The Great Gatsby: income inequality in the United States of America
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Date
2013-03-22
DOI
Authors
Goncalves, Marcus
Version
Accepted manuscript
OA Version
Citation
Marcus Goncalves. 2013. "The Great Gatsby: Income Inequality in the United States of America." American Journal of Social Issues and Humanities, Volume 3, Issue 2, pp. 63 - 67 (5).
Abstract
This paper discussed the most striking recent research claims indicating that growing income inequality is seriously hurting the U.S. economy, challenging a long-standing consensus that inequality is the price America pays for a dynamic, efficient economy. The Gini Coefficient, an indicator of income inequality, suggested that by the year 2021, the US is on track to reach as much income inequality as Mexico experienced in 2000. There are growing indications that it is virtually impossible for people at the bottom of the pyramid to propel themselves out of poverty. The data suggested the US is becoming more of a caste-like society in which individuals that are born poor will likely remain poor, while individuals born wealthy will very likely remain so. Keywords: Income inequality, Great Gatsby Curve, social mobility