Topic > Effects of Economic Inequality - 939

To advance into a higher economic class an individual must gain influence in their school or workplace, but it is unlikely that an individual would not have this opportunity because their parents did not have the resources needed connections that someone in the upper class would have. “At the top of the income classes is the upper class, also known as the 1% or 5% because this class makes up approximately 1 to 5% of the entire American population” (Alhanati). Upper class families consist of two types: those who have worked for a couple of generations to reach a higher position and those who have inherited their wealth. “Old money families are those who have had wealth in their family for at least two generations (sometimes many more), and have not necessarily had to work for an income. On the other hand, new money families consist of families who have only had wealth in their family for one or two generations, and instead of inheriting their wealth they worked hard to earn it (Alhanati). The middle class must create opportunities for future generations of that family to reach new levels of wealth, while the lower classes may not even have the opportunity to reach the middle class. Although some argue that there is no economic inequality, even after several attempts made by the US government to achieve economic equality, a satisfactory situation has not yet been achieved.