In recent decades, wealth inequality has been receiving a great deal of public attention due to its substantial impacts on society. Although the problems associated with this situation can be pronounced, they are not without solutions.
There are a number of problems caused by wealth inequality. First, since the rich become richer and the poor become poorer, there will be more and more people cannot make ends meet, or even do not have a job. If the number of unemployed workers increases, there would be more crime cases as these people have to break the law just to make a living. Second, by possessing most of the wealth, rich people have the power to manipulate politicians, or even lawmakers, to impose laws in favour of them at the expense of poor ones. For example, plenty of evidence suggests that real estate companies and private banks in Vietnam have even gotten richer with the policies made by Vietnam government.
Nevertheless, there are various solutions to tackle the problems. One of the best solutions is that governments should impose higher tax rates on the rich. The revenue collected can be invested in building infrastructure, such as hospitals and new roads, creating better condition for the majority of people. In addition to tax policies, authorities could provide free education to give equal opportunities for all people. For instance, in Canada, the gap between the rich and poor has greatly been narrowed thanks to their free education policy.
In conclusion, even though wealth inequality can cause a whole host of issues, there are still many practical solutions. By providing free education and changing tax policies, governments can create a fairer society.
In recent decades,
wealth
inequality has been receiving a great deal of public attention due to its substantial impacts on society. Although the problems associated with this situation can
be pronounced
, they are not without solutions.
There are a number of problems caused by
wealth
inequality.
First
, since the
rich
become richer and the poor become poorer, there will be more and more
people
cannot
make
ends
meet
, or even do not have a job. If the number of unemployed workers increases, there would be more crime cases as these
people
have to
break the law
just
to
make
a living. Second, by possessing most of the
wealth
,
rich
people
have the power to manipulate politicians, or even lawmakers, to impose laws in
favour
of them at the expense of poor ones.
For example
,
plenty
of evidence suggests that real estate
companies
and private banks in Vietnam have even gotten richer with the policies made by Vietnam
government
.
Nevertheless
, there are various solutions to tackle the problems. One of the best solutions is that
governments
should impose higher tax rates on the
rich
. The revenue collected can
be invested
in building infrastructure, such as hospitals and new roads, creating better condition for the majority of
people
.
In addition
to tax policies, authorities could provide free education to give equal opportunities for all
people
.
For instance
, in Canada, the gap between the
rich
and poor has
greatly
been narrowed
thanks to their free education policy.
In conclusion
,
even though
wealth
inequality can cause a whole host of issues, there are
still
many
practical solutions. By providing free education and changing tax policies,
governments
can create a fairer society.