Addressing the wealth gap - consequences and countermeasures

Many people say the gap between the rich and poor people is wider, as rich people become richer and poor people grow poorer. What problems can this situation cause and what measures can be done to address those problems?

No matter what we do, the world will never be fully just. As the gap between rich and poor grow wider, the spectrum of problems associated seems to also broaden. Though we may never find the perfect formula to resolve this dilemma, we can hope to understand and address some of the issues at face.

Class segregation becomes more prominent as the wealth gap expands. The distinct line between those belonging to different income thresholds grow thicker, making it harder for lower-income families to progress to the next level and escape the struggling lifestyle. Education becomes more far-fetched for the poor, and the lack of education equates to more challenges procuring a job in the future. Even worse, those who were barely scraping by may likely end up homeless, contributing to an increase in homeless population.

Without occupants in houses, the city is less likely to invest in infrastructural development of that area but would rather cater to the rich because it is more profitable there. Thus, the once seemingly average looking city may take on the appearance of a slum. Not only will the physical aspect of the area suffer, but the people’s morale will also take a toll. Prejudice may emerge between different wealth classes, and now not only will the city itself be divided but so will the people and their beliefs.

To mitigate the catalyst of the wealth gap, we need to look into wealth redistribution: how to make it so that the rich does not monopolize everything and that the poor can become wealthier. The government can impose harsher tax brackets according to a household’s income, where the more someone earns the more tax they have to pay, while households below a certain bracket gets tax refunds or qualify for public assistance. To those who are filthy rich, a charity foundation needs to be established to “give back” to the community, and a requirement of a minimum donation per year should be implemented. The tax gains could then be used to invest in poorer areas and minimum wage could be increased to help the poor sustain themselves better.

We may never fully exercise justice or bring absolute equality because what makes a society thrive is the differences and diversity amongst its people. However, we can try our best to make it so everyone has a chance to live instead of survive.

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