Income Inequality

Words: 1129
Pages: 5

ome inequality is everywhere in societies around the world. It is inevitable, the rich are intelligent people who will use that skill to increase their wealth, especially through assets. Spending money to make money has the potential to double incomes and increase returns; different from poor people, who lack vital resources. As a country, there are a few things that could level the playing field between incomes. Increasing the resources of average and below average income households such as education, could equal out the distribution of wealth.
First to identify income inequality, a clear definition must be defined. Income inequality is the unequal distribution of wealth amongst individual households. According to McConnell et al, “23.6 percent
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Rarely do wealthy people make it to the top with little education. This is a barrier due to the fact that underprivileged families may not be able to afford further schooling for themselves and their children. Without proper education, people are more likely to succumb to disadvantaged contracts. For example, cash advance loans have incredibly high interest rates, without the proper understanding, one can fall into a cycle of debt and poverty. Again, looking back at the financial crisis of 2007, individuals with low credit scores could qualify for large loan amounts with short-term low monthly payments alongside long-term risk. The lenders even falsified documentation to push high-risk individuals through the process. One could infer that these individuals were not educated to the full extent of the contract; therefore, the lenders took advantage of citizens at the cost of their own …show more content…
Part of public schooling is to get children ready for the workforce or furthering their education in college; but, what happens when the system is preparing these 21st century kids for the wrong century? As technology becomes more advanced, so does automation; under this circumstance, factory jobs will be taken in place of robots. Provided this happens, a higher skilled workforce will be needed to operate intelligent machinery. “By 2020, 65 percent of all jobs will require bachelor’s or associate’s degrees or some other education beyond high school, particularly in the fastest growing occupations—science, technology, engineering, mathematics, health care, and community service. (The U.S. economy demands increasing levels of educational attainment)” Better preparing high school students for specific careers could be the difference in a child’s future. Everyone must remember, the youth will one day surpass the