Is Income Inequality Really A Problem
Income inequality of the kind the united states is producing is what one finds in highly stratified class based systems or banana republics.
Is income inequality really a problem. Income includes wages investment earnings rent and sales of real estate. Compensation has risen from 20 times that of the average worker 40 years ago to 400 times today. Economic inequality are misplaced seeing poverty as the real problem watson2015 frankfurt2015. Increasing economic inequality in recent years has triggered an outpouring of analysis and reflection on the causes and consequences of these changes.
In his response to president bush s state of the union address on tuesday senator james webb democrat of virginia complained that corporate c e o. Income inequality may be a distraction from the goal of raising living standards among the poor and the middle class. The threat of another crisis is very real. Why inequality is an economic problem.
Problems related to income inequality. With democrats back in charge of congress it is not surprising that we are seeing a revival of interest in the issue of income inequality. Is inequality really the problem we think it is. Some people feel that inequality in itself isn t a problem as long as everyone is able to lead a decent standard of living.
Income inequality may not a problem in itself but excessive income inequality such as the kind that is worsening every day in the united states is a symptom of an inequitable system in need of correction. One problem with valuing inequality for its own right is known as the leveling down objection one way to make everything more equal would be to just destroy the wealth of the very richest people and make everyone poor. If the problem we care about is poverty then the calls to tax the rich and reduce income inequality are misguided. This last proposition raises the question of whether there is anything about inequality in itself that is problematic independently of the fact that those at the lower end of the income distribution.
Several commentators have argued that inequality does not merit all the attention it has been receiving noting that the focus on inequality can divert attention from the real problem which is poverty. Inequality increases as economies are financialised. Nevertheless the extensive interest in this topic highlights its importance and suggests that popular concerns with economic inequality are not misplaced. Income inequality is a wide gap between the money earned by the richest people in an economy when compared to the poorest.
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