America’s wealth gap has come to the point where the few richest Americans have more wealth than millions at the bottom. The main cause seems to be based on an individual’s income, which is highly dependent on their education and demographic. It is widely known that people who have a college degree are more likely to earn more than those with only a high school diploma. However, the ability to even receive this education in the first place will also depend on that individual’s demographic. People of color have a harder time moving up the socioeconomic ladder compared to their white counterparts due to the inherent racism in many institutions. Similarly, women continuously earn less than their male counterparts due to different stigmas surrounding which jobs men and women should pursue. This, among many other factors, contributes to the disparity of wealth in America. 

This social issue intrigued me because of the different mindsets I have noticed that occur as a result of which social class you belong to. Specifically, I had seen the phrase “money can’t buy you happiness” and my immediate thought was ‘I wish I was privileged enough to believe that’. Upon reflecting on my initial reaction, I realized that this thought was a product of my socioeconomic status.

Through writing this paper, I want to understand the specific ways the rich become richer and the poor become poorer. I have a vague idea of how both are happening, but I would like to uncover what policies and loopholes have been set that allow this. I want to know who has the power to make these policies, how they received that power, and why people who are being negatively affected by these policies let that person in power stay. I would also like to know the options that people at the bottom of this socioeconomic ladder have to try to move up, if they even have any at all.