The greater the inequality, gap between the rich and poor, the worse developed the country is. However, income inequality doesn’t give the actual amount of money in the country, so economic development is not clearly
Wheelan continues to say although it seems inhumane to have employees in sweatshops working for meager wages, it gives people jobs who otherwise may have no job at all. Also, lower prices are the equivalent of higher incomes. Wheelan also mentions that world trade opens the doors of domestic business to other countries which increases investment and business. Trade is one beautiful process. In conclusion, Wheelan strongly asserts the point that the economy is always changing, and factors like GDP and inflation will never stay the same.
A simple example of this is the concept of that evil, deceptive tax cut. That same party will tell you that the only way to make money from taxes is to raise them until every rich patron of this country is paying an arm and a leg just to stay alive. Not only does this punish the rich for being rich, it is a form of socialism though it's redistribution of money in an attempt to reward the idle for doing nothing, and punish the busy for endeavoring to make money. Doesn't make much sense does
The major message of the video was that if you are well off, and have a lot of money you would outlive those who are less likely to have accumulated a lot of wealth. Also I think they wanted to point out how impossible it is to move up the ladder of wealth in America because the gap is so huge, and it should not be that way. And what we should aim to do is fix that, and have a better system, because right now it is very unfair in a supposedly fair country. Also the other main point is that we do not have universal health care, while other developed countries do, and it showed that if you have a high level of education and wealth combined you will be healthy and live longer than those who do not. Like I said social economic status has everything
Galbraith Chapters 1 &2 Argument Spans Chapter 1: “The Affluent society” The problem that Galbraith is trying to point out in the first chapter is that “wealth is the relentless enemy of understanding”(p.1). This wealth has brought change among the people but has kept the ideas of the world of poverty. In the past, almost everybody was poor, but today in the affluent world people are consumed with wealth to the extreme point that they begin to believe that they are poor or “ill” With poor understanding, people are not open to accepting new ideas that can aid this new and affluent society. The economic ideas that are used today, that were “once interpreted the world of mass poverty have made no adjustment to the world of affluence” (p.2).
In terms of consumerism, the good life is damaging to the environment, places too much emphasis on money, and it dwindles the importance of non-market values. According to Annie Leonard’s “The Story of Stuff”, our current materials economy is a commodity chain in which goods go from extraction, to production, to distribution, to consumption, and finally to disposal. The system sounds stable but it is actually in crisis. Anyone with a simple understanding of mathematics can tell you that you cannot run a linear system on a finite planet in the real world. In order for us, the consumers, to get all of our fancy products and up-to-date technologies, a process that we turn a blind eye to takes place.
There are endless economic policies that the politicians agree on which fail the libertarian test of both the axiom of non-aggression and basic economics. Many of the politicians and politically active people of the left and right are economically ignorant. They do not consider each and every policy's long term effects on not just one groups of people but all the people. One of the well accepted economic policies of both the right and left is the minimum wage. The minimum wage is a form of coercion in which it forced employers to hire at an arbitrary price that otherwise wouldn't be used if not for the government's intervention.
Poor and Working In today society and before, we see poverty as a huge social issue and view the working poor as the main target. The working poor constitute is the fastest growing population in poverty in the United States (Rocha, 1997). It is viewed as individuals who work full-time but still seem to fall short or below the federal poverty threshold based on rather their wages are less than 70% of the median income or falls below the 10th percentile range of all workers. This issue is examined in many ways. First and foremost the poverty line is below the realistic standards of adequately living, it does not consider the fact that income tax and Social Security taxes are both taking out of everyone’s pay.
Immigration Family, friends, the comforts of home and familiar surroundings all became a distant memory for people when they immigrated to the United States. Immigration is essential to the American economy because it contributes to the overall growth of the nation's wealth, it successfully exhibits the economic capitalist model that our nation has come to possess and, above all, it promotes success for the immigrants' and the natives' descendents alike. To begin, immigration in its totality increases the total output of the economy. By welcoming foreigners from various countries with open arms, the United States is initiating the correct action in promoting its economic growth. When these new people enter the daily workings of American society, they contribute positively to both employment and consumption.
Reforming the Welfare System The welfare system as we know it is broken. It is unfair to the recipients themselves, to those who need it and do not receive it, and to those taxpayers who struggle in middle class helping to pay for it all. In many cases, the system itself keeps people in poverty. The uneducated are not given the necessary resources to get them out of the system and no requirements are in place to prevent generations of families from staying in the welfare cycle. One reason the welfare system should be reformed is because of inequalities.