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Wealth Inequality Significance Educationally

A large jump in income has become a concern in inequality in recent decades and has had an increase in harmful social consequences. Information on this topic was being assembled by all available nationally representative datasets on college enrollment and completion. This sequence, in which allows us to determine what the relationship between income inequality and collegiate inequalities over the full century is , unravels that the long-known worry about income inequality is warranted. It was seen that the inequalities in college enrollment and completion were definitely low for cohorts born in the late 1950s and 1960s, also when income inequality was low, and then high for cohorts born in the late 1980s, when income inequality peaked. "The “income inequality hypothesis” holds that rising income inequality affects the distribution of a wide range of social and economic outcomes. Although it is often alleged that rising income inequality will increase the advantages of the well-off in the competition for college, some researchers have provided descriptive evidence at odds with the income inequality hypothesis."[1]

Racial Wealth Gap

The wealth gap between Black and white Americans has been lasting and constant. People should take it into consideration that right now the net wealth of a typical Black family in America is around one-tenth that of a white family. A 2018 analysis was conducted of the U.S. incomes and wealth written by economists Moritz Kuhn, Moritz Schularick, and Ulrike I. Steins and published by the Federal Reserve Bank of Minneapolis concluded, “The historical data also reveal that no progress has been made in reducing income and wealth inequalities between black and white households over the past 70 years.” The 2020 pandemic and its economic disaster in a short amount of time had a massively large toll on people of color, and many expected that it would widen the gap in various areas, including the aspect of wealth. At Harvard, studies were conducted by experts from different disciplines who are studying the problem to find its cause and possible ways to equal them out and ensure all have an equal chance to achieve the American dream. “If we want to undo the cultural infrastructure that is hand in glove with the economic and political racism and domination of people, we have to start very young,”Khalil Muhammad). [2]

Health and well-being

Income inequality in the U.S. has grown and surpassed people's expectations over the past several decades. The gap between rich and poor still is a problem, so is the gap in their health and well-being. "And actually, what's happening to the health of wealthier people is that it's remaining relatively stagnant, but the health of the lowest income group is declining substantially over time,"(Frederick Zimmerman). Income was seen as the biggest factor of differences in health outcomes. Health differences between the highest income group and lowest income group increased "really quite dramatically," he says. This concept should be seen as just an easy explanation of how people with more money obviously have better health because they can pay for those expenses whenever with no problem. For example, a study was conducted to have found that low education is seen to have the same number of deaths as heart attacks. A 2016 study showed that the average life expectancy of U.S. men in the bottom 1% of income distribution and is roughly equivalent to the life expectancy of someone in an unstable country, whereas men in the top 1% of income outlive the average man in all other countries, which is expected to be seen.``The study does a good job of showing that when it comes to health outcomes, "it's not always [immediately] about health." (Ramirez Valles). The studies indicate two policy recommendations, which are a revision of the minimum wage and a rethinking of our current taxation system.[3]