Photo Credit: SheelaMohan
A recent article published on Yahoo Finance states that the top 85 wealthiest people in the world are richer than the bottom 3.5 billion.
As far as America goes an article from The Foundry states that the top 1 percent of Americans receive 15 percent of all the income.
In addition, the median income for Americans has remained stagnant or dropped over the last several years while the rich get richer. Of course, you also have to take into consideration that many of the studies performed on the subject don’t include government assistance, social security, employer benefits, or capital gains.
Also many of the bottom half of income earners are earning zero which heavily weighs the numbers.
So, what does income equality in America mean for me and you?
There is Opportunity Everywhere
Sure there are a certain set of circumstances that limits a person’s ability to earn more but this is usually the exception.
There is opportunity everywhere, if you’re willing to seize those opportunities. If you want to earn more money you have limitless options.
Since the birth of the internet it has become easier to increase your income. You can go to school online, learn about any subject you wish for free, start your own business, or work for a company from home.
What If You Come From Poverty?
Even if you are coming from poverty you still have the tools you need to improve your situation. One of my close family members is under the poverty line for his family size. However, after receiving government assistance in a few different forms he’s really not that bad off.
The poor in America still have so many resources available to them:
- Section 8 Housing
- Food Stamps
- Childcare
- Cash Assistance
- Medicaid
Low income earners have access to government assistance programs that can boost their income earning potential. Federal financial aid can fully cover tuition at a reasonably priced community college. In addition there are other scholarships and grants that students can apply for to help pay for education.
It’s About Mindset
You can spend all day complaining about the income inequality in America, but it’s pointless. The poor in America are still richer than many of the wealthy in other countries.
Every person has the potential to change his situation. Hard work and determination will be required but that should be a given. If you’re unhappy with your current income look for ways to increase it. Opportunities are out there waiting for you.
What do you think about income inequality in America? Does it matter?
Im on some points you’re making, I absolutely agree. All else being equal, there’s no reason we can’t pull ourselves up by our bootstraps. This is the land of opportunity, and like you said, we should all be able to take advantage of it. On the other hand, it’s not always as simple as it seems. If y
There are definitely a certain set of circumstances that would limit some people from increasing their income. Although I think there is a lot of opportunity in America if people are willing to seize those opportunities.