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For many years the American middle class has been the richest in the world, but as of lately, this has changed. This is due to the expanding gap between the wealthiest and poorest Americans. The richest Americans are becoming richer than the very wealthy of other nations, but this isn't necessarily good for our economy as a whole. The United States' income distribution is very skewed. Being a middle-class citizen is becoming harder, and it is becoming especially difficult to get by being poor in the US.
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ReplyDeleteIt is arguable that the American middle class is still fairly strong, as per capita income in the United States is $53,101. However, it is true that we do not have the highest per capita income in the world. In my opinion, if you want to improve social mobility, our government should continue investing in education, such as early childhood programs that help children learn early. Furthermore, one of the biggest costs that middle class people have to endure is medical costs. If we want to have a serious discussion about helping the middle class and all of America, then we need to think of true policies that will lower medical costs.
ReplyDeleteAccording to this article the statistics suggest that most of the American middle class are now paying a steep price for high and rising income inequality. The article also brings up the fact that the GDP of the US doesn't display the full story of the income disparities between people of the US.
ReplyDeleteI think this quote is particularly powerful, “The idea that the median American has so much more income than the middle class in all other parts of the world is not true these days,” said Lawrence Katz, a Harvard economist.
I think by identifying this issue we can start to formulate policies to help alleviate this disparity for all Americans. I think Americans are starting to recognize that this disparity is true and growing more and more--but only once we understand this, then we can make a change.
This shrinking of the middle class may be occuring but the United States is still a place for opportunity. That is the reason so many people come here to change their financial situation. Going off of above I think that if medical costs are a true concern that Obama care could be a lot of help in that area
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