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The Dangerous Consequences of Growing Inequality

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Submitted By MakaWilson
Words 505
Pages 3
Jamikhan Wilson
Dr. Stacy Downing
Freshman Colloquium
27 February 2013

The Dangerous Consequences of Growing Inequality In today’s society the pressure of living an American dream has strained society. According to the article, The Dangerous Consequence of Growing Inequality, the author states one powerful consequence of growing inequality is erosion in the amount of free time families have. Families now have to work longer hours to make up for falling wages. Falling wages in the 1970s and 1980s were masked by the entry of a second wage earner in many households into the workforce. At the same time, temporarily and part time workers generally do not have paid vacations, and their numbers in the workforce are growing. Though advancements have been made in the work environment, many are working harder to earn the same wages to try to keep up with the changing economy. While unemployment and debt are increasing, there has been a decline with health insurance, diminishing retirement security, and the ability to earn a proper education. The U.S gap of inequality is continuously increasing with the changing economy. The article also states that, “Families continue to make up for falling wages in order to maintain a certain standard of living is by going deeper into debt.” Approximately sixty percent of all American households carry credit card balances, because they are unable to pay their full month bill. The article says that in 2004 the credit card industry claimed that the average household consumer debt was about 9,000. Yet, when the roughly forty percent of households that pay their balances each month were taken out of the equation. People are now using credit cards for things like food and medicine; items previously paid for with cash. Because the debt continues to grow, the people are not able to save for their families. The use of credit card has

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