Income Inequality
Income Inequality
The income inequality or the wide gap that exists between the highest earning worker and the lowest earning in the United States is widening. Income inequality started with technological advances, which benefited higher skilled workers more than the medium and unskilled workers. This consequently led to limited job opportunities available for individuals, particularly for those who do not possess a college degree. Income inequality is also linked to educational attainment disparity.
Initiatives that could help address income inequalities
Retail, restaurant, childcare and Eldercare are among the fastest growing jobs. However, these jobs pay very little. To make work pay the federal minimum wage has to be raised to $15 an hour.Workers with low wages should also be unionized. Uninons equip the middle class with the bargaining power it needs to secure fair wages. This would allow the middle class and the poor to receive a fair share of the economic growth.
Besides, investing in education from early childhood to college, quality education enables lifelong learning. However, the quality education in America is unaffordable; therefore, the government should ensure quality education is freely available to all. The government should also strengthen the legal framework to ensure the middle-class workers are not underpaid.
Higher taxes should be paid mainly by the upper-middle class, this will aid in unlocking the United State economy’s growth potential. Besides reworking the tax system to ensure it is fair and it provides adequate opportunity for the poor and the middle class is crucial..
Justification of the resolution
Income inequality threatens important aspects of our society, for instance, the economy. The consumer spending in the United States accounts approximately for 70 percent of economic activity. If the consumers lack adequate purchasing power, the businesses will not have the ability to expand or even hire more workers. This is because compared to the poor and the middle class, the rich spend a smaller part of their income.
The increased gap in inequality poses a challenge to the nation’s primary ideal of equal opportunity; this is because it hinders upward mobility. High-income inequality is linked to low upward mobility.Besides, increased inequality may lead to reduced intergenerational income mobility. In America, children of affluent parents end up being affluent while children of the poor parents end up remaining poor.
The widening in income inequality leads to wealth and political power flowing upward. The money is used to fund political campaigns and lobbyists. Money compromises democracy; hence, no legislation can be robust enough to protect the democratic process. Also, when the majority of the Americans work tirelessly yet a smaller group enjoys most of the economic gains, this may result in fierce partisanship.
Potential allies that may agree with my statement resolution
International Monetary Fund.
According to the international monetary fund, income inequality results in economic volatility. Countries with income inequality experience deeper economic recessions, while countries with equal income societies experience lasting economic growth.
World Bank
Income inequality in a country threatens its political stability, this is according to the World Bank. This is linked to the economic status dissatisfaction by the majority of the people. It becomes difficult to reach a political consensus among individuals with higher and lower incomes. Political instability decreases investors in a country which undermines its potential development.
United Nation
According to the United Nation to reduce income inequality, the policies in place should be universal in principle and address the needs of marginalized and disadvantaged populations.
Chapter II article 6 of the Social Charter of the Americas focuses on reducing income inequalities and promoting equal opportunities and better living standards. To achieve income equality, the efforts of both the civil society and the government are required.
References
Dabla-Norris, E., Suphaphiphat, N., Kochhar, K., Ricka, F., & Tsounta, E. (2015, June 15). Causes and Consequences of Income Inequality : A Global Perspective. International Monetry Fund. Retrieved February 17, 2016, from imf.org: https://www.imf.org/external/pubs/cat/longres.aspx?sk=42986.0
(n.d.). Income Inequality. worldbank.
Reduce inequality within and among countries. (n.d.). Retrieved February 17, 2016, from un.org: http://www.un.org/sustainabledevelopment/inequality/
(2012). Social Charter of the Americans. Organization of American States.
Sommeiller, E., & Price, M. (2015, January 26). The Increasingly Unequal States of America. Retrieved February 17, 2016, from epi.org: http://www.epi.org/publication/income-inequality-by-state-1917-to-2012/
