Mohamed A. El-Erian wrote the article, Inequality: America's great destroyer, on January 29, 2014. It is published on cnn.com The increase in the gap between the rich and the poor of America is explained.
There are 3 kinds of inequality that are present in the US today. The inequalities of income, wealth, and opportunities. Not only are the people with more money making more money, they have even more opportunities to make money. The rich are becoming richer and the poor are becoming poorer. This unbalance is hurting overall economic growth and the creation of jobs.
This is one of the things Karl Marx feared about free market economies. He said that the rich will become richer and the poor will become poorer if the individuals of a nation were allowed to run the economy.
This is a problem in our economic system today and people should attempt to fix it. I do not think that we can solve this problem by taking money from the rich and giving it to the poor but we should make sure people have access to education. The poorer people also need to have opportunities to earn money though. If the rich get all the opportunities to earn money and the poor don't how can they become not as poor? The more people that have the opportunities to start gaining money for themselves the better our economy will grow.
I like your statement but I believe there is a fourth kind of Inequality. Intelligence. There is an imbalance of people who are smart, people who can become smart, and people who can't become smart because of a mental disability. The people who have such a disability only furthers the gap between them and the super smart people.
ReplyDeleteThat is very true! Rich people have most of the opportunities in the world better themselves and the poor are left with nothing. This staggering difference is taking over and it needs to be fixed soon or else the world will fall even further into shambles!! Oh No! That would be terrible indeed! We need to find other ways to better the poor without utilizing the Robin Hood complex.
ReplyDeleteI completely agree with you! Rich people have more opportunities than the poor. With a market economy the poor do not have as many opportunities, which is what I think is wrong with our society today.
ReplyDeleteWhile I agree with your claim that there is a growing gap between the rich and the poor, a command economy will not solve this problem. A market economy has flaws like any other economy. Marx proposed an economy that would not incentivize people and so the whole economy would not grow and become poor. A market economy should just take steps as you say to help the poor have a better standing.
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