In various nations around the globe, the problem of earnings inequality is gaining further attention. In these countries, some particular individuals make exceptionally higher figures compared to others. While some people believe that this is beneficial to a country, another group of people think otherwise, saying that the government should limit the population’s earnings. Although both groups of people have their own valid points, I will start by analyzing both opinions and then state my own beliefs afterward.
To commence, some people hold the opinion that the government’s intervention is needed. When stating specifically why they think that way, they may claim that high salaries for only certain people will contribute to the emerging seriousness of income inequality, which is already widespread in plenty of urban areas. The primary example which backs this claim is the Brazilian city of Rio de Janeiro, where the most influential people make high wages and live opulent lives, while others around them have to spend their lives in filthy slums. Moreover, they assert that when someone makes extremely high figures, they will gain too much power, as money usually equals power; this will cause further social instability as well as make the power balance lean to one side.
Despite the reasonable points of the view above, some people still believe that governmental intervention is unneeded and that the current situation might as well be advantageous for a country. They state that the people who earn exceptionally high salaries had to work hard to achieve that figure. For them, those people had to put in blood, sweat, and tears to accomplish their goal, and that it is their right to do so. A typical example of this is Bill Gates—the CEO of Microsoft. He could only achieve those high earnings and become a billionaire thanks to his effort and his devotion to his company. In addition, they also provide the point that the sheer difference in income between different people groups will assist in encouraging further development in the less wealthy population, and as a result, improve the status of a country in general.
To summarize, both views have their own reasonable and fair points. But, as far as I am concerned, a balanced approach should be taken to close the wealth gap between people, as well as let the worthy earn the wages they deserve to increase development.