Income inequality is the unequal distribution of household or individual income across the various participants in an economy. It is often presented as the percentage of income related to a percentage of the population. It is an inequality based on the economy. Income inequality is one of the reasons why the gap between rich and poor in America is growing. There are many reasons for income inequality such as education, technology lower economic growth, one sector dominance, and capitalism. Most of the families with single householder have to work overtime to run their family because of low wages. With income inequality not only lower-class are being hurt, its middle class too with low wages. However, If this problem does not get solved then the demand of job will grow to pay for expenses. Therefore, income inequality should be addressed by increasing the minimum wage, invest more money in education and stop using the robot in automobile factories.
“Can Income Inequality be Solved?”Get custom essay
Education is one of the reasons for income inequality in the United States. Education is the key to success. It makes space for everyone to get a better job either you poor or rich it doesn’t matter if you have a higher education you can get a better job. If education is available for everyone then, people can do well-paying jobs that can reduce income inequality. If the government makes more fund for education and make it free. So, everyone can get access to higher education. Therefore, it can be one of the ways to stop income inequality. The countries that have done a better job increasing their educational attainments like Canada and Sweden, have also seen bigger broad-based income gains than the United States. ( David Leonhardt ). Which means that Canada and Sweden are mostly focusing on educating it’s a citizen so they can balance income inequality by offering better wages. For every challenge, we are face unemployment, poverty, crime, income growth, income inequality, productivity, competitiveness a great education is a major component of the solution. ( Bruce Rauner). In this quote, the author is saying that education is the major component to solve the income inequality. Which is why the United States should focus on making its educational system better in order to reduce income inequality.
Technology has played a huge role in income inequality. Technology has caused associations like travel organizations, bank employees and different types of center administration to close somewhere near conveying a progressively advantageous approach to utilize those administrations. For example, robotization of assembling items has diminished openings for work, say producing a vehicle was finished by human turns before, however now because of the assistance of technology, the work has been done quicker and with less labor. The hourly wage of a robot such as Baxter has been reported to be around the US $4.32 per hour, less than the average hourly wage of US $23.32 paid to humans in US manufacturing.
( Paula Nagler ). In this quote, the author means that the wage of a robot is way cheaper than humans. Therefore, owners started using a robot instead of humans in the workplace. We should care and stop it because it is the biggest reason for income inequality. It makes the owner richer and the worker is getting poorer. Therefore if the government makes a law for every automobile companies to stop using a robot in the workplace and if they used they should pay fines and if also increase the minimum wage so, we can reduce the income inequality.
On the other hand, some people claim that income inequality has been going forever. Every year, the village produced the same amount of goods for the same number of people to divide. (David Leonhardt). In this quote, the author means that every year people are making the same amount of goods. So, they will never get better goods and can’t help to stop the income inequality. The people who make more money they make more goods. And the poor people not getting enough goods to increase their investments and can’t make more money. Therefore, the poor are getting more poor and rich getting richer. This is started happening in the US after the great depression and it is still happening. So, they think income inequality has been going forever it won’t be solved.
In conclusion, from research and article research we can say income inequality is a phenomenon that is running forever and will continue running in the future. But if we take actions and work together to stop the reason for income inequality. We can solve it. And we must do it because income inequality makes lacker social mobility, shrinking middle class, living standards and it also bad for our economy because the less tax government get from us the less money goes on education, healthcare, etc. Therefore, we should work together and save our country from income inequality.
Can Income Inequality be Solved?. (2019, Jul 01).
Retrieved February 6, 2023 , from
Save time with Studydriver!
Get in touch with our top writers for a non-plagiarized essays written to satisfy your needs
A professional writer will make a clear, mistake-free paper for you!Get help with your assigment
Please check your inbox
I'm Chatbot Amy :)
I can help you save hours on your homework. Let's start by finding a writer.Find Writer