Economic Inequality Must Be Reduced 

John Ryu

Economic inequality is the unfair distribution of income and wealth between different groups of people. Economic inequality has been a huge problem for decades. It is getting worse as the years pass. It got worse when many companies moved to the Seattle area and a few years later quarantine happened which caused a huge economic crash and caused a recession due to inflation and unemployed workers. Due to many people suffering and even dying from economic inequality, America and the federal government prioritize reducing economic inequalities to help out people who do not have access and opportunity to apply for jobs and collect more taxes from the rich so the poor can feel less pressured.

According to Oxfam, since 1995, the top 1 percent has captured nearly 20 times more of global wealth than the bottom 50% of humanity. There is a huge wealth difference even between the top 1 percent rich and the bottom 99 percent of people. From their research, it has been found that if they take more taxes from the rich people they would have enough money to provide COVID-19 vaccine to everyone in the world and provide health care services to over 80 or more countries. If people like Elon Musk and Jeff Bezos stop complaining about paying taxes and try to avoid it, it would be much easier to solve these problems. However, just because you have a lot of money, does not change the value of money. Even if you have billions of dollars, paying $1000 for parking could still be expensive. So instead of just wishing people to pay for everything, the best way to come up with a solution would be for everyone who is stable to donate whatever money possible and encourage people to donate. 

However, trying to fix inequality might not be a good idea if you look further and from different perspectives. back in 1938, there was significant job loss due to the increase of minimum wage by 25 cents. In 2010, Joseph Sabia and Richard Burkhauser estimated that “nearly 1.3 million jobs will be lost if the federal minimum wage is increased to $9.50 per hour.” which shows that we should not simply reduce inequality for the poor.

We need to recognize the problem and try to come up with a solution. In order to do that, we need to normalize watching how the economy is going, or else the economic inequality is going to stay as it is or get worse as time passes. In reality, it could be very hard for the poor class to help others or care about others’ things so it is the middle to rich class’ responsibility to become one and help out the government and people to reduce the inequality consistently.

To gather people into one we need to encourage people on social media or give them the reality check and a little bit of fear and hope. We should spread information about the effects of economic inequality and show them that supporting equality could benefit them. This will make people support equality with thoughts and physical action.

Economic inequality needs to be reduced to be able to do that. We all need to keep track of what is going on. It is everyone’s responsibility, everyone should become one and try to resolve the issues.