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  • Essay / Effects of Economic Inequality - 939

    In order to advance into a higher economic class, an individual must gain influence in school or the workplace, but it is unlikely that an individual will He doesn't have this chance since his parents don't have the necessary skills. the connections someone from the upper class would have. “At the top of the income classes is the upper class, also known as the 1% or 5% because this class represents approximately 1-5% of the entire U.S. population” (Alhanati). Upper-class families consist of two types: those who worked for a few generations to achieve a higher position and those who inherited their wealth. “Households with old money are those who have had wealth in their family for at least two generations (sometimes much more) and have not necessarily had to work to earn an income. On the other hand, households with new money are made up of households that have had wealth in their family for only one or two generations, and instead of inheriting their wealth, they have worked hard to earn their wealth ( Alhanati). The middle class must create opportunities for future generations of that family to reach new levels of wealth, while the lower classes may not even have the opportunity to reach the middle class. Although some argue that there is no economic inequality, even after several attempts made by the United States government to achieve economic equality, there are still no satisfactory results.