increased wealth gap in America
Distinctively, the wealth gap encompasses the unequal distribution of assets among the residents of the country. Notably, wealth revolves around homes, automobiles, personal valuables, businesses, and savings in addition to investments (López-Narbona, 25). Individuals who already hold wealth have the resources to invest or leverage wealth accumulation, thereby creating new wealth. As an outcome, the process of wealth concentration arguably makes economic inequity a vicious cycle. Furthermore, the effects of wealth concentration may extend to future generations (Herring and Loren, 10). Primarily, as a form of racism embedded as a normal practice within society, systemic racism would result in issues, for instance, discrimination in employment, housing, health care, education, and criminal justice.
Moreover, American citizens continue to face the wealth gap and systemic racism as challenges within the inclusive society over the years. It is significant to note that the increased wealth gap contributes to fewer prospects for upward mobility (López-Narbona, 25). As a result, this aspect leads to augmented systemic racism. Also, the increased wealth gap translates to lower income levels and limited chances to build wealth and, thus, systemic racism. Additionally, persistent labor market discrimination and segregation have been noted to force African Americans into fewer and less profitable opportunities in contrast to their white counterparts.
Furthermore, it is worth noting that while African Americans within the country have less access to stable jobs, good wages, and retirement benefits, they are further affected by the increased wealth gap. Notably, persistent housing and labor market discrimination and segregation worsen the damaging cycle of wealth inequality. As insisted by (Herring and Loren, 10), the persistent wealth gap within the U.S. leaves African Americans in an economically precarious situation, thus creating a vicious cycle of economic struggle. The lack of sufficient wealth among individuals means that they are less economically mobile (López-Narbona, 25). As an outcome, they are unable to grow their wealth over time.
From an individual perspective, levers, for instance, improved access to higher education, are vital for individual progress. However, integrating the mentioned above aspects with tactical stratagems would be effective when it comes to creating equal opportunity in terms of wealth-building for all American citizens (López-Narbona, 29). To sum up, the integration of persistent policy attention to wealth creation would help address the issues linked to the wealth gap and systemic racism. What is more, it is of the necessity for the administration and the inclusive society to accept full responsibility regarding the systems in place. This approach would help close the wealth gap between white and African Americans within the country (Herring and Loren, 10). As an outcome, it would be possible to curb the increased wealth gap and developed systemic racism within the U.S.
In conclusion, policymakers need to utilize and implement a targeted universalism framework intended to design and advance policies that ensure equity (Herring and Loren, 15). In the long run, this aspect would be vital in curbing the adverse effects of the increased wealth gap and systemic racism. Additionally, the adoption of targeted universalism within the involved institutions, including the government, would avail a framework for closing the wealth gap encountered in the country. Particularly, this tactic would be effective as it is inclusive of both the dominant and marginal groups’ necessities but pays particular attention to the situation of the marginal group.