Inequality Has Increased Over The Last Decades - 1632 Words

There is data that anyone can Google which shows that inequality has increased over the last decades. The concentration of wealth is becoming denser on a very tiny parcel of the population and it seems there are no signs it will ever reverse. Taking a historical perspective, the increase in U.S. income inequality in recent decades is strikingly similar to the increase that occurred in the 1920s. In both cases there was a boom in the financial sector, poor people borrowed a lot, and a huge financial crisis ensued. Not discussed nearly enough is how there are more than 200 American CEOs/politicians in the Panama Papers. Perhaps corruption in America has become so normalized that people do not care or even understand the scale of inequality†¦show more content†¦This essay will set out to show that there is no moral reason people should hoard obscene amounts of wealth while millions are starving and going without adequate shelter, education, healthcare, and many other utilities that should be thought of as basic rights. It will then provide a detailed summary of solutions on how to tackle socio-economical inequality in light of excessive compensations to CEOs and the rest of the 0.1%. Inequality is not that cause of every problem as much as it is one of many effects that all share the same cause. The reason why CEOs receive so much and why almost all new income has gone to the top 1% is because of money’s huge influence on the political process. The corrupt campaign finance system is actually the root cause of excessive CEO compensation and high inequality. The philosophical desert view contends that if employee pay cannot be drastically increased, then the CEO pay must be drastically reduced. With this framework, it s quite easy to understand and agree with the fact that the rich are richer and the poor are poorer and that this is morally unjust. Following this reasoning, the most logical solution is to take from them and redistribute down. But first, lets examine why people want to keep CEO compensation high. Many people have bought into the supply-side lie of economics known as trickle down, which mean tax cuts for the wealthy. But as everyone should be able to see,