Required Resources
Read/review the following resources for this activity:
• Textbook: Chapters 5, 6, 7, 8
• Lesson: Week 3, 4
Instructions
Choose one question from each of the question sets below (2 sets total). In other words, you will be answering two questions total (1 from each set).
...
Running head: INEQUALITY IN INCOME 1
Student Name
Chamberlain University College of Nursing
SOCS 185N
Summer 2019 INEQUALITY IN THE U.S. 2
Inequality in Income and Wealth in the United States
Often in life people, are told “work hard and you can make a lot of money”. That is easier
said than done. In the United States, there are often inequalities that make this statement almost impossible. This paper will look at the differences between income inequality and wealth inequality in the United States, explain the racial wealth gap, and explain some characteristics of the U.S. poor. Being rich and being wealthy are two different things. Rich refers to the amount of money one makes. Wealth refers to the amount of assets or worth one has. One might assume that if you are rich, then you are wealthy because the more money one has, the more assets one can get. That is not always the case. It depends on how a rich person spends their money. Wealth
is something that is usually acclaimed over time. It is the total “net worth” of an individual’s possessions. This includes: their house, land, car(s), savings, investments, insurance policies, bonds, and/or stocks (Kendall, 2018, p. 205).
In the United States, there is inequality with income and with wealth. Income inequality refers to the uneven distribution of pretax money that is received between the poor and the rich. Wealth inequality is the uneven amount of assets between the rich and the poor. Race seems the common issue for the inequality in the United States. There is a large difference between the “2014 median annual income of $35,000 for African Americans compared to 60,256 for non-
Hispanic whites and 74,297 Asian or Pacific Islander households” (Kendall, 2018, p. 205). According to our textbook, inequality wealth is even worse than the inequality income. If a person was to receive less income, it does not break them because they have their wealth or assets to back them up. The large separation between the percentage of wealth among non-
Hispanic whites versus the percentage of wealth among Hispanics and African Americans is
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