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The Way Economic Inequality Affects Societies

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Richard Wilkinson studied the social consequences of income inequality and how mixed factors affect happiness. He presents a good deal of experimental data, showing that there are much more equal societies in developing countries. The income gap between the rich and the poor is smaller. Contrasted with societies with larger income gaps, they generally seem happier. Wilkinson once said, ‘While I’d always assumed that an equal society must score better on social cohesion, I never expected to find such clear differences between existing market economies.’ This quote means that, although depreciation has always been regarded as a predictor of social problems such as violence, overweight, and teenage pregnancy, Wilkinson and Pickett pointed out that personal wealth has no connection with community well being. Those who have discovered that all types of society are affected by the signs of depredation. Throughout the country’s mental health, life expectancy, and addiction, all created by different incomes.

In the United States, for thirty years, the wealth difference seen between wealthy and anybody else is now rising significantly, by any statistical data. Three inequality statistics in the United States will be discussed below. In the article, Inequality.org states that, “An estimated 40 percent of the total U.S. population (140 million people) are either poor or low income. With this being said, the actual poverty rates downplay the amount of people who are having trouble to make ends meet in the world’s richest country. In the article Inequality.org stated,

“Wall Street banks doled out $27.5 billion in bonuses to their 181,300 New York-based employees in 2018. That amounts to more than two and a half times the combined earnings of all 640,000 Americans who work full-time at the current federal minimum wage of $7.25 per hour.” By this, low-wage jobs must have to spend each dollar they receive only to satisfy essential necessities, this causes a beneficial economic ripple effect. For Wall Street workers, all the profits they make will be stored. In an article brainly quote stated, “President Obama believes that income inequality is one of the most pressing matters facing the nation. If we are going to be a country that provides ladders of opportunity and believes in a thriving middle class, then we have to raise the minimum wage.” This quote is very true and has a lot of meaning to it. Everyone wants the “American dream,” with economic inequality being such a big thing, it’s very hard to accomplish. I strongly believe that what is said in this quote the government should take action and our country will see an amazing change.

The causes of income inequality are different factors including sexual orientation, gender identification, age, even ethnic background differ throughout the difference between the upper and middle classes. To demonstrate the various degrees of income inequality, the population is divided to show the difference from one another. Some measures that can ameliorate income inequality are by reducing the wages of the wealthiest, then increasing the wages of the lowest, instantly. Pros of having income inequality by the Washington Post stated, “income inequality in a capitalist system is truly beautiful” because “it provides the incentive for creative people to gamble on new ideas, and it turns luxuries into common goods”. I can agree with this quote because you can put money into new ideas and invest. Another pro is from the low waged families this would be an amazing feeling for them, and will give them hope for their future.

In conlusion, inequality in the economy leads to inequality in the income of the population. This phenomenon cannot be differentiated exclusively as negative, because, as written above, it has certain positive aspects. Of course, for people who suffer from inequality in the economy, this phenomenon will have a negative aspect, but for those to whom it ‘gives’ advantages, it will be positive.

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The Way Economic Inequality Affects Societies. (2022, August 30). GradesFixer. Retrieved September 22, 2022, from https://gradesfixer.com/free-essay-examples/the-way-economic-inequality-affects-societies/
“The Way Economic Inequality Affects Societies.” GradesFixer, 30 Aug. 2022, gradesfixer.com/free-essay-examples/the-way-economic-inequality-affects-societies/
The Way Economic Inequality Affects Societies. [online]. Available at: <https://gradesfixer.com/free-essay-examples/the-way-economic-inequality-affects-societies/> [Accessed 22 Sept. 2022].
The Way Economic Inequality Affects Societies [Internet]. GradesFixer. 2022 Aug 30 [cited 2022 Sept 22]. Available from: https://gradesfixer.com/free-essay-examples/the-way-economic-inequality-affects-societies/
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