Wealth Inequality in America is an issue that is known to most people; however, the reality of the scale of the disproportional wealth distribution among Americans can shock anyone nevertheless. Before watching the video, I was aware and deeply concerned about the problem. Having watched the video, the realization of what the situation truly looks like is terrifying. It is difficult to imagine such an amount of wealth belonging to only 1% of the American population.
I believe that Davis-Moore’s hypothesis cannot explain the issue of wealth inequality. Their theory attempts to explain the situation based on the idea of functional necessity, meaning that the jobs that are the most difficult or the most necessary require the highest reward. Defining the most difficult or necessary job is arguable; however, most would assume it to be a medical doctor due to the required education and responsibilities. It could also be a teacher, a stressful profession that defines and educates future generations. Nevertheless, they are not the most paying jobs nowadays; they have not rewarded accordingly to their difficulty or necessity. Marx’s theory is a better explanation of the wealth inequality in America. It defines two classes of society: the property owners and the laborers that work for them. Since the laborers do not work for themselves but to enrich already wealthy people, they do not increase their wealth. This theory ideally explains the current situation of the American economy.
The issue of wealth inequality in America should not be left as it is. Many politicians, philosophers, and economists have been addressing the issue and coming up with many possible solutions, such as additional taxation of the wealthy part of the population. However, these solutions are usually not welcomed; some people view them as socialistic or communistic. Some believe they will become rich and therefore do not want to be additionally taxed; some do not see this as an issue at all. These views and many other complications prevent America from solving wealth inequality.