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Did you know that 1% of households in the US produced more than 25 times what a family in the 99% did? Income inequality between the rich and the poor has been happening since before the Great Recession, a period of time that general economic decline appeared in global markets during the late 2000s and early 2010s. As the poor are barely affording to buy their own food, the rich are drowning in money. Therefore, society should be aware that the wealthy continue to aspire wealth as the ones living in poverty stay in bankruptcy.
Middle-class standard jobs are shrinking due to the economy moving away from manufacturing. The kid working class who graduated from the 1950s to the 1960s got many opportunities for well-paid jobs. These jobs which required little to no experience have vanished, leaving most of the lower class out of work. Not only that but after getting rid of those jobs, new jobs that required a good high school history and experience were created, leaving the lower class out also. Jobs that include manufacturing added around 1 million jobs in between 1968 and 1978, in the most recent four years almost 3 million jobs have been removed. Almost all the simple jobs with favorable pay have been taken away, mainly due to the major growth and desperate need in technology. Politicians believe getting rid of jobs will benefit our economy, It has in fact made it worse by expanding the low class.
The lower class will only get bigger the more we waste our money on unimportant things. 83% of our people in the US living in extreme poverty are children, the elderly, or they can’t get a job due to lack of education. This shows that people in poverty don’t have as many opportunities at education so it’s difficult to get a well-paying job without a good education. According to an examination, by John Hopkins, a recent study of 800 students showed only 4% from low-income families achieved a college education whilst 45% of the wealthy families achieved. Hopkins clarifies there is a huge difference in whether or not you get your education, or if you have fewer advantages which are clearly shown in this study. Being more wealthy provides you with security for your children to go to any college they want, being poor you can’t afford to pay for college too much. This advantage sets us back far. The difference in opportunities for the rich and poor are due to income inequality.
Neither the wealthy class nor the poor benefit from income inequality. In 2013 studies showed “medical outlays” lowered the average income by 49% for the lowest group. This shows that medical issues can lower income and possibly even mean no health at all if the person can’t afford it. Which can also be a huge issue, hospital bills aren’t easy to pay and cause a huge deep debt for the lower class. Economists state Americans will continue to make the gap of income inequality bigger, inequality has been proven to depress our economic growth leaving less for our society. In other words, this statement means no matter how many jobs are taken away, or how much we try to change our economy and build it nothing will work as long as we have the huge gap between the rich and poor.
If we close this gap the economy would be booming, and we wouldn’t have to worry as much as we are. Income inequality has a major gap due to the rich gaining more money. A recent study showed the wealthy only marry other rich individuals which raises their income, and the gap in income inequality. The point of this comment shows the poor don’t really have a chance at marrying a wealthy person to get out of poverty, considering the wealthy don’t want to be with someone who isn’t like them. Since most of the wealthy are born into having money they get higher education considering the parents want their children to be successful as well. In other words, this states the rich have lots more opportunities than the poor whereas they can use their wealth to get anything they desire. This shows the rich have lots more opportunities than the poor whereas they can use their wealth to get what they desire.
Income inequality is exaggerated so the poor can benefit from more money. The poverty rate continues to rise by 2.7% every 4 years or so, as the wealth rate, of course, raises more than the rich. In making this statement it states that poverty rates aren’t as bad as reporters make it seem in their articles about income inequality. Which could even mean income inequality hasn’t ever been that bad in the first place. The government continues to spend money trying to get people out of deep poverty, they have spent 72 million for anti-poverty movements. This shows the government does try to help out the people in need, being there are so many people in poverty it makes it extremely difficult. 10 percent of the people in poverty have zero assets or are in great debt that will most likely stay with them. However it is simply not true that poverty rates aren’t exaggerated at all, people really struggle with their bills due to them getting ill and unable to pay their hospital bills. The unemployment rate, due to lack of education, is at its all time low since 1969. In fact, it gets lower as time goes on. This shows that if jobs were kept and not taken away from the poor the poverty levels would be lower.
The issues due to poverty such as a high rate of income inequality can be easily fixed over time. The poverty levels will keep rising unless we fix the income inequality rate and do our absolute best to help the poor out. Society should be aware that the wealthy continue to aspire wealth as the ones living in poverty stay in bankruptcy and it should be their choice to help out or not. To make sure our children don’t grow up poor would be about $57 billion, which is a lot of money of course if the high class paid only $578 a year the change would be extremely effective.
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