In a considerable number of countries, it is observed that a small segment of society out-earns the bulk of the population which struggles to pay for the basic necessities of life. While some argue that this benefits the overall economy of the country, others hold on to the view that the government should address this unfair distribution of wealth and regulate the incomes across-the-board. In this essay, I will discuss both the sides of the argument and present my own viewpoint on this issue.
On the one hand, a significant number of people hold on to the view that a system that rewards the select few at the top , often at the expense of the working class that struggles to pay for monthly needs, is an unfair and unjust system. For example, most companies often pay bonus dividend to it’s shareholders when the company’s profits surpass the expected profits for that year. While the employees that put in the work to make this very profitability possible, get no such financial reward for their hardwork. Therefore, some people argue that government should step in and regulate the income of the financial elite.
I, on the other hand, am of the viewpoint that government should let the free market work on it’s own with minimal interference since this small segment of the society, that out-earns all other segments of the society, the main driver of the engine of economic growth in these countries producing millions of jobs through their investments and spending. For example, whenever the federal government of United States offers tax deductions to the rich , it almost always results in more spending and investments into major corporations leading to a wage growth for all segments of the society.
In conclusion, a considerable segment of the population views the exorbitant income of the select few in society in a negative light and consider it to be unfair for the rest of the population since it rewards the elite for the toil of the masses. I, however, am of the viewpoint that it is completely justified for the rich to earn these high incomes since their investments and spending grows the economy and benefits all the segments of the society.