and Bowman, 29). So in conclusion, the idea of equality to Americans is more of an issue of the equality of opportunity instead of the distribution of income and social status.
Some skeptics, however, might doubt the “equality of opportunity” in America. As in the article “The Growing Gulf between the Rich and the Rest of Us”, Holly Sklar condemned that the “rules” sometimes are rigged to favor politically powerful group, like Bechtel, which obtained the hurricane reconstruction contract without any bidding even though it is famous for over cost and awful work (309). Whereas it is true that corruption does occur, it does not necessarily follow that giving the contract to Bachtel had nonsense because only a big and powerful company that has enough capital and capability could do such a huge project as a hurricane reconstruction contract. But on the other hand I do agree that if you choose a big company, at least choose a company capable and responsible enough. Yet, people with some socialism value will probably suggest otherwise and argue that the work should be divided among regional construction companies. It can be done and actually would be better to offer the reconstruction work to several local companies since it can boost the local economy. But giving the contract to a national and competent big company can also benefit the local economy. After all, the company will always have to buy some amount of raw materials and hire personnel locally. Moreover, compared with those local and small companies, big corporations do have advantages on capital and skills. Cooperation between local and national companies, however, might be a good compromise to resolve the conflict.
To some extent some scholars find the term “income inequality” inaccurate and misleading to describe the current growing income gap. Although it is acknowledgeable that the gulf between the rich and the rest of America is growing at a dramatic pace, I still maintain that the term “income inequality” exaggerates or mistakes the current situation of income gap. As estimated by Mr. Reshef, the income disparity from 1980 to 2005 was largely due to the rising pay in the finance sector, and the percentage can be as high as 21 percent (Devis and Frank, A1). Yet, as Fred Whittlesey put it, because in most cases those CEOs and CFOs are managing the largest public corporations across America, or even the whole world, “we might expect these individuals to be at the top of the pay hierarchy”. The pay for company executives or top talents in the finance industry is the reward for their skills, personal hard work and the risk they take (Ip and McKinnon, A.2, and Ladd and Bowman, 29). Here you might argue, “how about those people living under poverty line? They have nothing, and their life is at real risk.” Admittedly, compared with poor people, CEOs and highly...

Other Papers Like Truth About the Income Disparity

The Truth About Witchcraft Today by Scott Cunningham

1045 words - 5 pages This is a paper written about my impression of “The Truth About Witchcraft Today” by Scott Cunningham. To explain my commentaries I have to state a something about myself that you don’t really care to know. I have been introduced to Wicca before, know many wiccans and sometimes considerer myself a wiccan. But after reading this the most I could call myself would be “Non-practicing Wiccan” I hold wiccan beliefs to my heart but have never tried

Business Ethics & Professional Responsibility - Should The United States Care About Income Inequality?

1807 words - 8 pages Business Ethics & Professional Responsibility - Should the United States Care About Income Inequality?Income inequality represents a threat to US political, social and economic stability and should be addressed via a progressive tax code directed towards promoting social mobility.Why should we care about income inequality?1. Income inequality impacts the United States' well-being via reduced overall marginal utility. The consumption of

The Truth About Religion

564 words - 3 pages Religion Jenny R. Jackson Axia College University of Phoenix Religion {draw:frame} {draw:frame} {draw:frame} The truth of the matter is religion was formed in the beginning when the earth was created. For one can clearly see by reading the book of life, The Holy Bible, it states in Genesis 1:1 “In the beginning God created the heavens and the earth,” thus it can be said that the foundation of humanity is christianity through Jesus Christ

The Truth About Travel & Tourism

3217 words - 13 pages are spurred by the arrival of wealthy tourists to capitalize on a new potential source of income. Abandoning tradition, they find themselves employed in the production of tourist souvenirs and sights, merely staging long-standing traditions for the entertainment of Westerners, suggesting that such cross-cultural encounters foster more rapid progression towards joining the ranks of those selling more than their souls, but their identities and

The Truth About The Atkins Diet

1081 words - 5 pages your personal feelings are regarding the Atkins diet it has proven to be an effective source and diet regimen for individuals all over the country yet understanding that it is not designed for everyone.Do you need more energy? How about boosting your self-confidence? Would you like to feel more attractive? Have you ever wanted to lose weight and keep it off? How about minimizing the risk factors for certain diseases? In the past, did you think that

Truth About Vitamin C and the Common Cold

1192 words - 5 pages when taken daily it may assist in reducing the symptoms, duration and severity of the common cold. (Gwaltney, 2002) This review will give insight into the truth of Vitamin C and the common cold outlining the validity and truth behind the treatment with investigations of over 20 studies examined. The common cold Viruses are the main cause for Nasopharyngitis, commonly known as the common cold or Upper respiratory infection. Treatment usually

Discrimination And Disparity

801 words - 4 pages times, disparity is a product of discrimination or vice versa. The following essay will discuss discrimination and disparities that exist within the criminal justice system as well as a contrast and comparison of the two terms. The definition of disparity is the condition or fact of being unequal, as in age, rank, or degree; difference (free dictionary, 2009). Disparities can also exist in gender, income, sexual orientation, race and ethnicity

Racial Disparity In Sentencing

1914 words - 8 pages factors of racial disparity occur in the sentencing process without many acknowledging the existence and the damages that racial disparity, discrimination, or racism creates for the minorities throughout the world. Stereotypes discourage truth to society and focus on the negative perceptions whether the minorities are good or bad. Sentencing is not about the color of skin, ethnic background, sex, gender, or community and neighborhood; the sentencing

Income Inequality in Canada

814 words - 4 pages ranks only behind the United States (20 percent), Great Britain (12.9 per cent), and Germany (12.7 per cent) in terms of income disparity among the 18 relatively rich countries compared. So why are the rich doing disproportionately better than everyone else? The report highlights three possible causes of income inequality in Canada and also other countries in the world. The first cause is that free trade is pushing up the wages of skilled

Decreasing Health Disparity in the Hispanic Community

1063 words - 5 pages Decreasing health disparity in the Hispanic community Grand Canyon University Family Centered Health Promotion NRS-429V-O50 Decreasing health disparity in the Hispanic community About 36.6% of the population in the U.S belong to or identifies as one of the 5 ethnic minority groups. These groups are Native Hawaiian, Hispanic or Latino, American Indian or Alaska Native, Asian, African American or Black, or Pacific Islander. The U.S has

Minorities in Prison

2149 words - 9 pages disparity will continue. However, it is unfair to place the blame on the judicial system alone. Studies show that minorities are engaging in more crime for various reasons. Families living in poor housing conditions provided by the government, suffering from hunger, and plagued with poverty is a sad reality and an ugly truth that no one wants to address. People are relying on the government to fix this problem, but if people were more proactive the

Related Essays

The Truth About The Truth Essay

2311 words - 10 pages PH100 Introduction to Philosophy Major Essay: “The Truth about Truth” 20074489 Q: What is Truth? Defend your argument by referring to at least two of the theories of truth, e.g., correspondence theory, coherence theory or pragmatism etc. What is Truth? Compare and contrast two theories about truth. Which one do you support? (Give reasons) According to the Oxford English Dictionary, the definition of ‘truth’ is; ‘conformity

The Truth About Marijuana Addiction Essay

932 words - 4 pages The Truth about Marijuana Addiction Pamela D. McKoy Liberty University Online Abstract The commonness of abuse and addiction of marijuana has progressively grown among adults and youth worldwide. The use of marijuana is so mainstream that it has taken on a legit aura to the point that it is condoned and in many areas even legal. There have been numerous legal and social clashes over the legalization and medical use of marijuana. This paper will

The Truth About The Fashion Industry

4610 words - 19 pages The truth about the fashion industry – Size zero to fashion hero? In this report I will be discussing the fashion industry and the topic of size zero in both men and women. My project title is ‘The Truth about the Fashion Industry’. The way in which this project allows me to fulfil this assignment is that it will inform everyone in or are interested in this topic. The way in which I will monitor my progress against my project plan is that I

Family Dynamics : The Truth About Lying

1186 words - 5 pages dating someone who might not have met her parents? expectations and requirements. In addition, Her mother would have been upset, since she had made Rosie promise to her to never marry(26). Rosie decided that it would be best if she did not let her parents know about the secret meeting with Jesus, so that there would not be a risk of losing the help of his family and causing conflict in her own family.What would have happened if the truth was