Several individuals think that the most optimal way to guarantee a happy society is to mitigate the income disparity among the rich and the poor. I completely disagree with the statement as it can lead to many negative impacts with only a handful of positives which we will discuss further in the paragraphs below.
Firstly, the decline in the wage gap might lead to serious economic and financial problems along with setbacks for a society as a whole. The difference in pay is one of the driving factors for many to work harder which leads to the development and without it there will be an economic stagnation. It will also result in inflation as equal money for everyone will increase the demands for goods and services. For example, few countries thought of printing more money to reduce poverty which actually resulted in inflation in an exponential scale making everything more expensive. In my view, this will eventually result in the lack of motivation and talent to do something impactful.
On the other hand, the income parity can make people lazy and not wanting to do or achieve anything which is not good for the evolution of an organization. This will in turn produce a whole generation of talentless individuals who do not excel in any task. For example, in a workspace, if everyone is told that no matter how much they work and contribute to the organization, everyone will receive the same pay cheque than nobody will try to work extra mile. In my view, personal growth and success is the driving factor in majority of the cases of developments.
In conclusion, equal income brings disadvantages such as socio-economic crisis, talentless population and inflation. As long as I am concerned, the steps to lessen the income gap amid both the classes i.e., the rich and the poor should be taken carefully and with its drawbacks in mind.