The wealth disparities are becoming wider. While there are several reasons for this phenomenon, some solutions can be taken to improve this situation.
One cause of this problem is that the disparity in educational opportunities based on socioeconomic status. There’s no ticket out of poverty other than a solid education, but education cannot be affordable and equally distributed. Larger houses correlate with better schools, leaving poorer kids at a disadvantage. For example, the average family income of a student from Harvard is $168.800, and 67% come from the top 20 percent while l.8% of students at Harvard came from a poor family. To mitigate this problem, the government should impose free fees for students. Implementing free student fees would remove financial barriers that prevent many individuals, especially those from low-income families, from pursuing higher education.
Another reason is the economic inequality. The tax system’s advantageous treatment of inherited wealth, corporate and non-corporate business income, and capital gains contributes to the heavy concentration of income and wealth. This can make the rich get richer while the poor struggle to make ends meet. An effective method that should be implemented to tackle this issue is that the government should implement progressive tax reforms that increase tax rates on higher income brackets and capital gains can help redistribute wealth more equitably to reduce the burden of taxation for lower-income earners.
In conclusion, the disparity in educational opportunities and economic inequality are two culprits behind the problem. I believe that if the solutions mentioned above were implemented effectively, the problem would be alleviated