As long as the capitalist economy dominates throughout the world, the debate on socioeconomic inequality will always be a heated one. Economist Krugman in his debate says that organized labor and the greed of corporations, especially CEOâ€™s lead to a large inequality in America. Krugman points to Palo Alto, California where a strict contrast in socioeconomic conditions exists. On the other side of the debate is Mr. Demuth, who says that Americans are wealthier now than they have ever been before and we will continue to get wealthier as a whole. Krugman uses five points to further his case: progress of key economic sectors, progress of healthâ€”leading to increase in life span, shift of wealth to human capital, gains in womenâ€™s rights, and increase in more hours devoted to non-employment activities such as leisure and family activities. .
As a whole, our nation has obviously increased its wealth dramatically over the centuries, especially in the last half century. From the days of meat-packing industry in Chicago to now the days of the information industry in California, workers have slowly received more rights and benefits from their employers. Yes we have a gotten richer as a whole. But why does it not seem that way? Because our nation has slowly gotten greedier and greedier as a whole. With the increase in information, it seems like as Americans we are wanting more and more. We know of all the riches that we could achieve, all the toys and gadgets that we wish we had, so we donâ€™t seem as rich anymore. However, as long as we keep seeing the numbers, whatever they are, something like top one percent of people in nation own fifty percent of the nationâ€™s wealth and that figure keep increasing, I will never believe socioeconomic equality has gotten better. Yeah weâ€™re getting richer, but itâ€™s the rich thatâ€™s getting richer, not the poor.