APA format at least 250 words, including at lease 2 referenc…

APA format at least 250 words, including at lease 2 references one from : The Discussion  will focus on the discrepancy of wealth and poverty in the United States. Please respond to the following questions:

Title: Discrepancy of Wealth and Poverty in the United States

The discussion surrounding wealth and poverty in the United States is a complex and multifaceted issue that has garnered significant attention among scholars, policymakers, and the general public. This paper aims to analyze the discrepancy of wealth and poverty in the United States and explore the underlying causes and consequences of this disparity. By examining relevant literature and data, this study will contribute to a deeper understanding of the factors driving wealth inequality and poverty rates in the nation.

Causes of Wealth Discrepancy:
There are several contributing factors to wealth disparity in the United States. First and foremost, income inequality plays a central role in the concentration of wealth among a privileged few. The top income earners in the United States have experienced substantial growth in their earnings, while the wages of middle and lower-income individuals have stagnated or even declined in some instances (Piketty, 2014). This growing income gap has resulted in a perpetuation of wealth concentration among the elite, leading to increased inequality.

Furthermore, the role of systemic and structural factors cannot be undermined. Policies such as tax cuts favoring the wealthy and the deregulation of financial markets have further contributed to the concentration of wealth (Stiglitz, 2012). These policies disproportionately benefit the already affluent and exacerbate the wealth divide.

Another significant factor contributing to wealth inequality is the unequal distribution of assets and inheritances. Wealth accumulation is often intergenerational, with those born into wealth having access to resources and opportunities that are not available to those born into poverty (Saez & Zucman, 2019). This perpetuates a cycle of inequality and hampers social mobility, as the poor struggle to gain access to the resources necessary to improve their socioeconomic status.

Consequences of Wealth Discrepancy:
The consequences of wealth inequality in the United States are far-reaching and extend beyond economic impacts. Social and political repercussions also arise from the vast wealth gap. The underprivileged groups find it increasingly challenging to access quality education, healthcare, and other essential services, which further exacerbates the cycle of poverty (Wilkinson & Pickett, 2018). As a result, individuals from lower-income backgrounds face limited opportunities for upward mobility, contributing to societal stratification.

Moreover, wealth inequality can have detrimental effects on social cohesion and trust within a society. Research suggests that societies with higher levels of income inequality experience higher rates of crime, lower levels of social capital, and diminished trust among citizens (Putnam, 2000). These social consequences can impede economic growth and create divisions within communities, leading to a fragmented society.

Policy Implications:
Given the significant implications of wealth disparity, addressing this issue requires deliberation and comprehensive policy interventions. Policymakers must strive to create a more equitable tax system, reducing the burden on low-income individuals while ensuring the wealthy contribute their fair share. Additionally, policies that focus on enhancing social safety nets, such as affordable housing, healthcare, and education, are pivotal in mitigating the adverse effects of poverty and wealth inequality.

Furthermore, financial regulations need to be implemented to curb excessive risk-taking and prevent excessive wealth accumulation through market manipulation. Strengthening regulations and ensuring accountability within the financial sector can help reduce the concentration of wealth and foster economic stability (Boushey & Hersh, 2019).

The discrepancy of wealth and poverty in the United States is a multifaceted issue with significant implications for society, economics, and social cohesion. Income inequality, systemic factors, and unequal distribution of assets are all key contributing factors to the growing wealth divide. The consequences of this disparity extend beyond economic impacts and can negatively affect social cohesion and political stability. Addressing this issue requires comprehensive policy interventions to ensure a more equitable society, focused on promoting social mobility, reducing poverty rates, and mitigating the impacts of wealth inequality. By acknowledging the complexities of this issue and implementing effective policy measures, the United States can work towards a more inclusive and equitable society.