Argumentative Essay about Reducing Economic Inequality

📌Category: Economics
📌Words: 991
📌Pages: 4
📌Published: 17 June 2022

As societal expectations continue increasing, it becomes more difficult to talk about economic issues, especially ones affecting all classes of consumers in America. One of the current issues in our economy is labeled as economic inequality. Economic inequality greatly affects the population, which is why middle class consumers must make a direct change. If the future of America continues this way, the economic perspectives in our society will potentially turn corrupt. However it is not only the middle class consumers' fault nor issue; as our society expands and we gain more capital, it is crucial that the rich show change as well. This can be done so by cutting revenue, saving, and buying less. Not only would the consumers and the rich make a difference, but the government must also set restrictions and regulations on the wage gaps, in order to benefit every range of class.

The current state of our economy is clearly a rising issue, and shouldn’t be avoided. This issue, on the contrary, is not only the government's fault. While the government should take authority, it is also a responsibility for consumers. Many of the top reasons for economic inequality stem from the unauthorized spending, and saving, of currency. In recent studies, it’s been shown that “individual investors consistently lose money when they try to buy and sell” (Source A). The agenda for a daily consumer is much different than the agenda of a person in poverty. This is important because if we continue to buy and sell all of our goods, the money will never reach people in poverty. Along with this, people in poverty struggle to find real work. There are a multitude of reasons that people from poverty stricken communities do not have the same job opportunities as the average consumer. One of the main reasons being that “the broad changes in inequality have been driven by the interaction between technology and education” (Source I). Many high paying jobs require high level skills, access to technology, and college education. The issue with this pertains heavily to people in poverty, due to the lack of opportunity in those areas. Without high paying jobs, they are not in the same economic market as the rest of the population, and it strips them of their access to goods and services.  A possible resolution for this situation was developed by ‘Five of Former Labor Secretary Robert Reich’s 10 Suggestions to Reduce Income Inequality.’ He stated that “every American should have access to an infrastructure suitable to the richest nation in the world” (Source F). If the entire population had the same opportunities, many of the world’s most poverty stricken areas would not suffer as deeply as previously. Through this, it’s apparent that there are answers to the question of how income inequality in America can be upstood. Once this action is taken, Americans will have access to the most important resources possible, and it will likely show a great change in overall economic inequality.

As the relations of poverty begin to reach an ongoing effect for all Americans, it’s easy to be blindsided by the effect the rich have on income inequality. One of the main drives in power and money begins with the Internet. CEO’s of internet companies have been reaching a new level of workers compensation. Their compensation grew “127 times faster than it did for workers” (Source K). With that being stated, it is clear that the wealth gap is efficient for the rich. Along with this, “the CEO-to-worker pay ratio has increased 1,000%” (Source K). Technology has affected the wealth gap greatly, and has put the rich on a pedestal in comparison to all other classes. These problems generally affect every class, however it greatly affects the working middle class. Working middle class workers in America tend to spend years working up to minimum wage, in order to be able to afford “paying rent, ideally going on to get subsistence groceries at Safeway, and, if really lucky, has a bus pass” (Source K). It is uncommon to see people born middle class, or low middle class, and make enough money to enjoy their lives; whilst the rich have enough money to be potentially set for life and never have to work again. The rich maintain their assets, while the middle class workers are forced to spend their entire lives working, while roughly affording the cost of living.

As a result of poverty, it is likely to see many discouraged individuals in and out of jobs, barely making minimum wage. While some of these individuals do not have any excuses or restrictions for work, many people in poverty do. As mentioned before, education and skill are major factors, as well as disabilities, mental restrictions, and disorders. It is easy for others to blame their poverty on themselves, so they have no excuse to help. In a page written by Thomas Sowell, he states that “most of the household and the bottom 20 percent of income earners have nobody working” (Source B). This argument is entirely ineffective, considering the reluctant awareness towards people in poverty who are physically and mentally unable to work. They are provided with government transfers for very specific reasons, and should not be included in the argument against economic inequality and wealth gaps in America. Another argument from the POLITICO magazine states that “our economy can only be safe and effective if it is governed by the same kind of rules as, say the transportation system” (Source K). Although a common belief may be to rely on the government for economic support, it is not entirely left for them and the government should not have to set restrictions in order to balance our economy. If they did so, the economic freedom we have today would not remain the same. Taxation laws would shift, and consumers would have to learn how to spend less by force. If, instead, daily consumers treat spending differently, the working population would not have to complain about the lack of money they get paid for their long shifts.

Therefore, it is evident that blaming economic inequality on the government is ineffective. However, as I stated previously, the consumers in America should take a stand and to change America’s wealth gaps, and the rich should regulate their average paychecks. If the government should step in, it must be understood for all ranks in society that, through government regulation, the economy and their paychecks will suffer.

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