With the economy growth in most developed nations, certain percentage of population earn an above average income due to high paying job sectors and businesses. This essay will discuss the pros and cons of individuals earning high income and how it affects the economic conditions of each country.
Recent economists and social psychologists have found that the large number of population in a country earning high income have got a significant growth in the country’s economy. High income jobs generate more tax payers in the country, significantly increasing the tax ratio of a country which helps the government in aiding to develop the nations GDP. Recent survey conducted by National Stock Exchange company in 2019, revealed that India’s stock market hit a staggering high as a result of lot of investors investing in stocks during the year.
Although high income jobs help the economy but it also affects the lower middle class. This situation has caused a rift between the poor and rich forcing the lower middle class to also pay inflated taxes, it becomes difficult for young interns to secure a job because there are no vacancies as the jobs are preoccupied by over qualified people. For example, The Economic Times conducted a poll between the Recruiting companies and found that there has been a subsequent fall for vacancies at many reputed companies leaving the Post graduates and graduates with not many choices for jobs
With the economy growth in most developed nations, certain percentage of population earn an above average
income
due to
high
paying
job
sectors and businesses. This essay will discuss the pros and cons of individuals earning
high
income
and how it affects the economic conditions of each country.
Recent economists and social psychologists have found that the large number of population in a
country
earning
high
income
have
got
a significant growth in the
country’s
economy.
High
income
jobs
generate more tax payers in the
country
,
significantly
increasing the tax ratio of a
country
which
helps
the
government
in aiding to develop the nations GDP. Recent survey conducted by National Stock Exchange
company
in 2019, revealed that India’s stock market hit a staggering
high
as a result
of lot of investors investing in stocks during the year.
Although
high
income
jobs
help
the economy
but
it
also
affects the lower middle
class
. This situation has caused a rift between the poor and rich forcing the lower middle
class
to
also
pay inflated taxes, it becomes difficult for young interns to secure a
job
because
there are no vacancies as the
jobs
are preoccupied
by over qualified
people
.
For example
, The Economic Times conducted a poll between the Recruiting
companies
and found that there has been a subsequent fall for vacancies at
many
reputed
companies
leaving the Post graduates and graduates with not
many
choices for
jobs