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Wealth Distribution and William Domhoffs "Wealth, Income, and Power"

In: Social Issues

Submitted By eritaki
Words 1179
Pages 5
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 reason behind the unequal wealth distribution, and his closing statement concerning the top 10%. In his article, Domhoff cites many statistics regarding the distribution of wealth between America’s top and bottom percentiles. There is quite a bit of research to back up his claims, and his data is generally very accurate. However, when it comes to the cause of such gaps in wealth distribution, there is more to consider than simply tax cuts and labor unions. Domhoff begins with a broad overview of wealth distribution in the United States. He states that the top 1% held 34.6% of all privately held wealth, with 85% in the hands of the top 20%, leaving the bottom 80% in control of only 15% of privately held wealth. In terms of financial wealth, he states that the top 1% was in control of 42.7%. After this analysis, Domhoff focuses on financial securities. He states that the top 1% holds 60.6% of all financial securities, including 38.3% of privately held stock and 62.4% of business equities. These statistics are entirely accurate according to Domhoff’s source.1 There is some conflicting information that claims the top 20% hold 93% of...

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