For Richer

The article entitled “For Richer” by Paul Krugman, published in the New York Times Magazine on October 20. 2002 discusses Krugman opinions on the increasing economic inequality gap in America and the effects it has on the economy. Krugmen belives in the effects of the extremely unequal distribution of income lowers the standards of living for Americans. I will discuss how the economic inequality affects the general standard of living for Americans.

The distribution of income in America has been widening over the past 30 years from a large concentration of the income and wealth going to an extremely small percentage of the population. “It has been estimated that the 13,000 richest families in America have almost as much income as the 20 million poorest households.” (Krugman)

It is evident that the rich are getting richer and the poor are getting poorer. What’s hard to see are the effects this has on the standard of living in America. It is common f...