Saturday, January 4, 2020

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. 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