News Of Economy

USA – Land of opportunity turning into a land of wealth concentration

January 20, 2012

The United States of America may be regarded as the prized land with opportunities galore for the ambitious men and women but recent economic facts have thrown some critical issues out in the open that might change the mindset of the rest of the world about the country’s economic equality, which is gradually dividing a society that could have serious repercussions in the long-term. According to a Congressional report, the increase in incomes of the top 1% of Americans has exceeded the total income of the poorest 20%. This particular data show how a massive proportion of wealth is getting concentrated in the hands of the ultra-rich with very little being distributed among the lower sections of the society. The income inequality in the United States of America has become a hot Presidential campaign topic with the Democrats blaming the President Bush-led Republican government of compromising local job opportunities by allowing American companies to outsource jobs overseas. According to Trudy Renwick, an economist with the Fiscal Policy Institute in New York, factors such as globalization, decline in manufacturing jobs, immigration, increase in low-wage service jobs and weakening of trade unions in addition to rising housing crisis have hurt the economic stability. Furthermore, dramatic rise in domestic and international stock markets have provided many opportunities for the rich to invest plenty of money in those institutions for a hefty return thus concentrating the wealth into a particular society. Talking about the political side, the Democrats have promised, if they come to power next year, to make America’s rich pay a large sum in the forms of tax so that the poor could be benefited. But if we look a bit further, we would see that the problem of economic inequality is a bit more related to the country’s foreign policy. America’s frequent post 9/11 war involvements have put intense pressure on the country’s economy. Large funds get invested in America’s wars in Iraq and Afghanistan and at a time when Washington faces stiff economic rivalries from the likes of China and India, the country must make sure that it keeps pace with the those challenges. As a developed nation, the US is expected to set trends but at the moment the land of opportunity is in danger of becoming a land of gross inequalities with the rich getting richer and the poor getting poorer.

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