In my final research post, I will be discussing solutions to income inequality and the positive benefits that may come from a society with almost no income inequality.
Income inequality stems from many factors which means there are many potential solutions with varying effects. (1)One proposed solution to solve income inequality is to increase the income of those on the lower income bracket which would make the average wage higher and diminish the income gap between the rich and the poor. Although a sound plan in theory, money becomes a problem, it would be a very expensive expenditure and any government that did that would have to either massively increase taxes or take on debt to cover the cost. On the other hand, the government could decrease the amount of money the rich make via increasing taxes on those whom make more significantly more money. The problem with this is that if the tax on the rich was too much the rich could simply leave the country which would result in less tax money for the government.
The best strategy towards combating income inequality is currently being implemented by the Canadian government and involves funding poverty reduction initiatives such as the Canadian dental health care plan and guaranteed income supplement. This strategy costs significantly less yet is only marginally less effective than the two other strategies, this solution also allows the government to target a specific population so specialized support could be given to those whom need the most support, it also appeals to more people as politically many are opposed towards just increasing the wages of the poor or increasing taxes but are neutral or supportive of the government funding initiatives allowing more money to be allocated towards funding the initiatives. Another way income inequality could be reduced, the government could invest in education instead of directly raising wages or lowering wages. Although this method would be less effective there would be significantly less backlash and could be done in combination with the poverty reduction initiatives.(3)
If income inequality were to be addressed and effectively managed there would be many positive benefits such as improved quality of life as those in the lower income bracket would earn significantly more(4) and be able to afford more luxuries. Income equality would also lead to a society with significantly more cohesion, less crime and less feelings of injustice at the rich(5).
In conclusion, income inequality can be solved in numerous ways, it just requires people in power to implement said solutions to reduce income inequality, the benefits arising from income equality would be a massive boon for society with many benefits that would be worth dedicating resources to solve income inequality.
1.)Income inequality | Definition, Kinds, & Facts – Reducing, Causes, Solutions | Britannica Money
2.)Sustainable Development Goal 10: Reduced inequalities – Canada.ca
3.)How effective education spending can reduce poverty and boost earnings
4.)Creating A More Equitable Society: How Greater Income Equality Can Benefit Everyone
5.)Creating A More Equitable Society: How Greater Income Equality Can Benefit Everyone
Hello Andre! I really enjoyed reading your post and how unique the topic is. It clearly shows how much effort and hard work you put. I suggest that next time you add a little more detail to fill in gaps like the transition between your body paragraphs and the conclusion. Other than that you did an amazing job! I can’t wait to hear all about it next Friday!
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