by Blaise Stone (staff writer)

There continues to be disparities in acquired wealth disproportionately hurting those who are a part of marginalized social groups. This continues to widen the gap between rich and poor– where exploitation and corruption fills our capitalized society. The top 10 percent of Americans own approximately 75% of the country’s wealth, whereas millions of people in the lower percent suffer in poverty. There is little opportunity for social mobility as wealth and power is too often acquired through generations within a family. As seen throughout our history, white men are typically the most capable of becoming wealthy, and though people from other backgrounds and identities have been able to succeed, it is always to a certain extent because this past ideology inflicts social limitations. Activism is imperative in order to urge those in power to hear and act in our favor, especially for those that lack the resources to do so themselves. 

In order for people to effectively campaign for social change, we must spread awareness to ensure that people thoroughly understand the urgency of wealth inequality and how the majority of Americans are impacted. One example of this would be implementing a brief introduction to wealth inequality into the school curriculum and teaching it in the required finance class; I remember learning a little about it in racial literacy, which is becoming a required course in Princeton Public Schools. In addition to awareness promoted in our education, social media would be effective because of the huge influence it has in our generation. Regarding the diversity within the different social and political issues spread on Instagram and Tiktok, there could definitely be more available resources that discuss wealth inequality that would promote activism for the issue.

Once there is more awareness spread behind the matter of wealth inequality, we can have successful campaigns, petitions, protests, etc. that can encourage change within our system to promote fairness in wealth.  Attaining wealth equality will not occur on a large scale because this is a systemic issue resulting from centuries of injustice, however there are smaller steps we can campaign for as the public that will make a difference. The first is to increase the minimum wage. According to a report done by the Congressional Budget Office, increasing the federal minimum wage to $15 by 2025 will bring approximately 900,000 people out of poverty; those who live in poverty are disproportionately Black Indigenous people of color. Additionally, the earned income tax should be increased; this tax provides additional income and boosts employment for low-income workers–another initiative that will give aid to those at an unfair disadvantage. Also, we must fight to make the tax code more progressive. Tax rates for those at the top of the economic ladder have been declining in the past years, while simultaneously, their wealth has reached extreme and unprecedented heights. Thus, it is only fair that their taxes are higher because they have the ability to pay them comfortably and offer aid to those much less fortunate than them. Furthermore we must invest in education. By the day, education becomes more and more crucial to get profitable jobs, and the expenses for college and graduate schools are unfeasible for many. Providing more financial resources, especially for BIPOC, will greatly, but never completely, level out the playing field in educational opportunities, which is a vital step in determining career and wealth stability.

Although many of these steps are in the hands of the government, our activism as a community will make a difference. Do your part and recognize the privilege that you may have, and participate in the fight for wealth equality.

Bibliography

Fadely, Annie. “The Congressional Budget Office Says Raising the Minimum Wage to $15 Will Kill Jobs. That’s Not the Whole Truth — Here’s Why.” Business Insider, https://www.businessinsider.com/why-raising-minimum-wage-to-15-is-good-for-us-2021-2. Accessed 24 July 2021.

news, Full Bio Follow Linkedin Follow Twitter Matthew Johnston has more than 5. years writing content for Investopedia He is an expert on company, et al. “A Brief History of Income Inequality in the United States.” Investopedia, https://www.investopedia.com/articles/investing/110215/brief-history-income-inequality-united-states.asp. Accessed 24 July 2021.

“Six Policies to Reduce Economic Inequality.” Othering & Belonging Institute, 10 Sept. 2014, https://belonging.berkeley.edu/six-policies-reduce-economic-inequality.