By: Niambi Allah, Alexus Ricks, AlJanae Caldwell, and Kyle Chater
A wealth gap is a separation between different peoples’ income or net worth in a given area. Wealth gaps are based on averages of people that make/have so a large wealth gap would be if some people are making $500k a year and then others are making $20k a year, with little amounts of people making incomes in between. In this present day, America has been dealing with having the third largest wealth gap in the world. However, even though USA is in back of Singapore and Hong Kong, America has about 68 times the GDP of both of them. This means that there are many different ways to develop a wealth gap. We are going to analyze how America’s capitalistic economy, our problems with race and gender inequality, and our built in “American Dream” incentive are the leading causes of our wealth gap.
A question that has been raised regarding the wealth gap is why is a wealth gap a bad thing? If the rich are earning honest money and have worked hard to get to where they are don’t they deserve it? Well the answer is that today’s economy is a very uneven playing field. People are born into the disadvantages that they have, it is a fact that white males make more money than any other race or gender person. So being born colored, or as a female, or in a poverty struck location, you are almost inevitably not going to have the opportunities to make a proper amount of money to live off of. So the answer is that the problem is inequality of opportunity, in reality, the richest people will most likely be born with the most opportunities.