I think wealth and income inequality is bad for the American society. Inequality is against American values of egalitarianism and anti-aristocracy. Our founding fathers hoped to create a country where everyone has equal opportunities to succeed. Inequality dispair the great American dream. We should fix it. Inequality is bad for society.
It really depends on how these issues should be fixed. I strongly believe in a more organic fix rather than welfare, which would not solve the root problem and only place poorer people under the control of the government. We need to strive to make opportunities as equal as possible. For example, a child living in bad neighborhood of Chicago hopefully should one day live in a place where they can get more opportunities. But remember equal opportunities =/= equal income/wealth. Does it make sense for the government to take away money from a hard worker or an entrepreneur who became well-off and give it to a poor person who did not choose to act on their opportunities? So yes for opportunities, but no for a forceful fix.
Just look at the World's income gap! How is it right that a mere 2% of the World's population owns 40% of the world's wealth?! Only crazy people would think that's ok...
I think that it is the duty of a progressive society to redistribute wealth in a fair way. That doesn't mean that everyone should get exactly the same wage, but you can't say that you "deserve" 10 billion dollars a year because you're a CEO.
I mean c'mon let's be reasonable!
Income inequality is a product of a free society where people are able to make their own decisions. Personal decisions affect what education a person receives, what career field they choose to enter, how hard they are willing to work, and whether they are willing to take a risk with their earned capital. Those who have amassed large fortunes did not cheat, steal, or rob anyone, despite what many individuals in the media claim. Those who have amassed great fortunes made society more productive by providing a product or service that helped millions of people.
Take for example, the Robber Barons. John D Rockefeller, Andrew Carnegie, Cornelius Vanderbilt, all these men became extremely wealthy by reducing the costs of products in their respective industries. Rockefeller reduced the price of oil, Carnegie reduced the price of steel, and Vanderbilt helped created railroads & steamboats. These men were entrepreneurs, and helped turn America into an economic superpower. If taxes were high to prevent "income inequality" some of these companies may have never existed. Where would we be today as a result? We would be worse off.
Today tech entrepreneurs are doing the same thing. They are creating products that millions of people use. They earned their money through hard work. If you seize their fortunes in the name of "income inequality" you are destroying incentives for people to work hard, take risks, and create new products. This will destroy any society, and eventually everyone will be equally poor.
Income inequality is a product of a free society. If you want a large fortune, go out and make one for yourself, instead of trying to steal what someone else has worked hard for.
All this talk about income equality, I wonder when we will know that we have achieved it. Does income equality mean everyone makes the same wage? Or everyone doing the same job get equal pay no matter how productive you are? Who decides what is equal income, politicians? Can we trust that our government will be fair in providing laws for income equality?
There will always be income inequality. Those who have worked hard and become successful will have some wealth, those who don't won't. There is no perfect society and there never will be because we are imperfect beings. Inequality in wealth should be an incentive to work hard and be successful it should not be used to cry "poor me" I don't have as much as someone else. Distributing wealth equally would work in a Utopian place but we are not there. In this country it would just provide more of an incentive for people to feel entitled and we have enough of that already.
Egalitarianism and aristocracy have been a staple in America for years and years with corporations acting as the aristocrats and Egalitarianism actually being a progressive element instead of a regressed one with the Fair Labor Standards Act only being passed in the 20th century less than 100 years ago! If nothing else the entire goal for the persons was profit without allegiance thus why capitalism is the mascot for the American economy but sadly it came at any cost; from child labor which we now see as barbaric to legal situations that were basically slavery with no guarantee to ever fulfill the contracts and plenty of ways out of them it's simply hard to see the values denoted.