INCOME INEQUALITY

When we look at the most commonly debated issues on the agenda, inequality, which is a gap between the rich and the poor, stands out as one of the most significant ones. Owing to the widening  gap in many countries, especially in the US, there have been  innumerable impacts of income inequality most of us have been struggling with for a generation. As this situation is so prevalent in almost every economy and it has a strong relationship with prosperity, it is not surprising that people are in need of analyzing its serious results including poverty, class division and social disorder.

As far as health problems coming from income inequality are concerned, it is not an exaggeration to say that people living in such countries are more likely to encounter serious mental illnesses apart from physical health problems. As can be known, increased medical expenditures and persistent poverty lead to a higher mortality rate. Furthermore, higher unemployment causes many psychological illnesses that give  rise to drug abuse and often even homicide. When it comes to human capital, the inability to trust others and less self-esteem originating  from social status bring about less social mobility. Thanks to the rift  between the rich and the poor, while  some people indulge in a wealthy life style, some others are in need of a bit more medical care or monetary aid to eliminate some tragic outcomes of poverty. Although both of them are unaware of each other, the rich and the poor have a significant role to play in the same world.

Apart from social ills, political power and wealth exchange contribute tremendously to further income inequality. In retrospect, despite the governmental attempts to narrow it, the gap between the poor and the rich keeps growing. As a result of this, financial crises and increase in the rates of inflation have become inevitable. In fact, high levels of personal and institutional debt lead to economic instability in the long term. In addition to this, limited growth causes not only people to concentrate on limited resources but also GDP to lag behind. When all this deterioration is  considered, it can be easily said (that the problem will remain unsolved and impact future generations) (future generations will inherit the problem)

In conclusion, without any doubt, income inequality is a significant problem that modern people have to deal with. Indeed, because of the greater  status of competition and consumerism, people are less likely to help each other by means of acts of altruism. Needless to say, until this important problem is solved social revolution anxiety and economic instability will remain as the significant results of this issue.