Economic situation of the current societies

The Economic Status and Wealth Gap

The article discusses the current economic status of the world's societies, as well as income, resource, and utility distribution disparities among citizens in the majority of the world's countries. While examining the economic condition of wealthy and poor individuals in society, the author claims that there is a significant gap between beliefs, the ideal scenario, and reality (Fornero, 6). Furthermore, he asserts that the world's economic structure unfairly benefits the wealthy in society. As a result, the wealth gap will gradually increase, leaving the less fortunate in society economically vulnerable. Besides, the ratio of the CEOs to the workers has increased in the last few years to roughly 354-to-1 thus widening the bridge more.

The Recess Between Reality and Beliefs

The main point of the author of this article is the great recess that exists between the reality and beliefs among people when it comes to evaluating the economic status of individuals in the society. He claims that if the poor can establish the fact regarding the lifestyle of the rich, they would become devastated and go to the streets with anger. Besides, the belief of each in the society will forever provide a wrong impression of the reality on the ground. For instance, a survey conducted on more than 5000 US citizens revealed that the richest fifth possesses 59 percent of America wealth while the bottom 40 percent own only 9 percent. However, the reality may leave people with their mouth wide open, as the top 20 percent of American households are possessing more than 84 percent of the country's wealth, leaving the bottom 40 with a paltry of 0.3 percent. With an ideal distribution of the wealth of a country, the top quintile owns approximately 32 percent while the bottom two quintile owns another 25 percent (Fitz, Nicholas).

The Increasing Wealth Gap and Social Mobility

The author concludes that the economic equality among citizens living in the same country may be so wide that individuals may think or assume they are living equally comfortable. The reality stands to leave many mouths wide open with the gap between the two groups progressively increasing over the years. The economic equality is gradually increasing accompanied with a less social mobility than people could imagine. However, the unique brand among individuals in the society keeps thwarting their efforts to bring any real changes to the economic system of their country.

The Issue from All Perspectives

Section 2

The article critically addresses the issue from all perspectives of life, ideal, reality and the beliefs of most individuals. The inequality among citizens is so wide that if the matter is not addressable, then the gap will keep stretching to a level where the poor will be living in very hostile conditions. I agree with the author's view on the issue of economic inequality among people residing in the same country. Even if people do not take the matter with great concern, the reality is that the bridge is still widening. For instance, currently the US is one of the countries with the most number of unequal societies among all the nations of the West. The success of an individual in the society is determinable by some social factors which may include family inheritance, structural discrimination within the community and social influences. These factors are likely to increase the chances of one becoming successful in society.

Works Cited

Fitz, Nicholas. “Economic Inequality: Its Far Worse Than You May Think.” The Great Divide Between Our Beliefs, Our Ideals And Reality, 31 March 2015, Accessed 25 March 2017.

Fornero, Elsa. "Economic-Financial Literacy and (Sustainable) Pension Reforms: Why The Former Is a Key Ingredient for The Latter." Bankers, Markets & Investors, No. 134, Jan/Feb2015, Pp. 6-16. Ebscohost

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