Wealth Distribution and William Domhoffs Wealth, Income,...

In William Domhoff’s article, Wealth, Income, and Power, he examines wealth distribution in the United States, specifically financial inequality. He concludes that the wealthiest 10% of the United States effectively owns America, and that this is due in large part to an increase in unequal distribution of wealth between 1983 and 2004. Domhoff also states that the unequal wealth distribution is due in large part to tax cuts for the wealthy and the defeat of labor unions. Most of Domhoff’s information is accurate and includes strong, valid arguments and statements. However, there is room for improvement when identifying the subject of what is causing the inequality. The most important points made in Domhoff’s article are his statistics, the†¦show more content†¦William Domhoff’s claims in the article Wealth, Income, and Power, are, for the most part, very strong. He makes strong statements regarding the concentration of wealth in the United States, and backs them up with good sources throughout. The statistics used are valid, and consistent among many trusted sources. The only area where Domhoff’s argument falls short is when he references the causes of wealth inequality. In this portion, his argument is a bit weak and could be strengthened by considering other important factors effecting wealth concentration, rather than limiting it to two seemingly all-important issues. Overall, upon examination of Domhoff’s ideas and sources, he presents an accurate and fairly strong argument about the unequal distribution of wealth in the United States. 1 Edward N. Wolff. â€Å"Recent trends in household wealth in the United States: Rising debt and the middle-class squeeze - an update to 2007,† Working Paper No. 589. Accessed January 13, 2013, http://www.levyinstitute.org/pubs/wp_589.pdf 2 Hope Forpeace. †20% of Americans own 93% of American Wealth and They Should All Get Tax Cuts,† Newsvine. 2010. Accessed January 14, 2013. http://salemsage.newsvine.com/_news/2010/06/06/4471117-20-of-americans-own-93-of-american-wealth-and-they-should-all-get-tax-cuts 3 Arthur B. Kennickell. â€Å"Ponds and Streams: Wealth and Income in the U.S., 1989 to 2007,† Federal Reserve. 2009. Accessed January 13, 2013.Show MoreRelatedWealth Inequality Of The United States1216 Words   |  5 PagesWealth in the United States is generally thought to be distributed fairly as the highest earners have a higher percentage of wealth. Although this common notion is technically correct, the wealth is not spread as fairly as people might believe. The United States uses a free market, capitalistic economy, which entails wealth inequality. However, the amount of wealth inequality depends on how the government limits the wealthy. Interestingly enough, the government does not have regulations to distributeRead MoreImpact Of Wealth Inequality On The United States1220 Words   |  5 PagesImpacts of Wealth Inequality Wealth in the United States is generally thought to be spread fairly as the highest earners have a higher percentage of wealth. Although this common notion is technically correct, the wealth is not spread as fairly as people might believe. The United States uses a free market, capitalistic economy, which entails wealth inequality. However, the amount of wealth inequality depends on how the government limits the wealthy. Interestingly enough, the government does not haveRead MoreSocial Class in America1217 Words   |  5 Pagesthose who belong to a lower social class. The main reason opportunities are limited are because of America’s social inequality. The social class of America is separated into multiple groups that struggle with each other due to the inequality of power and wealth on the daily basis. Social class has always been influential in America even though many people put forth that someone’s social class is insignificant when building friendships or any other relationship. But the reality is that those thoughtsRead MoreOccupy Wall Street: Positive Impact of the Protest Movement in USA1235 Words   |  5 Pagesare the 99%. This group was initiated so as to address growing income inequality and unequal distribution of wealth in the United States of America between the wealthiest who are few and the rest of the poor people who are the majority In order to achieve their goals the protestors act on consensus- based decision which is being made in general assemblies. Economic and Moral implications involved in this movement includes, Income inequality; Many Americans live below the poverty line. More thanRead MorePrinciples Of Stratification On Society1547 Words   |  7 Pagesâ€Å"Classes in Capitalism and Pre- Capitalism† by Karl Marx, and â€Å"Who Rules America?† by G. William Domhoff. Davis and Moore examine stratification, social class, and positional rank and their effects on individuals and society. Marx examines inequality in society, the relationship between the oppressor and the oppressed or the bourgeoisie and the proletariat, and methods of production and their effects on society. Domhoff examines the roles of corporate communities and the upper class and how they impactRead MoreSome Principles Of Stratification By Kingsley Davis And Wilbert E. Moore1672 Words   |  7 PagesAmerica?† G. William Domhoff, examines the roles of corporate communities and the upper class and how they impact issues in America. Davis and Moore highlight the need for stratification within society and how it impacts different social classes. They argue â€Å"Starting from the proposition that no society is â€Å"classless,† or unstratified, an effort is made to explain, in functional terms, the universal necessity which calls forth stratification in any social system† (16). The unequal distribution of goodsRead MoreDistribution of Wealth1488 Words   |  6 PagesDistribution of Wealth? Wealth has affected american society and evermore has affect the fabric of families. Has the distribution of wealth gotten so out of control that the effect will reverberate for generations to come and as a society can we do something about it. When we were tasked to write this final research paper on one of the topics from the discussions over the past semester i knew that i had to do a topic that i had dealt with on some personal level even know i have experienced manyRead MoreThe Benefits of Raising the Federal Minimum Wage1334 Words   |  6 Pagessaying that your home is being foreclosed. This is the situation faced by thousands of Americans every year due to low income and wealth inequality. The federal minimum wage (FMW) as of April 2014 is $7.25, which is not enough to keep a family of two above the poverty line. There are certain questions on this topic that should be addressed, such as why is poverty and wealth distribution an issue in the United States today? Should the FMW be raised and why? How would raising the FMW affect American familiesRead MoreSocial Justice2427 Words   |  10 Pagesare treated fairly and that all have the same opportunities to partake of and share in the benefits of society. This could mean the end of discrimination based on sex, race, creed, ethnicity, or income. Another form of social justice could be equality through fair taxation and the distribution of wealth, resources, and property. It could also mean equal access to education and job placement for everybody. I believe that social justice is all of these things. In this paper I will explore the ideaRead MoreState Is Not A Unified Entity Essay2323 Words   |  10 Pagesdirections. In this perspective, the fundamental features of the state would then become the historically variable ensemble of practices and techniques that produce, naturalize and manage territorial space as a bounded container within which political power can be exercise to achieve various, relatively well integrated, somewhat changing policy objectives (Jessop 2007:5). Specifically, the state can be defined as a distinct ensemble of institutions and organization whose socio-political accepted function