Are the Rich Getting Richer at the Expense of the Poor? In your opinion, Is this issue really about income, wealth, or consumption inequality? Use something in the videos or text to justify your answers.

Learning Goal: I’m working on a english discussion question and need an explanation and answer to help me learn.

1. Watch the following videos

https://youtu.be/vsfi6NEvA_ILinks to an external site.

https://youtu.be/NFSYrLDj_skLinks to an external site.

Please respond to the below with 250+ words in ONE long paragraph, using your own words and NO online sources or citing of any sort. Then once you are done and submit it to me I will send you 2 student discussions posts to reply to with 175 words plus each!DO NOT CITE FROM ONLINE PLEASE

QUESTION: Are the Rich Getting Richer at the Expense of the Poor? In your opinion, Is this issue really about income, wealth, or consumption inequality? Use something in the videos or text to justify your answers.

Here are some term definitions:

WEALTH: refers to the sum of our assets (a resource with economic value that can generation future benefit) minus liabilities (a debt or financial obligation).

– One can have high wealth with low income (think of an older person whose house is paid off and they are living off savings and retirement funds).

INCOME: Money an individual receives in exchange for providing a good or service

– One can have high income and low financial wealth (large salary, but spends it immediately on consumption goods).

CONSUMPTION INEQUALITY: the difference between what the rich and poor can consume.

FACT: the homes of the American poor have most of the same things in them as do those of the rich (cellphone, tv, kitchen gadgets, etc).