Overview
The topic that is going to be covered within the framework of the current paper is the impact of the Recession on the US population. In her article titled “Fueled by Recession, U.S. Wealth Gap is Widest in Decades; Study Finds,” Cohen (2014) dwelled on the socioeconomic challenges linked to the crisis. She also explained why the gap between the rich and the poor continued to grow over the years. This is an important topic because it shows how society overlooks the value of collaboration and complex networking while focusing solely on their income levels. The current paper is going to analyze Cohen’s (2014) article from two particular perspectives that have been mentioned in Mills’ (2000) book titled Sociological Imagination. Additional evidence from the literature will be used to validate the points made by both authors and outline the value of the Recession from the point of sociology.
Article Summary
The primary finding that Cohen (2014) shares with the readers is that the wealth gap across the United States keeps growing unremittingly. It means that the core outcomes of income inequality can be expected to affect the families that can be described as low-income or at least below-average. Therefore, Americans’ financial well-being currently goes through a challenging period that can be defined by the inability to come back from a major monetary loss. The wealth gap described by Cohen (2014) can be seen as passed down through the generations because economic downturns prevent the majority of average Americans from recovering from the Recession. The median wealth of high-income households continues to rise, highlighting the inequity once more. Over time, the burden placed on the shoulders of the US economy also created hindrances to organizational productivity (Cohen, 2014). The impact of the wealth gap remains largely unnoticed by the majority of Americans, but the long-term implications of the Recession are still visible, especially the ones related to the unemployment rate, economic recovery, and housing prices.
Article Analysis
Concept #1
“Humanity itself now lies before us, the super-nation at either pole concentrating its most coordinated and massive efforts upon the preparation of World War Three” (Mills, 2000).
The challenges associated with the Recession can be seen as predictors of probable change intended to improve the current state of affairs across the United States. Nevertheless, this motivation may not be enough to instill the right transformations and alter the long-standing patterns in society and the economy (Smith-Ruiz & Kopak, 2021). In her article, Cohen (2014) rightfully states that the wealth gap keeps on growing because it is dependent on the history of financial success. This also shows how the majority of changes expected by low- and average-income Americans are never going to happen because they are not in line with the socioeconomic agenda of the state. A coordinated focus on the military and its business-related components contributes to the issue as well. The patterns of poverty tend to remain identical over the years, which proves that Cohen’s (2014) outlook on contemporary evidence is relevant and accurate.
Throughout the past decade, Americans have had to cope with the consequences of the Recession and then got hit by the COVID-19 pandemic and its long-term effects. According to Rose (2021), without a contextual understanding of why the wealth gap prevails, the US government will unintentionally keep polarizing civilians while pursuing large-scale objectives that do not benefit the community as a whole. By mentioning World War Three in his book, Mills (2000) tried to bring more attention to the issue of humans ignoring each other’s needs in the face of major socioeconomic crises. Without networking, Americans will contribute to the wealth gap even more.
Concept #2
“Older decisions that once appeared sound now seem to them products of a mind unaccountably dense.” (Mills, 2000).
Another particular challenge that has to be considered when discussing the wealth gap and its socioeconomic implications is the lack of insight into the past and the future of the country’s economy. The structure of American society majorly drives the current wealth gap and rewards its existence by promoting social media influencers and other individuals that do not bring any tangible value to the country’s economy (Smith-Ruiz & Kopak, 2021). The lack of support from the government makes many people from disadvantaged and remote regions turn to criminal activities in an attempt to make a living. Thus, it will be impossible to apply relevant experience from the past to the Recession and expect to attain positive outcomes for every stratum of American society.
The increasing importance of personal values as compared to the interests of the nation is another weakness that brings down the US economy. The consequences of the Recession, including the ever-growing wealth gap, make it safe to say that Mills’ (2000) suppositions regarding older decisions being inappropriate within contemporary environments are completely true. Individuals keep pushing an individualism-based agenda, which drives society’s attention away from rewarding professions and occupations that bring tangible socioeconomic change to the table (Gerstle et al., 2019). The sociological value of the Recession can be uncovered after helping more individuals recognize the importance of networking and innovation. The consequences of the COVID-19 pandemic will increase the wealth gap even further if no new strategies are deployed to prevent society from detaching from reality completely in pursuit of individualistic benefits.
References
Cohen, P. (2014). Fueled by Recession, U.S. wealth gap is widest in decades, study finds. nytimes.com. Web.
Gerstle, G., Lichtenstein, N., & O’Connor, A. (2019). Beyond the New Deal Order: US politics from the Great Depression to the Great Recession. University of Pennsylvania Press.
Mills, C. W. (2000). The sociological imagination. Oxford University Press.
Rose, A. (2021). COVID-19 economic impacts in perspective: A comparison to recent US disasters. International Journal of Disaster Risk Reduction, 60, 1-5.
Smith-Ruiz, D., & Kopak, A. M. (2021). Black families and Recession in the United States: The enduring impact of the Great Recession of 2007–2009. Routledge.