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Why the Rich Are Getting Richer and the Poor Poorer - Research Paper Example

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The idea of this research emerged from the author’s interest and fascination in why the rich are getting richer and the poor poorer and how the economics of the middle class is affected. In most of the world, it is absolutely true that the poor are becoming poorer and the rich richer…
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Why the Rich Are Getting Richer and the Poor Poorer
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"Why the Rich Are Getting Richer and the Poor Poorer"

Download file to see previous pages This research will begin with the statement that in the olden days, there were rich and there were poor, in the modern world we see people have different classes like rich and poor. But today the majority of the human race is facing a difficult time. This paper illustrates that the main reason of the difficulty is created by the man himself. Then we must have known what makes the two classes different from each other. Technology, homes, cars, etc are the dependable and viable commodities that are responsible to alter the class of a person. However, today, it is a commonly known fact that it is impossible for the poor to make steps towards changing their class, middle-class people are having difficulty in maintaining their economic position and rich are becoming richer. The present research has identified that most of the middle class is associated with the jobs and some researchers have the view that as the middle and lower level management are becoming less in number, more and more middle-class men are becoming jobless, that is becoming a huge reason of the degradation in the living standard of the middle-class persons. The author has rightly presented that the high-level jobs like assistant directors, assistant managers, etc lost them too. The similar case is with the low-level jobs like production jobs, the wages for such employs in underdeveloped to developed countries now a day is much lower as compared to the decline in the value of money. The production jobs are much valuable for the persons who have to work at extreme low wages when they have no job. In 1960, the low level employs are the member of a union that responsible for maintaining wages for the works but at the end of the year 1989 the union has only 17 percent members from the total production workers. The whole scenario has no or little impact on the large technology distributors and manufacturers, like Sony, Toyota, etc. These factories kept to produce the products according to their plans and routine. Technology is also responsible for making the people poorer and rich richer, as if we consider a motor industry, during 1970, a Japanese based motor company required a time span of 24 hours to produce a vehicle (car) but now a day it takes not more the eight hours to produce a car by utilizing the robots instead of human workers. The robots replace the human workers and the persons who program and run the robots are quite less and no other person is thus required to performs the work like that of the robot. The economic condition of the middle class family is lowering day by day as the prices for the little luxuries like fuel, cost of food and medicine are rising, although technology is becoming cheaper but the cost of basic necessities are becoming higher. In this case it has become difficult for a middle class person to afford the luxuries without extra effort. According to sociologists unequal distribution of wealth has become a biggest reason of this sustainability. Like the high level salaries of superstars, musicians, athletics, management payment and the rapid progress of financial sector etc. The taxes which are taken from high earners are very low and they are earning lot of money and paying a very small amount of tax. The departments which have already mentioned above are becoming rich with the passage of time. In the contrast the middle class people, who are doing common jobs, are giving high amount of tax of their salary as compared to the ratio of elite class. ...Download file to see next pagesRead More
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