How Income Inequality is Affecting People Essay - 856 Words

The disparity between the top income earners in the United States and everyone else is ridiculous. The rich continue to see huge increases in their income while everyone else’s rarely moves. Who is to blame for such a huge income disparity are Republicans, Democrats, neither, or maybe both? However, traditionally right wing republicans have favored reducing income taxes and corporate taxes for the top earners in the U.S. Republicans argue that Bush-era tax cuts on top earnings should be extended to stimulate the economy, while many Democrats back extensions only for lower earners(Marcia Clemmitt, 2010, para 1). While on the left side Democrats generally believe that more government spending can help bridge the gap between the rich and†¦show more content†¦For instance it has been reported that businesses that once thrived from a healthy middle class are now struggling to keep their doors open. This is in partly because the middle class is diminishing. People who once shopped or ate at middle class establishments are no longer going. Nelson D. Schwartz from the New York Times states, â€Å"As a retailer or restaurant chain, if you’re not at the really high level or the low level, that’s a tough place to be, you don’t want to be stuck in the middle.† Middle class restaurants and retail chains for example: Olive Garden, Red Lobster, Best Western, Sears, and JC Penney’s are among some of the middle class targeted companies that are doing worst than in past years. Companies that were once thrived have seen their profits decrease over the years. Schwartz reports, â€Å"Sears said it would shutter its flagship store on State Street in downtown Chicago, and J. C. Penney announced the closings of 33 stores and 2,000 layoffs.† It does not come as a surprise that companies are becoming aware of what is happening to the wealth distribution in America and therefore adapting. Investors are uneasy about the future of companies whose target is the middle class because businesses like Nordstrom and the Dollar Tree have doubled in value since 2009 (Schwartz). If this continues there might be a day where the majority businesses are only for the rich or poor end. Business usually attempt to adapt to target consumers depending on their spendingShow MoreRelatedThe Growth Of Federal Debt And Deficit Essay1653 Words   |  7 Pagesproblems affecting people throughout the country. These problems are ultimately affecting the growth of the United States. The growth of federal debt and deficit is seen as a major problem by the people of the United States especially when many people do not see the next president doing much more to improve it. The unbalanced labor market and immigration’s possible role in that has also been a discussion for many American citizens. It is important to also address the inequality regarding income. 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