preview

My Economics Project Essay

Decent Essays
Our economics project scenario was a single mom working 60 hour weeks and small child. The hardest thing to do with our scenario was to find childcare that was open 60 hours a week and to buy the comforts that improve quality of life without going over budget. Most of our money was spent on buying necessities like food and clothing, in addition to paying rent and child care. I was shocked at how expensive daycare was, it cost more than rent! The quality of life for our family would be below average. The mom works 60 hours a week, so would have very little time to spend with her friends or child. Also, since the mom works so much, the kid would spend most of his time at daycare, which is less than ideal. Although we could afford some luxuries…show more content…
After completing this project, it has become clear to me that our economic system is not fair and that hard work does not necessarily mean you will make any money. After watching the video that showed wealth distribution in America, I realized the monopoly the top 1% has on wealth and that no matter how hard the bottom 10% tries, they are unlikely to rise substantially in economic class. Our fictional family fell somewhere in the middle percents, meaning that at $2,700 a month, they doing better than a lot of Americans. Putting in 60 hour weeks, the mom would likely likely work harder and longer than those in the top 10% but only make a fraction of what they do. That doesn’t seem fair. The only way this inequality is going to be fixed is take away the power the wealthy has in economic decisions. We have to remove the cap to create more money for the poor and we have to stop allowing the rich to pass policies that make them richer. We need to recognize the economic inequality in our country and actively work towards solving it to help the lower-class families like the one in our scenario live more comfortable
Get Access