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What causes income inequality in America today - Essay Example

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Income inequality is an issue that is not only limited to the borders of developing nations. Nations that are well developed such as the United States even…
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What causes income inequality in America today
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"What causes income inequality in America today"

Download file to see previous pages Globalization has led to the creation of global companies which operate in different parts of the world. The benefit of operating global companies is that these companies do not only sell goods and services in their host nation, they even sell their goods and services in foreign nations. Even those individuals who work in these global organizations are paid more than what the middle-class and the lower class of the society is paid. According to The Economist, globalization has benefited global companies such as the one owned by Bill Gates and due to this the entrepreneur now owns a corporation that is worth $50 billion (The Economist, 2006). The same article states that people working in global companies such as Goldman Sachs earn an average salary of $500,000 (The Economist, 2006). These statistics show that companies operating at the global level and their employees earn huge amount of money and this has led to the unequal distribution of wealth between these companies and companies that are restricted to one certain region.
The middle class of the society has witnessed a decline in their income levels due increase in the number of jobs that have been outsourced and because of the failure to obtain employment by the children belonging to this class. According to Nytimes people belonging to the middle class perceive that college education can help them earn high but during the period of 2009 the number of unemployed college graduates was 9.2% (Nytimes, 2010). According to The Economist a huge number of white collar jobs such as accounting positions are being outsourced (The Economist, 2006). These findings clearly show that the college graduates who belong to the middleclass fail to attain employment as a result of their jobs being outsourced and due to this they end up earning less than the rich class of the society.
The middle class and the poor class of the society experience different reasons of income inequality. The poor class experiences ...Download file to see next pagesRead More
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