Most Americans continue to believe that hard work and ambition determine success. In this article Janet Yellen points out some trends in wealth and income inequality. She says that the significant income and wealth gains for those at the top have caused the gap in income between Americans.
According to the authors of a study on Sweden it showed that they rank high in income mobility but they suspect that Sweden’s emphasis on high income taxes keep the self-made from accumulating lots of wealth, while very low taxes on capital keep wealth in rich families. Citizens of the U.S. have economic freedom and with that some people work hard and others don't so I think that income inequality is just a result of a nation of people having economic freedom.
According to the authors of a study on Sweden it showed that they rank high in income mobility but they suspect that Sweden’s emphasis on high income taxes keep the self-made from accumulating lots of wealth, while very low taxes on capital keep wealth in rich families. Citizens of the U.S. have economic freedom and with that some people work hard and others don't so I think that income inequality is just a result of a nation of people having economic freedom.
There is a lot of income inequality in the United States, and that is a problem that has to be fixed; however, I do agree with Dinger's point. When a person works harder than somebody else, the hard-worker will usually make more money. That needs to be rewarded without the big difference in income inequality.
ReplyDeleteyeah I think that income inequality is not essentially a bad thing. If some people are working hard and are earning more money than others that's
Deletenot an issue, its called a good work ethic and using the economic freedom you have available in this country
Good point Kev. Everyone in this country is given a free education. it is up to them if they want to use it wisely. If you do not work hard in school and do not work hard on getting a good job your pay will reflect that.
ReplyDeleteI don't see a huge problem with inequality of income, the point of a free market economy is that people are able to acquire or keep wealth from past generations. Equality of income is the idea of communism and history would tell us that communism doesn't work out well.
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ReplyDeleteI do think that ambition and hard work plays a huge role in how successful you are. However, many children that come from very rich parents don't have to work very hard, but I would still consider them very successful. For example, Kim Kardashian had to do absolutely nothing to become famous. She became famous because of her last name. That's one of the things that bug me.
ReplyDeleteWith a free market economy its hard to make everyone equal. i think that hard work can do a lot to improve people situations.
ReplyDeleteIn my mind hard work will always win in a situation like this. Sure, some people have a disadvantage here and there. It is up to that person to work hard and make a life for themselves. Everyone has access to a free education, as Joel said. It is their job to work hard in school and strive for a better living
ReplyDeleteJust like that old saying hard work beats talent when talent doesn't work hard. In this world you get out what you put into it. So those people that get a free education should be there to learn and not take advantage of it. Because I'm sure some kid in Africa would love to get a change to learn like we do in public schools. But I also agree with hoss in some cases you get handed things in life like Kim K and it makes me sick that she had all that money for doing nothing.
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