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Economic inequality is a serious issue affecting people all over the world. It means the gap in wealth, assets, and income between the rich and the poor. The problem of economic inequality exists both within countries and among nations. Based on the financial aspect, the population is divided into the upper, middle, and lower classes, which affects the wellbeing and living standards of individuals. This paper aims to discuss the findings of three articles about economic inequality and relevant issues.
In the United States, the problem of income inequality affects many people and is widely discussed. According to Desilver (2014), the country’s “income inequality is the highest it’s been since 1928” (para. 3). Besides, the U.S. is among the top unequal countries compared to other developed nations. As Desilver (2014) states, the income gap between white and black people is another problem, with an approximate difference of $27,000 in median household incomes as of 2011 (para. 5). As can be seen, this tendency contributes to other social issues, such as racial disparities. At the same time, only about a half of the population is aware of the problem and concerned about the income inequality in the U.S. Desilver (2014) reports that “while the highest-earning fifth of U.S. families earned 59.1% of all income, the richest fifth held 88.9% of all wealth” (para. 7). Therefore, wealth inequality is an even bigger issue than income inequality.
The problem of unequal distribution of wealth is related to other social issues. In particular, some researchers study the problem of the high cost of childcare, which has a negative impact on maternal employment. According to Ruppanner et al. (2019), “mothers’ odds of full-time employment are lower and part-time employment higher in states with expensive childcare and shorter school days” (p. 1). Short school days and a lack of family and childcare policies that support parents in raising children while working are major barriers to the labor market reentry for mothers in the United States. As a result, many of them decide to stay home and take care of children instead of getting back to work. It is important that states develop policies that reduce income and gender inequality in families with children.
Another problem related to income inequality is the relationship between people from various socioeconomic groups. A study by Malacarne (2017) examines friendships between secondary school students from households with different wealth and income levels. Social connections that develop in schools impact people’s self-image, academic achievement, and success in life. The research by Malacarne (2017) reveals that “the frequency of friendships between students from different racial or socioeconomic groups is systematically associated with both individual- and school-level factors” (p. 11). It is important to promote diversity and support students in developing social ties among different groups. As a result, the environment of empathy, understanding, and encouragement can improve learning outcomes and personal growth not only in school but in society as a whole.
To conclude, economic inequality is one of the major social issues that impact people’s lives in the United States and worldwide. Various studies show that the financial aspect affects the wellbeing of the population and can create additional barriers to comfortable living. Therefore, the gap in wealth and income between social groups of people is a serious problem that contributes to other inequalities existing in the world.
References
Desilver, D. (2014). 5 facts about economic inequality in 2014. Pew Research Center. Web.
Malacarne, T. (2017). Rich friends, poor friends: Inter–socioeconomic status friendships in secondary school. Socius, 3, 1-13. Web.
Ruppanner, L., Moller, S., & Sayer, L. (2019). Expensive childcare and short school days= lower maternal employment and more time in childcare? Evidence from the American Time Use Survey. Socius, 5, 1-14. Web.
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