Good afternoon. My name is Kristi and today I will discussing the issue of income inequality. Income inequality is an unequal distribution of income to an economy. The issue of income inequality is occurring in many different countries. According to the Allianz report, the top three countries with the highest wealth inequality is the U.S.
, Sweden, and the U.K. Income inequality is happening for three main reasons. One of the reasons being technology and education. The more experience and education you have, the higher the chance you get a better paying job.
The second reason of income inequality is trading and globalization. The imports have increased in the U.S. economy after the growing trade between the U.
S. and other countries, especially China. The imports increasing in the U.
S. led to a decrease of jobs in the industries that were the producers in the U.S. The third reason of income inequality is the government policies. According to the World Economic Forum, delegation, taxe changes, and other policies have reduced the wages and employment in the U.S. This issue of income inequality makes it difficult for people to have equal opportunities.We can’t solve the issue of income inequality without changing the rules.
People have suggested to raise the minimum wage to about $15 an hour by 2020, strengthen laws on discriminatory hiring and compensation, increasing taxes on the super-high income, etc. This source says that since about 65% of jobs by 2025 will require some sort of education, the government should make education more affordable and accessible to all. They also suggest a progressive tax rate to help resolve the issue, which has to do with the rich paying the highest tax rates and the poorest paying the lowest rates. The source suggests that we should demand the wealthy and large corporations to pay a fair share in taxes and increase job opportunities for disadvantaged young Americans in a program. The source says like the other articles that they should have better wages for workers and an affordable and easy access to an education and health care.They say that implementing this concept has the potential to lift woking families out of poverty and reduce the growth of inequality.I believe that income inequality is a major issue, especially in the U.
S, that we need to solve. It majorly affects the people in the economy. In the articles I’ve read some of them suggested to make education more affordable and accessible to all. This would be a great idea to do.
Affordable education could benefit the that person in many ways because having skills and an education could lead to a better paying job. People have also suggested to increase the minimum wage from around $7.50 to $15. I believe that increasing the minimum wage would help balance the inequality of the country. This problem would take awhile to be solved completely, but the sooner we try to get it solved, we would slowly see a change in our economy.