Poverty Inequality Economic Inequality - 1509 Words

Combating Economic Inequality Economic Inequality When you turn on the news nowadays, some of America’s biggest problems are right there flashing across your screen. However, the increasing issue of inequality that our country is facing doesn’t seem to get quite the attention it deserves. The disproportion of lower and middle class families to wealthier families, due to economic inequality, is in dire need of a solution! So how do you fix a struggling economy between the classes? Professors Paul Krugman, Gary S. Becker and Kevin M. Murphy, seemed to have formulated their opinions on this topic and examined ways of possibly improving this growing crisis now and into the future. So why should we care about economic inequality? Paul†¦show more content†¦Basically talent and academic achievement mean nothing if that student doesn’t have the family status to back it; thus only adding to the problem. Attach that to a family that is already dealing with financi al issues, lack of health care and poor nutrition. Now you have an even bigger dilemma! One way Krugman suggested could help economic inequality would be restoring progressivity to the tax system, is by letting the Bush tax cuts for the very well off expire at the end of 2010 as it was already scheduled. By letting the tax Bush tax cuts expire for those making two-hundred thousand a year, would free up money to pay for the subsidies needed to implement global healthcare. Another technique from a political perspective would be closing some of the major tax loopholes. Another method is adding a â€Å"super† tax or surtax on the very rich, but was argued as not really raising any more money, just punishing the rich. Gary S. Becker and Kevin M. Murphy shared some interesting contrasts in their views on the Upside of Income Inequality. Their views centered more around the advantages of return on investments and human capital. â€Å"The labor market is placing a greater emphasis on education dispensing rapidly rising rewards to those who stay in schools the longest.† They believed that the opportunity to advance came throughShow MoreRelatedPoverty Inequality And Economic Growth1466 Words   |  6 Pagespurpose of this essay is to investigate the extent in which poverty, inequality and economic growth are related. These three dimensions are regularly perceived as indices of the complex and multidimensional concept of ‘economic development’. This term is not black and white however: it is a concept that is more than just merely income analysis. Poverty can be broken down into two separate definitions: absolute and relative. Absolute poverty describes the position of an individual who is living on lessRead MoreOver Consumptions Leads to Economic Inequality and Poverty747 Words   |  3 Pagesthe world’s economy? Or how it affects everyone by leading to economic inequality and poverty! Over consumption in America contributes to worldwide poverty. â€Å"Each person in the industrialized world uses as much commercial energy as ten people in a developing country.† Western cultures, specifically America have large consumer societies and although it has raised the standard of living for several people, it has also caused economic challenges for many others. Globalization has been a great wayRead MoreModern Poverty And Economic Inequality Essay1200 Words   |  5 Pagesfall below the alleged poverty line, there is an obvious dire urge for social reform. As Mark Rank stated in his book, Rethinking American Poverty (page 19), â€Å"between ages of 20 and 75, nearly 60 percent of Americans will experience at least one year below the poverty line.† Poverty in America has reached a feverish high. 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The high rates of wealth inequality cause the growing financial crisis to persist, lower socio-economic mobility, increase national poverty, and have adverse effects on health andRead MoreHow Social Inequality Is Too Much?1441 Words   |  6 Pagesindividuals that thrive and flourish in our culture and society. This disparity is called Social Inequality; every society today contains inequality, but how much inequality is too much? The degree of inequality that we see around us today is unnecessary and hinders the development of an environment in which everyone can attain an acceptable standard of living. In societies containing a large amount of inequality, people are unable to access benefits such as health care and education. Because of this,Read MoreInequality in Australia Essay1265 Words   |  6 PagesOver the last two decades the Australian population has faced a number of economic instabilities that has seen the gap between the ‘haves’ and ‘have nots’ increase. To determine who the ‘haves’ and ‘have nots’ are an in-depth investigation will be performed examining the circumstances under which the gap can be manipulated. The economic wellbeing of individuals is largely determined by their command over economic resources (ABS, 2009). The wellbeing of individuals who are classified as ‘haves’ areRead MoreSocial Class As A Way That Constrain s Someone s Life Chances And Opportunities For Social Mobility1395 Words   |  6 Pagesgenerational privilege (Alger, 1910). Economic inequality absolutely exists in America today, and the social class into which an individual is born affects their life chances and opportunities for social mobility to a stunning and upsetting degree. In this essay, I will argue that the evidence points to the strong, overwhelming role of social class as a way that constrains someone’s life chances and opportunities for social mobility. I will show how income inequality creates segregation, unequal accessRead MoreA Theoretical Review Of Global Stratification913 Words   |  4 PagesStratification Global stratification is defined as social inequality throughout the world. It is an unequal distribution of wealth and poverty, of resources and opportunities. Global stratification is much greater than social stratification in the United States or in any single nation and continues to increase. The poorest people in the United States have a much higher quality of life than most other people in the world. As a result of this global inequality, countries are classified into three categories