What is a fact that economic inequality has entered a period of unprecedented growth in the history of the United States. In the 50-70s, the real wages of Americans from the lower strata of the population were 3 times higher than the incomes of the middle class. The distribution of incomes was almost even greater.
The financial imbalance between the two classes was penetrated by the upper and middle classes. As a result, the material well-being of the middle class exceeded the interests of the lower class. As a result, the incomes of the middle class and the lower class were equal.
There were no significant differences in the level of economic activity of the two groups of social groups, their positions and wages. But the pattern of economic imbalance was much higher. The incomes of the middle class were much higher than incomes of the lower class.
There were two distinct economic trends in the wages of the middle class. The first is the steady increase in wages since the 1930s. The second, less pronounced one, is the steady reduction of wages, which has started even in the recent decade.
There is a tendency to raise the minimum wage. This may be a tendency toward a certain decrease in wages, which is actually observed in the recent past. However, in the future, when changing the value of the minimum, the upper class is likely to face increasing competition from other groups of workers. Therefore, experts study the probability of a certain decrease in wages and urge the society to preserve the middle class in its current form.
There is a lot of information on the topic of the minimum wage. It is understandable even for a small child who has never thought about politics and rate of income taxes. But the basic notions and basic calculations are much simpler. The easiest is to divide the work of the middle class into several different columns (income, expenses, income inequality, leisure, etc.). The work of the first one is the creation of a household budget on the basis of salaries and resources received by all members of the family. The structure of the household budget is subject to certain requirements.
The following sub-sections set out the basic conceptualization of the topic of the income inequality essay. The following plans will help you describe the works of the first period:
Household budget. Expenditure budget is the key indicator of the social status of representatives of the middle class. So, you can expect it to grow, especially in the future, when the younger generation will be able to cover the future needs.
The main social movements occur both within the middle class and with participation of other elements of the social structure. Free channels of upward vertical mobility, clear prospects for social growth based on education and high qualifications should ensure a sufficient level of welfare for the middle class.
It also should be noted in essays on social inequality that, in addition to the stabilizing of the middle class, there is another factor that tends to increase inequality – the rapid growth of labor costs. In 1977, the hourly wages declined by almost 20% for manufacturers compared to the daily wages of the labour force. (By the end of 1977, the wages of the labour force were almost equal. In 1978, the labour costs were already higher than the daily incomes of farmers.
So, in 1980, the real wages were equal for part of the labor force and accountants. But by the beginning of the 1980s, the level of average labour income of Americans in comparison with foreign workers has not reached the pre-industrial level. In today’s reality, the wages of American workers are not lower than foreign workers and are rather high. But the difference in the terms of the salaries of top foreigners and the wages of Americans is quite significant. In 1980, the labour expenses were 3 times higher than the sums paid to accountants. In 1980, they were 13 times higher.