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Income Inequality Between Rich And Poor Essay

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Income Inequality Between Wealthy and Poor Income or economic inequality can be defined as “the extent to which income is distributed unevenly in a group of people.” (EqualityTrust.org, 2012-2015). With this definition it is seen that inequality can happen between ethnicities, genders, and other subdivisions in the workplace. By some peoples’ standards, inequality could be synonymous with discrimination which is illegal, but for the purposes of this paper income between the wealthy and those in poverty will be discussed. Is there income inequality in America? The answer is yes and perhaps raising minimum wage and choosing college majors wisely will help close the rift. In order to answer whether or not there is income inequality, one must look at the science and statistics behind wages in America. In questions like these it is easy to let emotions get in the way of the truth behind the matter, so being grounded in truth of data is a must. “On average, today’s upper-income families are almost seven times wealthier than middle-income ones, compared to 3.4 times wealthier in 1984.” (Salles, 2014). According to this, there truly is a significant gap between rich and poor. The reasons for this are that the rich have some entrepreneurial prowess and the poor either …show more content…
So if the economy shifts to democratic socialism, this would mean most everyone would have the same wage. Digging deeper into this is a game of cause and effect. If everyone has the same wage, the economy runs the risk of plummeting because people would have less motivation to invent or create new businesses, thus destroying the economy. Socialism may not be the answer after

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