In the salad days of the millennium, masses are confined to the lower side of economic line on the economic scale. Increased consumption rates, declination in the employment rate, and the overspending nature of the human race could be the possible driving forces. Some of the counteractions for those mentioned problems could be imposing taxes on expensive commodities and making availability of more jobs by respective authorities.
To commence with causative factors, firstly we have to consider the notable increment in consumerism. The influence of social media and brands is compelling people to buy more and more. Even if they do not need things, people have been following social media trends blindly. This could be dangerous if we did not switch to sustainable shopping. A perfect example for this is individuals falling for pitfalls made under the banner of ‘discount-sale’ by vivid brands. Mankind are not able to balance their income and expense. Another pressing concern is the surge in unemployability. A myriad of people has been graduating each year, still left without a job. The increase in population along with unemployability is a huge threat to the human race. It makes a lot of people come in the other side of graph.
The tribulations can be well addressed by taking corrective measures such as imposing taxes. Revised tax system would make people think twice before making unnecessary purchases. Authorities over the globe can organize awareness campaigns among people to live sustainably and eco-friendly. Another remedial action is providing donations to nations that are economically backward. The government should be able to provide a lot more job opportunities for young citizens of the country. The literacy rate of inhabitants also plays a crucial role in the country’s economical growth.
To conclude, even if a lion’s share of the population has financial stability, a part of the world is under the poverty line. Streets and slums are still overpopulated with humans. Timely involvement of respective nation leaders can result in a remarkable change in people’s living standards.