Sunday, September 29, 2019
American lower class.
This article was written to highlight the growing disparity between lower middle and upper classes in the United states. Over the past few decades the median incomes for each group has dis-proportionally grown, with upper class growing the most. As this income gap increases more Americans fall out of the shrinking middle class and move closer to low income. This will have a dramatic effect on Americas mainly consumer driven economy as lower earners have a much lower percentage of disposable income to be spending. While many have ideas as to solutions to the trend there is much debate over the actual method to take.
https://www.cnbc.com/2019/09/28/how-much-the-american-lower-class-earns.html
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Interesting article you found here. I was unaware that such a large percentage of households is considered lower class at about 30%. It will be interesting to see if taxation on the upper class is ever increased.
ReplyDeleteWith incomes disproportionally growing I think it will interesting to see how future tax reforms will either benefit or hurt the middle class. As Trump continues to have low taxes on the rich, the income inequality will only increase, but it will be interesting how future reforms play out.
ReplyDeleteThat's an interesting point Nick, I think if this becomes a serious issue than Trump will try to make a tax reform that will help our economy grow. I mean that's the ultimate goal of any president, it's just whether if their capable of making the right decisions to do that. One of Trumps major goals coming into presidency was to make jobs and make unemployment decrease, I wonder how he'll handle this situation.
ReplyDeleteThis is an interesting article especially because we are currently learning about inequality in our economic development class. One of the key pillars for economic growth is a balance in the distribution of wealth. As the income gap continues to grow I'm sure the rest of the economy will begin to feel the side affects.
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