Richard Wilkinson investigated the social consequences and mixed factors that affect happiness. He shows that the societies of developing countries are much more egalitarian. Income gaps between the richer people and the less wealthy are smaller. They are generally happier than societies with greater income gaps. Wilkinson once stated that, while he had assumed an equal society would be better at social cohesion than those with larger income gaps, he never expected that there were such stark differences between market economies. They have found that depredation has an impact on all types society. Mental health, addiction and life expectancy are all affected by income differences across the country.
Statistically, the disparity in wealth between the rich and those who are not wealthy has risen significantly over the last 30 years. The following will examine three US inequality statistics. Inequality.org claims that, in their article, “Around 40 percent of Americans (140 millions people) live on low or no income. Inequality.org states that the poverty rates are a slight underestimate of the people in America who are struggling to survive. In an article published by Inequality.org, it was stated that
Wall Street Banks gave out $27.5B in bonuses to 181,300 New Yorkers in 2018. This is more than twice the earnings of 640,000 Americans working full-time for the federal minimum wage, $7.25 an hour. Wall Street will store their profits. According to an article, a quote from brainly stated that “President Obama feels income inequality is a pressing issue for the country.” This quote has great meaning and is true. The “American Dream” is something everyone wants, but with the economic inequality that exists today it’s hard to achieve. I believe the quote above is true and that our government should act to bring about a positive change.
Income inequality is caused by a variety of factors such as gender identification, sexual orientation, age and ethnicity. The population has been divided in order to illustrate the different levels of income inequality. In order to alleviate income inequality, some measures include reducing wages for the wealthiest people and then instantly raising wages for those at the bottom. The Washington Post argued that income inequality is a good thing. It encourages creative people to try new things and turns luxury items into everyday goods. This quote is true because it allows you to invest in new ideas. The low-income families would also benefit from this feeling, which will give them a new sense of hope.
Inequality between the rich and the poor is the result of economic inequality. As mentioned above, this phenomenon has positive aspects. This phenomenon is negative for those who are affected by economic inequality, but positive for those it “gives” advantages.
