Study Shows that America is Concerned over Huge Wealth Gap
We keep hearing from the media how great the U.S. economy is doing. We hear that unemployment rates are at an all time low, the companies are hiring left and right, that productivity is up, and that the Federal Reserve is even planning on raising interest rates. Now, that is great and all, except for the fact that the wealth gap keeps growing and growing. The rich are only getting richer while the poor continue getting poorer.
A study conducted by Harvard Business School showed that only a third of the American population expect companies to increase pay and benefits for workers. The wealth disparity alarmed many of the executives that were surveyed and a whopping 45 percent of the, said that rising poverty levels could hurt their businesses. These respondents said that they are concerned over the growing wealth among a tiny population. No one brought forth an idea of how to reduce the income inequality.
After decades of the minimum wage falling behind productivity, and CEO compensation skyrocketing during the same period, it could be that the working class has finally reached its limit.
Fast food workers across the nation were protesting the low wages which do not properly compensate them for their hard work. For too long the rich have been getting richer and the poor getting poorer in a country that was once the land of opportunity.
How has the one percent managed to accumulate all of this wealth? That’s easy: “free trade,” the practice of opening up your borders and granting free access to all, even low-wage nations with no regulations for worker safety. It is impossible to compete with this, so American businesses go bankrupt – which lowers the demand for labor – or move their operations overseas – which lowers the demand for labor and floods our market with cheap competition.
As high paying manufacturing jobs leave our shores workers turn to service sector jobs. This has caused the once thriving middle class to all but disappear. It is no wonder that these workers are now protesting these wages.
Since December 2007, we have lost 1.6 million manufacturing jobs alone. The only jobs we have gained are jobs in restaurants or retail which pay a measly minimum wage.
Something needs to be done regarding the large wealth gap because this economy falls to pieces.