Article Analysis Essay on Are we Headed for a Poorer United States?

Introduction

"Are we headed for a poorer United States?" is an article by Patricia Buckley and Akrur Barua that reviews of the wealth inequality by age that has put behind the younger households. Today modern societies suffer a hallmark of unequal wealth distribution more so the U.S. In the past two decades the wealth gap between the rich and the poor has since been increasing. According to the Survey of Consumer Finances, the data shows most young Americans do not dominate many assets like in their parent's generation (deloitte.com). The worry is, if the persistence as seen on this wealth gap keeps growing it may set the platform for a poorer state other than just an increasingly unequal United States.

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Wealth inequality growth is seen from the comparison of higher-income to lower-income households that has since stripped income inequality growth thus worsening the "have-nots" plight. In this case, the have-nots are on average the young and more so the trend has the younger households less likely having an asset as business equity. The recession of proportion of less than 35 years of age household holding business equity fell to 5.6%, today younger families than prior generations are less entrepreneurial (deloitte.com). It has proven the gap has since been growing and not only will these trends create worry to all these age groups but overtime will lead to a poorer U.S.

There may be no vivid explanation but instead, regard that it is because most young people have lower income and wealth levels. Therefore explains the reason why today most younger households may not be in a position to starting own business as was the case in the early 2000s and 1990s but tend to fall in the "gig economy" category of jobs that pays bills but cannot make provision to grow new business(Buckley and Barua).

The lack of ability for the younger households to achieve today's older households' wealth levels is linked to their lower incomes and the will to start their own business or acquire assets. The article has further explained of the US economy vibrancy that has in history relied on the formation of new enterprises particularly businesses whose creators have an aspiration to grow (deloitte.com). The U.S has since seen to dampen its ability to come up with high-growth of new businesses thereby slowing innovations and the creation of jobs (Buckley and Barua). It is clear that if indeed it is so then the wealth and income generation gap apart from being the young people issue, it may end up leading to a poorer United States.

Conclusion

In conclusion, wealth and income inequality is a growing and massive challenge to the United States that puts it at risk of becoming a poorer state if nothing is done. It calls for improvement in productivity through improvisation of more technology and aiding its people to begin to earn more.

Work Cited

Buckley, P. and Barua, A. (2018). Are we headed for a poorer United States? Growing wealth inequality by age puts younger households behind. [online] Www2.deloitte.com. Available at: https://www2.deloitte.com/content/dam/insights/us/articles/4423_Issues-by-the-numbers_article/DI_Issues-by-the-numbers_3.18.pdf [Accessed 21 Feb. 2019].

Ott, T. (2019). Are we headed for a poorer United States?. [online] Deloitte Insights. Available at: HYPERLINK "https://www2.deloitte.com/insights/us/en/multimedia/podcasts/us-average-wealth-inequality-by-age.html" https://www2.deloitte.com/insights/us/en/multimedia/podcasts/us-average-wealth-inequality-by-age.html.