December 22, 2023
Income and wealth inequality are contentious issues in the United States. The mainstream media often declares that millionaires, billionaires, and capitalists take more than their fair share of income and wealth, but this is highly inaccurate.
While income inequality is a reality in every country, wealth distribution in America is relatively equitable compared to other nations.
Pre-pandemic numbers showed that 100 million Americans were in the top 10 percent, and over 19 million Americans were in the top 1 percent globally.
According to 2021 figures, the top 1% in the U.S. holds 35.1% of wealth, in contrast to Germany (31.7%), China (30.5%), and Canada (25.1%). More extreme disparities exist in Russia (58.6%), Brazil (49.3%), and India (40.6%).
Concerned leftists obsessing over inequality should tackle rampant inflation and stop supporting the destruction of our local economies and regional small businesses. If they really care about average Americans, robust tax incentives for working married couples with children could be a valuable step.
Furthermore, why don’t they work on a robust home-buying and affordable mortgage program for working families with children instead of allowing crony corporations to purchase all the single-family homes and shock the system by gobbling up the housing supply and jacking up rental prices?
Inequality exists even in socialist and communist countries, making it impossible to eliminate all forms of inequality worldwide. According to Edward Paul Lazear of the Hoover Institute, China’s shift from a communist system to a market-oriented economy between 1985 and 2010 led to an annual income growth of 9.6 percent.
The fact stated above is one of the best examples of the magic of a market-based economy over the false promise of socialism. China’s transition from a communist economy to a hybrid (state-supported) market-based economy proves that what Adam Smith, Hayek, and dozens of other free market economists have been saying for hundreds of years is irrefutable. The free market works.
https://link.theepochtimes.com/mkt_app/business/the-truth-about-income-inequality-in-america-5551920?utm_source=andshare
