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How Does Income Inequality Affect Our Society

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Income Inequality
In the fall of 1976, the group ABBA released their hit Money, Money, Money. This song reflects on the working class individual working hard every day for what, to make money and pay the bills, fantasying what it would be like to be the rich man. Money is the driving force of our society and without money what would our world be like. Everyone wants money, everyone works for money, but are we being paid a fair dollar for what we do or is income inequality playing a role in our paycheck?
What is the definition of income inequality? Merriam Webster defines “income: as a gain or recurrent benefit usually measured in money that derives from capital or labor”. Merriam Webster also defines “inequality: as the quality of being unequal or uneven, disparity of distribution or opportunity, or the condition of being variable”. Combining these two definitions, income inequality may also be defined as the gap between what the CEO earns and the average worker earns working for the same company, the wage difference between a woman employee or a male employee, or the variance in wages of that of a white individual or a black individual. …show more content…

Income inequality affects our society by stereotyping an individual based on their race or sexuality not based on their ability to perform the job. The pressure has always been on corporations to make the most money for the lowest amount of cost. The easiest method for a corporation to cut cost is to adjust the wages of their employees or outsource the jobs to countries that pay a lower wage to their employees. Katalin Botos notes in her article, Effects of Income Inequalities: Society and Economy, “Over the past two decades, wages and salaries have stagnated, or actually declined in the US” (384). This decline in wages or salaries has caused individuals to fall into a lower class and possible into a poverty

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