Are the rich getting richer and the poor getting poorer

Document Type:Thesis

Subject Area:English

Document 1

This shows that indeed the rich keep getting richer and the poor, poorer. However, the notion that the inequalities among the rich, upper middle class, and the poor is inflicted by the rich and the upper middle class through ways that demean the poor is biased to some extent as the rich class have habits and efforts that allow them to get richer while not affecting the life of the poor or the upper middle class. Moreover, the poor also have some behaviours and habits that may make them poorer. This means that there are other factors other than the interaction of the classes which affect each class and which may improve the condition of either of the classes or worsen it.

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This can be analyzed not only through housing as previously mentioned, but also through other intangible assets such as saving, living within one’s means, maintaining healthy lifestyles, diversification of livelihoods, and taking calculated risks other than gambling which is practised by these rich and upper-middle-class families as discussed below. On the contrary, many people in the lower middle-class groups either do not diversify their livelihoods to reduce poverty reduction, or they diversify their livelihoods out of necessity so as to be able to cope and survive. The difference is that diversification out of necessity does not allow for more accumulation of wealth since the income is still spent to cater to the diverse needs that these families have to cater to.

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According to Frank Ellis in his paper “the determinants of rural livelihood diversification in developing countries,” diversification of the rural livelihoods allow for the families to counteract seasonality, labour markets, credit markets, coping strategies and risk(Ellis 289). Therefore he proposes that policies should facilitate diversity in rural livelihoods so that they can be less vulnerable. All in all, diversification of livelihoods out of choice is a practice that allows the rich and upper middle class to make more, save more, invest more and accumulate more wealth. They tend to be conscious of what they eat, and what they drink. Additionally, they get to rest more and maintain healthy dental care habits. Of course, this is greatly assisted by financial muscle that allows them to eat better, to seek great health care and the finances that give them the luxury of time.

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However this does not effortlessly make them healthier, but the mentality to keep themselves healthy allows them to be able to work and generate more wealth. According to a study by Wardle and Steptoe on the socioeconomic differences in attitudes and beliefs about healthy lifestyles, people of lower socioeconomic classes maintained stronger beliefs on the effects of chance on their health, such that they think less about things they can do to maintain great health than people of higher socioeconomic classes. Failing to get into credit debt to sustain flashy lifestyles or to keep up with current trends allowed for some people within the middle class to shift upwards to the upper middle class, rather than getting into debt or living from hand to mouth.

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Conclusion Are the rich getting richer, and are the poor getting poorer? Indeed they are. And this can be attributed to the 5 above discussed habits and attitudes that are very distinct from the rich and upper middle class, versus the lower middle class/ poorer groups. First, the habit of saving and investing the savings to accumulate wealth to accumulate wealth is different among the classes with the poor saving little or none. Second, the rich and the upper middle class diversify incomes out of choice for wealth accumulation while the poor do so for necessity reasons. 3, 1993, pp. Corley, Thomas. “I Spent 5 Years Studying Rich and Poor People and I Would like to Share What Seperates the Rich from the Poor. ” Rich habits, 2015.

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