Financial Inequality is something not spoken about enough in the media or in policy debates in the United States. As of now, it seems that politicians are focused on all the wrong things. Coverage on whole milk, gas stoves, and transgender bans in sports have flooded the mainstream media despite the peoples pockets being what they care about the most. It’s no surprise that there are billionaires in this country whose wealth surpasses that of 90% of Americans, and the sheer statistics surrounding this gap are far from comforting. As wages stagnate, the cost of housing rises, tuition rates are at the highest they’ve ever been, and wealth for the top >1% has skyrocketed.
Tax codes, loopholes, and political lobbying have created a system where wealth accumulates at the top without regulation, while the bottom 99% of Americans often find themselves in situations of financial strain. Though income inequality is addressed through progressive taxation, income inequality still remains higher in America compared to other western nations. In fact, even in a comparatively wealthy state like New Jersey, a median household income of $100,000 fails to reflect the rising cost of living. Property taxes, student debt, and grocery costs leave many middle class families feeling financially insecure. Nowadays, income alone no longer signals stability. Instead, earning a decent wage means getting by rather than getting ahead.
Luckily, New Jersey has championed the fight toward greater economic equality and opportunity. Expanded access to social programs and investment in educational opportunities have allowed the state to take steps to soften the effects of national income inequality. Though these efforts are far from what it will take to secure an equitable future for all New Jerseyans, it demonstrates that linear progress can be made when economic inequality is treated as a priority rather than an afterthought.
However, state level efforts can only go so far without broader action from the federal government. If national priorities continue to remain distracted over “culture wars”, inequality will continue to widen as an entire nation looks away. I urge students and community members who are interested in fighting for a more equitable society to contact their state and federal representatives and ask what they have achieved to address the pressing issue of income inequality in New Jersey and beyond.
