Income And Social Class Inequality - 1281 Words

INCOME AND SOCIAL CLASS INEQUALITY IN AMERICA This paper will review and analyze the relationship between income inequality and society, and how social class brackets came to exist. We will also cover the factors that contribute to the downward mobility experienced by the middle and lower-class members of society in America. There is a very close relationship that exists between income inequality and social class. Many families experience set-backs as a result of the growing income inequality in America, which causes downward mobility. This makes it difficult for households to make ends meet for their families. There are many factors that have contributed to the growth in income and social class inequality which have not only affected the daily lives of families and individuals in our society, but also our economy. Before moving forward, what is income? Income is defined as â€Å"the value of goods and services that society produces through the interaction of the factors of production – land, labor, capital, and entr epreneurship.† (Ryscavage 1999) Today, our economy is among the largest and strongest in the world, yet the worry of growing income inequality lies beneath. Most economists agree that income inequality has grown to be more and more unequal in recent years. Changes in society have also contributed to this. While the causes of this growth of income inequality are uncertain, there are many obvious factors such as deteriorating quality of jobs, corporateShow MoreRelatedEconomic and Social Costs of Inequality in Australia785 Words   |  4 Pagesthe economic and social costs and benefits of inequality in distribution of income in Australia. Income inequality describes the extent to which income is distributed unevenly among residents of an area. 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