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Income inequality not only puts us in harm, but affects our physical and mental well-being. With that being, it is important to know the correct ways of distributing the wealth among people. Income Inequality has affected citizens in the United States ever since the American Dream had come into existence. The American Dream is the concept of having the ability to work hard, support a family, buy a home, have an investment for retirement and be able to send their children to college. Having a decent income and having economic gains is one of the ways you can fulfill this dream. It is unfortunate that so many people can not have this dream due to low income. The United States has experienced a rise in income inequality which is bad, the rich are becoming richer and the poor are becoming poorer, decreasing the stability of these two classes.
During the recent years, America has had a tremendous gap between the rich and the poor and it has been becoming a manner. The United States actually has one of the largest inequalities among many income distributors. Since 1928, our country has been experiencing the worst income inequality, and it seems to be only continuing and growing. Almost everyone’s affected by it to a greater or lesser degree; we each adapt as best we can (Thorson). Why is it, that so many people are being affected by this? People really find it unfair that people make more money than them, but really it comes down to, did you go to college to get a degree, do you have a good job? It is a very large concern for so many people and it will most likely be continuing to be.
This impact of the middle class, is causing a shrinkage in average income jobs. So many jobs that are considered a necessity to everyday life are now going away and are disappearing. This then becomes a strong concern for high school students, they will severely have less economic opportunity than their parents did. Furthermore, these students will find it harder to reach a good economic point and achieve a good financial status. An increase in income inequality tends to become entrenched across generations due to various market failures connected with social stratification (Ebeke). These individuals who are born in the middle class, are finding that they are actually being pushed into the lower class, due to the fact of middle-class jobs decreasing. The American Dream is slowly but surely becoming way out of reach.
It is unfortunate that many high school students do not choose the path to go and succeed at trade schools, community colleges and other options. Where as if they chose to take this path, it would lead them to be hopefully one day successful, leading to union jobs, providing good wages and great benefits. Being economically stable is a crucial factor for income inequality, and college is an important role for providing economic advantages. Inequality is wrenching the nation’s poorest and richest households farther and farther apart (Jones). So, why do people not choose to go to college and want to succeed? These people could have not grown up with parents who went to college, which results in having no motivation to do so. To continue, they may just think that it is a waste of time or they do not know what they want to do in the future.
In reality, a higher level of income inequality leads to a higher level of poverty. Poverty is where there is an increase in crime and poor health, which just makes the economy worse. Economic inequality contributes to varieties of domestic unrest – uprisings, violent crime, sometimes even civil war (Jones). You probably would not think that income inequality has much to do with crime rates, but it does. The health and crime with people with low incomes is something that is really common sense. Someone who has a lot of money is not going to be going to rob banks or not keep up to date on their health. On the other hand, people who are poor and have no money, are probably more likely to be stealing money, robbing banks and not keeping up with their health. Poverty actually increases the chance of poor health and poor health keeps the communities in poverty.
Most people think that income inequality is a single phenomenon. Most believe that the rich are getting rich by taking money from the poor. How is this possible? It is possible because people are just assuming and not having evidence nor a conclusion: economic growth has benefited from rising inequality by leaving poor and middle-class households with a smaller share of a bigger economic pie and no worse of for it (CQ researcher). To be able to understand what really income inequality is, talking to people who are either rich or poor can lead to better information rather than just assuming. Knowing what each have done differently throughout their lives would definitely also help. Most people who tend to be rich, are fairly driven, they may have flaws, but being lazy is definitely not one of them. Determination becomes a huge factor, if you want to become rich, you will do everything that you possibly can to become rich. People who do not have money are one hundred percent not determined and did not want to better themselves. Every single person in this world has the opportunity to become what they want to be, this is why financial aid is a thing, so everyone has a chance. Some people do not take this chance and end up feeling like it is their fault, well it is.
On the other hand, although income inequality is not something really good for the United States, it may not be such a bad thing overall. There has always been income inequality in America, and there always will be. This is because there are so many different types of people in this world, and that is ok. Not every single person in this world has a drive in becoming a millionaire. People are on all different kinds of levels of success, depending on how they contributed to society. Another reason why income inequality is good is because wealth is growing at a significant rate, wealth expansion is good for everyone.
In conclusion, I believe that income inequality is something that is not good for the economy. I feel that if people are going to complain that they are not rich, then maybe they should do something about. Complaining will not get you anywhere, but by doing something, it will. Going to college, getting a good job or going to a trade school will definitely benefit you rather than realizing you have no money and are broke. There are so many different types of ways that you can make money now a days, I feel that every single person could have an opportunity. It is true that there are so many different types of people in this world, so it is hard because of that. Hopefully income inequality will one day become less and less of a problem and will eventually be fixed. People just need to realize that there is an opportunity open, you just have to be determined to take it. Although there are definitely ways of getting rid of income inequality, with lowering the cost of living one of them. People also do not realize that income is not the same thing at wealth, someone retired with a five-million-dollar house could have no wage income. Finally, income inequality is a widespread problem throughout the United States, even in other countries, and there has to be developed ways to solve it.
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