Many common attitudes on wealth in America are based on falsehoods, despite the widespread availability of information and the capacity to check the accuracy of opinions stated in society at any time. For example, it is generally believed that the rich get their wealth by inheritance, but statistically, they are much more likely to earn capital by simply working hard. Some people think that the black American population does not get rich because it does not put enough effort into it. They are unaware that the root of financial insecurity stems from institutional racism and white supremacy. The prevailing opinion about women is that they purposely choose low-paid positions, leaving top-level positions to men. In fact, this is due to sexism and the existence of the glass ceiling in corporations.
The difference in wealth between men and women is an urgent problem that requires an early solution. Between 2018 and 2019, the wage gap between men and women for full-time workers in the United States reduced slightly. In 2019, the median weekly wages for full-time work for women were $821, compared to $1,007 for men (Hegewisch & Barsi, 2020). The reasons for such a difference in income, as indicated earlier, are the presence of an invisible and formally unidentified barrier that limits the advancement of women up the career ladder for reasons not related to their professional qualities. The introduction of a ban on the existence of such barriers must be ensured by law.
The well-being of Asians, Hispanics, and people of color is greatly influenced by racial prejudice against this category of individuals. In 2019, the median weekly earnings of black women were $ 704, accounting for only 61.4 percent of the income of white men but 91.5 percent of the median weekly earnings of black men (Hegewisch & Barsi, 2020). A systematic fight against racism both at the state level and at the level of a specific company can, in the long run, reduce the wage gap. A financial impact on income inequality between LGBTQ individuals and heterosexual individuals is also required, as a woman in a same-sex partnership makes $ 0.79 for every dollar a man in a married-opposite-sex couple makes. In contrast, a man in a same-sex pair makes $ 0.98.
Reference
Hegewisch, A., & Barsi Z. (2020). The Gender Wage Gap: 2019: Earnings Differences by Race and Ethnicity. Institute for Women’s Policy Research. Web.