Rift of Inequality

I just read the article "Inequality Is Holding Back the Recovery" by Joseph E. Stiglitz, which is about economic growth and inequality in America. Here's my take on what Stiglitz was saying in his article. The article starts out talking about the 2012 Presidential election. In this election, each side debated important economic issues: the uneasiness of the current economy and the growing divide between the 1% and the rest– an inequality of outcome and opportunity. Politicians talk about these things as separate events, but they are closely intertwined. Inequality restrains economic growth. The extent of the country’s inequality is a serious threat to America’s population. After 40 years of increasing inequality and the largest economic downturn since the Depression, America still hasn’t done anything to help. The middle class is too weak to support consumer spending, which has historically driven the USA’s economy. Inequality is continually increasing, making more than 1/5 of the children in America poor– which puts us behind countries like Bulgaria, Latvia, and Greece. Income and wealth are now the main goal in America; no longer the dream of a better life that attracted immigrants so long ago. Even if the economic part was ignored, this type of inequality is putting stress on social and political life. Despite Obama’s commitment to help all Americans, the recession has put a damper on political support and increased unemployment rates. As prices plummet, so has wealth– many are left with negative net worth, and student debt is now about $1 trillion. The Presidential Administration should’ve started rebuilding the economy from the bottom up, allowing people to pay off debts and keeping the youth in school. The Bush administration is mostly to blame– his steep tax cuts and wars in Iraq widened the division between rich and poor. As Obama’s second term begins, everyone must face the fact that the country cannot grow quickly, be it economically, socially, or politically. Everyone must ask themselves how much growth they would be willing to sacrifice for a little more equality and opportunity.

I think that Stiglitz felt strongly about his topic. He truly wanted the reader to know how intertwined economic recession and inequality are, and how each affects the other in a sort of never-ending loop. He used very strong, convincing sentences and words (almost exaggerated) that made me stop and think about what he was saying. "Skyrocketing inequality," "Severe... cycles that make our economy more volatile," and "Stifling and squelching our economical growth" were a few of the sentences that stood out to me. Although the article was mainly about money and the economy, it was still very thought-provoking. 

The article made me think about inequality and how great rifts are formed between people because of race and economical situation. Those who have more money and security feel confident taking their own path in life and seize good opportunities. Those who don't can be left behind; they can be, even today, often socially disregarded. They can't take the risks that others can, and therefore can't help the economy and society grow as much. I think that this shows how much we need to consider others and hold everyone as equal to ourselves. No matter what situation someone is in, they have feelings, thoughts, and dreams that everyone should encourage to grow. If they feel small or uncared for, they will almost always end up pushed below the surface. What are your views on this topic? Please leave a reply.

~Adrian

BIBLIOGRAPHY:
Stiglitz, Joseph E. "Inequality Is Holding Back the Recovery." Opinionator. The New York Times, 19 Jan. 2013. Web. 22 Jan. 2013.