Economic And Political Inequalities Of America - 1374 Words

Economic and Political Inequalities Public subsidies are allowing for multinational companies like Walmart and McDonald s to pay such low wages, which in turn provides social services like food stamps, Medicaid and public housing. Out of all U.S. companies Wal-mart employees are the largest recipients of public welfare, receiving about $6.2 billion a year in mostly federal subsidies. Because they are making such nominal hourly wages these services are essential for the well-being of the American public. Workers and consumers alike are encapsulated within this system, with the Walton family even controlling a large portion of the region’s banking system. Jim Walton, son of Sam Walton, controls 96% of Arvest Bank. His father and mother purchased the Bank of Bentonville in 1961 when it had a holding of approximately $3.5 million. Today, it controls over $15 billion of assets. If you look at their growth, it is clear that Arvest, the Walton banking industry, is following the path of Walmart and headed toward the path of globalization. Public policy is a driving factor behind all of this. Walmart holds supreme legal power due to its vast wealth, meaning stakeholders are able to pay off any organization or individual that stands in the way of their economic development goals. From Hillary’s involvement with Walmart to Bill’s signing signing into effect NAFTA and WTO, the Clinton administration is a direct example of how political ties can contribute to the development of aShow MoreRelatedPoverty And The American Dream933 Words   |  4 Pagesway to get out. The Inequality gap in America has increased for the past few decades. Resulting from Economic Inequality in America, 400 Americans share more than 50% of America’s total wealth. These 400 Americans are the Top 1%. While the Top 1% are living luxurious lives, the Bottom 99% is struggling to make ends meet. 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