Money in America

While I believe America to be great in many aspects, there is far too much corruption to overlook. From elected officials banking money to lack of affordable health care services, the American people are being taken advantage of. We are lead to believe that our government has our best interest in mind, but current practices and legislation seem to prioritize profits over individuals. Elected officials are paid more than double the average American's yearly salary, health insurance companies are allowed to deny coverage for necessary care, and large corporations hoard money at the top.

How can elected officials accurately represent the people if they do not live like them? How can we allow Americans to die simply because insurance deems their life-saving care "non essential"? How can we allow companies to profit billions of dollars without seeing wages increase for employees?

These are only a few of the questions I ask myself regularly, and the answer is the same for all of them - money. Money is why average Americans like you and I contemplate if we really need to see a doctor, or struggle to afford food at the grocery store. It's not because we aren't working hard enough, its because our society rewards those already at the top off the backs of hardworking individuals.

According to Statista, in 2022 CEOs of the 350 largest publicly owned companies in the US were paid 344 times the average annual salary of production and nonsupervisory roles. This is a 1538% increase from 1965 when CEOs were paid 21 times more than the average employee. Average salaries of the Average American have increased too, but not by 1538%. And TBH, just the fact the CEOs are paid 300 times more seems excessive. For example, if the average salary at example company is $50,000 and the CEO is paid 100 times more, the CEO's salary would be $5,000,000. If the CEO was paid 300 times more, their salary would be $15,000,000.

The problem appears that the wealthiest also seem to be the most greedy. Never satisfied with how deep their pockets are, the top continues to grow their share of wealth. In 2023, the top 0.1% held over 14% of wealth in America, while the bottom 50% held only 3%. Those numbers are extremely alarming, as it proves an extreme level of wealth inequality that is only growing. From 1970 to 2018, aggregate income held by the middle class fell from 62% 43%, while the upper class income almost doubled (from 29% to 48%). But don't just take my word for it, google "wealth inequality in America" and see for yourself.

The numbers speak for themselves - we have a wealth inequality problem. Unfortunately, those at the very top are unlikely to use their wealth for the greater good, and current legislation allows them to amass more and more money, while the middle and lower classes fight for their measly 3% share. I'm not saying those in the upper class do not deserve their money, however, I do believe that the hoarding of resources or supplies while others suffer is unjust, especially in a first world country that claims to be the greatest. We have ski patrollers on strike for a $2 increase at one of the most expensive ski resorts in America, insurance companies denying treatment to children with cancer, and companies paying their multi-million dollar executives million dollar bonuses while regular employees stay at the same wage.

It's not that there isn't enough money, its that there is too much money going to too few people. By December 2024, America had 16 people with over $100 billion dollars, totaling $2.8 trillion. While I can acknowledge the internal jealousy I, and most people, have towards such a large amount of money, I can also recognize how far out of my, and most people's, league that is. I'm still collecting coins in a jar for extra cash, yet these 16 people are worth more than the US Federal Government's 2024 spend vs collection deficit of $1.83 trillion and over half of the $4.92 trillion the US Government collected in 2024.

Everybody wants more money, but the key difference is that people like you and I need more money to comfortably afford basic necessities like food and rent. If someone has millions of dollars and feels like they NEED more, they have a money management problem. Or maybe a gambling problem. If you have enough money to be in the same vicinity as the US Federal Government's finances, you should be able to contribute back to the community. And not just in tax-write off charity donations. If Jeff Bezos took half of his 247 billion dollar wealth and shared it amongst Amazon's 1,551,000 employees, each employee could receive $79,303. Mr. Bezos would still have a comfy $123 billion. If Elon Musk took half of his $422 billion, he could pay each of his 121,000 Tesla employees $3,487,603, and still have $211 billion. Or, if Jeff and Elon teamed up I'm sure they could make great progress towards a social cause. For example, World Food Program USA estimates a need of $40 billion a year to feed all hungry people in the World. If Elon and Jeff both donated half their wealth, they could feed the hungry people for 8 years. And still have over $100 billion each. Or, they could donate that money towards ending homelessness in the US for 11 years. Whatever way you look at it, there is so much good that money could do, but instead its sitting in the hands of 2 people.

It is my understanding that there is not unlimited money available. Therefore, the more money these few individuals accumulate directly translates to less money for the general public. It is obvious that our wealth inequality problem contributes to a number of other social injustices. We need change, and it needs to come from the top.