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The Issue Of Income Inquality Essay

1087 words - 5 pages

With the economy changing every day, the problem of income inequality is becoming a very large and widespread issue. It is an issue of great importance for millions of middle and lower class workers who struggle day in and day out to improve their quality of life. The issue of income inequality has been going on for decades and seemingly has become part of the American way of life. The highest percentage of Americans fall in the Poor department, and it has been that way for decades, and will continue to be that way for decades to come. It’s as if it has been programmed to be that way. There are many aspects that are creating some sort of inequality among the American people. People today are making more money than they did in previous years. But, is this really true for everyone? Some say the rich are getting more and the poor are getting less. The gap between the rich and the poor of America is the largest of any nation and growing rapidly. But how is this inequality affecting America?
Throughout history, Americans have focused on the common goal which is known as the American Dream. The American Dream obtained its roots from the Declaration of Independence which states that "all men are created equal" and are able to do so through certain rights including "Life, Liberty, and the pursuit of Happiness". The ethos is interpreted as if you worked hard, you could do well enough to raise a family, own your home, send your children to college, and also have some extra to put away for retirement. However, this is opportunity is slowly slipping away for a large number of Americans due to income inequality. But what is income inequality, and why does it matter to the working class individual? Income inequality refers to how evenly or unevenly income is dispersed in a society. There are, of course, other variations of inequality too. Some economists take assets into consideration which increase the income gap only further. Income inequality is calculated using the Gini coefficient and calculates the distribution of income in a country. A Gini coefficient of zero indicates perfect equality and a coefficient of one indicates perfect inequality. Formally measuring income inequality is often used as a point of reference for the wellbeing of a society, the relative prosperity or poverty of a society, and used as a justification of policy attempts at income redistribution.

Rapid advancements in technology through the latter half of the twentieth century that continue today have shifted labor demand from low-skilled labor toward high-skilled labor. Developments in computer technology have revolutionized cars, cell phones, healthcare; the way we work, shop, read and even worship. Technological progress has changed the type of labor needed to support the way we live and work and has literally created jobs where there previously were none. Technology creates the need for specialized workers who can fix cars, iPads and hospital equipment and creates a...

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