| ‘An Ordinary Joe’ Essay
According to The Economist (2012), the dream of each and every household in the United States lies with the assumption that all children are exposed to equal opportunities. Even the poor, therefore, can succeed into wealthy lifestyles without making extra efforts. The author depicts the aforementioned statement as unrealistic in economics, since the chances of shifting into wealth are hardly achievable in the United States as compared to other European countries._x000D_
The article presents the statistics which indicate that children born in Denmark’s lowest earning bracket of the poor 20 % achieve economic success in the course of reaching maturity, while in Britain seven out of every ten poor children make over into classy and rich individuals on attaining maturity. In the United States, the figure is subsequently lower than expected, as only less than six out of every ten poor child gain material wealth on maturity altogether. The aforementioned facts downplay the unrealistic dream of American household families in their respective urge for controlling the wheel of social mobility._x000D_
The article further stipulates that the wealthy individuals in the United States continue to acquire wealth as the average citizen struggles to make ends meet. It is assumed that the rich in America covers only 1 % of the population, and such facet as poor pay for workers depicts the challenge. It is also assumedly fair to indicate that the amount of output workers produce is unequal to their rewarded pay. This, in turn, creates supernormal profits for the few rich while workers are pushed to not saving altogether. The article goes on and mentions the capitalism level statistics, which indicate that 85 % of wealth attained in America is distributed among the 1 % of rich citizens._x000D_
The article further cites Mr. Stiglitz’s report, which criticized liberal capitalism in America. According to the report, the manner in which the rich are able to accumulate wealth at the expense of the rest of the population launches the inequality existing among the different social classes in the United States. These rich men, according to Mr. Stiglitz, possess both the will and ability to instigate political wheels, which, in the end, leads to income taxes cutting to favor them, while still bank policies are adjusted to fit into the monopolized power that translates to abnormal levels of profits altogether. Such facet as housing boom is the root of all the inequality. Although, Mr. Stiglitz argues that Spain and Ireland experienced the same condition, yet they managed to maintain an equitable society as a whole. In this case, he argues, the matter was exaggerated in the United States whereby the few rich are “rent seekers” rather than entrepreneurs who create a monopolized society that accumulates more wealth for them._x000D_
In order to curb and put an end to the inequality witnessed in the United States, Mr. Stiglitz advises to establish an income rate. Its aim is to target the economic stimulus of individuals, to foster the regulations of bank policies in order to take measures of regulating the leverage, interest rate caps offered by banks as well as lessening the protection right offered to the rich bankrupts. He also advocates that the American budget making process should be set to promote the formulation of fair fiscal stimulus lest the average citizen continues to suffer at the expense of bank managers, who endeavor to live lavishly at the expense of the poor workers majority._x000D_
He (Mr. Stiglitz) further postulates that whenever countries decide to embark on liberalizing labor at the expense of capital, they will establish an equal society, since these countries will compete to attract laborers by way of promising them such fair social amenities as schools and working environment in that matter. This will lead to lower taxes on these laborers who, in turn, get to have more to save hence stabilization of the social equality.
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