One of the most trending socioeconomic topics discussed within America is, ‘Why is income inequality on the rise in the United States?’ With the current state of affairs, the rising gap between the poor and the rich has brought about immense unrest from all over the globe- and here are some of the reasons behind the income disparity we are facing.
Globalization
There has been much debate about whether globalization effects is one reason behind economic inequality. Those who believe that globalization is one of the major factors of economic injustice have stated that increasing trade amongst every country has led the workers in richer regions to face higher competition than those in poorer areas, especially in employment areas that do not require many skills. Subsequently, low skilled workers in a rich country are denied their rightful wages.
On the other hand, some have stated that globalization has caused only a few minor effects that lead up to economic inequality. They believe that the growth in technological advancements has led to a high level of unemployment.
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Technological Barriers
One of the major drawbacks of prospering technology is that it diminishes employment on all skillset levels. When it comes to performing machine tasks, many unskilled workers don’t have the knowledge or the expertise to go through with the work, rendering them useless in the employment sector. In addition to that, the steep growth in artificial intelligence is threatening to take over all knowledge-based type jobs
Despite unskilled and skilled workers being victims of the technological system, skilled workers are still fending off much better than unskilled employees. The reason behind that is that many companies still require the expertise of a higher skill set worker who can operate and maintain various kinds of machinery- which has further expanded the gap between both skillset workers.
Gender Matters
There are certain conditions in which the newly created wealth is gathered in the hands of already-wealthier people. These individuals have the resources to leverage or invest that wealth into new wealth for the future- creating a vicious cycle of inequality.
According to Seven Pillars Institute, the average full-time salary for women is around 77 percent of men. Gender differences play a large role in impacting the factors of economic equality. The income gap between women working for a median wage and the low earning women had grown a lot more than it did for men at those income levels around the same period. Which makes a lot of sense because, roughly speaking, women are twice as likely to work as men are for minimum wages.
Inequality at its Finest
However, many leading figures have emerged- such as Rick L Weddle- who are trying to put an end to this economic injustice. As of the nation’s most accomplished economic development thought leaders, Rick L Weddle has a list of successful economic projects that have helped more than 75,000 individuals find employment opportunities. His acts bring about a hope that a new evolution of justice for the employment sector is soon about to begin.
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