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Poverty and inequality- Spend more money on training and job creation -…
Poverty and inequality- Spend more money on training and job creation
Income Inequality
"Part of the increase in economic inequality can be explained by an increase in income inequality."
"The wages of highly paid workers have increased at a much faster rate than those of workers on low wages."
"For example, according to Oxfam International, it takes just four days for a chief executive from a top fashion company to earn what a textile worker in Bangladesh will earn in their lifetime."
Why education and training will reduce income inequality?(Unequal access to education is a cause of income inequality )
More qualified
Helps compete with technological advances
Better job prospects
Unemployment rate will decrease
Higher paying jobs
Higher income
Goverment gets more income from taxes
Can spend more on other things:
Healthcare, education and family care
Source 4 (Ivan)
Another way to reduce inequality is by providing high-quality public services, such as education, health, and family care.
A recent study showed that spending about 13 per cent of a country's annual income on public services reduces inequality by about 20 per cent.
Government spending increases Aggregate demand and therefore increases job opportunities as demand for labour increases
Gap between rich and poor may decrease
Creating more jobs
Source 3
The best way to reduce economic inequality is to increase employment. People who work are less likely to be in poverty.
The Organisation for Ecompmic Co-operation and Development (OECD) report on inequality confirms this view.
More long-term, effects last longer
"My family was poor, but my father saved money to send me to school. His investment in education helped me to own a successful company."
Even though it takes longer for change to occur
increase the amount of tax paid by people with high incomes
No guarantee that the rich won' hide their wealth and income to avoid the taxes
Will only tackle on cause of income inequality
Income for the poor will not increase
Absolute poverty may still remain, only reduces relative poverty
May create some conflict
introduce more sustainable development policies.
More focused on the environment than anything else
Take long to reduce poverty due to the several other aims
Will take extremely long for any effective impact to be made
At the end of the day income/money is the main factor for income equality, not the environment