Beverly Diamonds Understands the Recent Changes of U.S. Wealth
At Beverly Diamonds, we understand the recent changes of U.S. wealth. Over the last few decades, several major changes have taken place, the result of which was the wealthiest one percent owning more than 40% of the nation’s wealth (Budrys 177). Increased uneven distribution of income has been understood at Beverly Diamonds as an issue that has been taking place in America since the 1980’s. For Beverly Diamonds, the uneven distribution of income and assets has consequences, usually good consequences when in a free market economy, by pushing people to get those rewards that those at the top have. Today, however, we at Beverly Diamonds are witnessing extreme levels of inequality, in the United States. It is the opinion of those at Beverly Diamonds that this extreme inequality should not be tolerated in the U.S. because it directly threatens the ideals of meritocracy and opportunity that America has always stood for by putting America’s financial economic well-being at risk.
The extreme unequal distribution of income in the U.S. is having an effect on business at Beverly Diamonds. Every day the number of middle-class Americans that are using a method of financing to purchase their ring from Beverly Diamonds is increasing. Financing at Beverly Diamonds adds to the overall risk that exists of the United States experiencing another financial crisis. Such a financial crisis has happened in the past in the United States (Stiglitz 6) and Beverly Diamonds is anxious about there being another one. Historically, income inequality led to the rise in borrowing which was responsible for the Great depression (Reiff 201). At Beverly Diamonds, we turn to Marriner S. Eccles, who served as Franklin D. Roosevelt and was the Chairman of the Federal Reserve who explained the consequences of inequality like this, “A giant suction pump had by 1929-30 drawn into a few hands an increasing portion of currently produced wealth… taking purchasing power out of the hands of mass consumers.” (Marriner 76). Every day Beverly Diamonds recognizes the changes to wealth in the United States and is being accommodating, by offering its customers several different financing options. This is one way Beverly Diamonds Understands the Recent Changes of U.S. Wealth