The Economic Impact Of Economic Inequality

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Economic Inequality Economic inequality is a growing issue on a global scale with many believing that it is part of the world we live in and there is nothing that can be done to solve it. In fact, there are many different contributors to economic inequality that can be solved individually to reduce its overall impact. Economic inequality is the difference between the rich and poor and has been an issue for quite some time. An economic balance must be found as a large wealth gap can hinder long term growth, but a gap that is too small reduces productivity. One way to solve this would be to implement wealth redistribution programs to provide the poor with higher education and reduce the impact of social classes. The government should implement …show more content…
The work involved in seeking out these opportunities requires a fitting reward or no one will take the risks involved in pursuing them. Taxing the worth of these people creates less of a reward, yet allowing them to accumulate such wealth harms the middle class and increases wealth disparity. The Forbes 400 list of richest Americans in 2013, contains nothing but billionaires and sixty-one American billionaires were not rich enough to make it on the list. Where in 1982, the first year of the list, only had thirteen billionaires on it(Gordon 1). The wealthy are only expanding their fortunes through the exploitation of the poor who continue to fall farther behind. With new advances in technology the wealth gap grows and the need for change becomes more prevalent. Technological innovation has caused the accumulation of wealth in recent decades. For example, in 1971, Intel released the microprocessor which brought them a fortune(Gordon 1). Inventions such as the microprocessor that increase the overall quality of life, also contribute to the concentration of wealth in the hands of the few. Opponents will argue that the public demand of these products justifies …show more content…
Opponents will argue that the funding for such endeavors is not worth the potential reward. Economic integration efforts for public preschool is often restricted by funding(Hemphill 1). Previous attempts to create a universal education system failed and therefore some believed that progress should be stopped. Combining poor and rich children can help combat inequality. Economically mixed classes give poor children an academic boost, while well off children are not disadvantaged as shown through decades of research(Hemphill 1). Mixing students of different economic groups help the poorer students while not harming the rich. Testing in the education system is another area for improvement as some believe that tests only hurt the economically disadvantaged students. Standardized tests only worsen inequality as they do little to close the achievement gap as said by testing critics(Bobb 1). The purpose of tests is not to close the educational performance difference between the rich and poor, but to measure it. Essential data is gathered from standardized tests that reveal areas of need as said by civil rights advocates(Bobb 1). The need to change the current system is prevalent through numerous attempts to vary the current method of reform that continues to fail. The US public education system has many issues that must be addressed to

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