Rising income inequality is considered as a global issue. Over the last ten years, median household income has declined in many advanced economies that resulting median household easily trapped in the risk of falling into poverty. Based on the research, we found that the average income of the richest 10% of the population is higher nine times higher than that of the poorest 10%. After 20 years, some countries have developed the advanced technology to improve the productivity of 30% in industries sector. However, there would also 50% worker will encounter the risk of displaced.
People have to work multiple jobs because most places only hire part time and pay minimum wage. Even after working sixteen hour days people are still barely able to pay bills and can only eat sparingly to get by. The wealthy are getting wealthier because the government is creating laws that allow them pocket more money. As the wealth inequality increases it puts more burden on the middle class. The wealth inequality is growing in America and it keeps getting worse.
Who is to be blamed for this situation? My country India is second in world population and the poverty rate is also very high.. “According to World Bank the head count of poverty ratio in India is the people living on less than $1.25 a day is almost 32.7% in 2010.” It could be due the negligence of the Government departments in promoting farming or small scale industries which provide people with a job to earn for their lives. Educational backwardness (in certain regions of India) is also a reason for increase in informal jobs in which there is no fixed wage and also there can be days many may have to stay back home due to climatic conditions and political disorders which is very common in a multiparty democracy like
Speech Body Existence of Problem: The minimum wage rate is causing higher levels of poverty and unemployment. Evidence of Problem Existence: On a article Michael Saltsman wrote that President Obama has discussed raising the minimum wage rate to $9.00 per hour. He believes that "a higher minimum wage can reduce poverty without reducing employment." On another article listed on The Washington Post Mike Konczal stated "Dube uses the latest in minimum-wage statistics and finds a negative relationship between the minimum wage and poverty. Specifically, raising the minimum wage 10 percent (say from $7.25 to near $8) would reduce the number of people living in poverty 2.4 percent."
In other words, the older the individual, the higher chance of becoming poor. Across OECD countries, the elderly poverty rate is 11.2 and 14.7 for age group of 66 to 75 and over 75 years consecutively. The oldest-old, the elderly of age 80 and above are the most likely to be suffered from poverty because hey are less capable of working than the other old age (United Nations, 2015). Another striking point is that the oldest-old, the most vulnerable group, is growing at a faster pace than the overall old age group. This shocking fact has raised a concern for the government to prevent the severe old age poverty.
The wealthiest one percent, usually CEOs and investment bankers, were given hefty raises while the average worker’s pay has languished. Instead of the positives from trickle-down economics, like Republicans who endorsed the Better Business Climate model promised, the economy has turned into trickle-up economics (Leopold, p. 55). All of the money is being transferred from the bottom to the top, leaving most Americans at the bottom to
Even though the average income of an American Adult is $250,000 – 300,000 such number is irrelevant because such amount includes the 1%. Meaning that most people do not make more than $39,000; however, the 1% that makes billions of dollars each year make the average American Income go up unbelievably; therefore, such people stay below the poverty
Consequently, the minimum wage of today is vastly insufficient to cover even the most basic needs of even a single person, much less an entire family, marooning millions in spiralling poverty. The minimum wage must be dramatically increased for the immediate economic stability of huge swaths of Americans. Most Americans have woes regarding how, exactly, ends are to be met, but none have concerns as serious as those of minimum wage toilers. The federal minimum wage is $7.25; a person who works for minimum wage “40 hours a week, 52 weeks a year...with no time off
Draining the rich of their money will not help those who are poverty stricken. It could cause the opposite of the intended effect (more equal income) and cause a greater amount of poverty and less chances to earn a living. A wealthy person is generally thought of making more than $300,000 a year and usually has stock, real estate, or both. In developed countries, such as the United States, “income inequality has increased since the 1980s” (Woo 5). A large amount of people argue that a system such as socialism could fix that inequality.
Income inequality is the “defining challenge of our time”, with a higher number of people struggling in work just to get by with pay no more than what they receive a decade ago, while some unemployed due unequal opportunities that exists as said by current president of the United States of America, Barrack Obama (Warren, 2014). “A State divided into a small number of rich and a large number of poor will always develop a government manipulated by the rich to protect the amenities represented by their property.” (Laski, 1967, p. 157). This can be applied to Thailand where poverty in Bangkok is at an all time low of just 1% while more than a fifth of the population in the North and northeast are poor (Zachau, 2013). Thailand would be a better nation if people have the same opportunities and were treated the same way. This could be achieved if the Thai government legislates to distribute income evenly as it will help the economy to grow, increase opportunities and social status of the lower class.