Title: Inequality for All - Essay Typing
Headings: Inequality for All
Inequality for All
Content: While the middle income earners lose their jobs due to automation, the rich earn more due to increased productivity that comes with efficiency. Part of the wages that would have gone to paying the workers is now translated as profits and the rich get richer. As Reich says, the above 400 richest people in America have more wealth than the lower 150 million people. Since the year 1978, the income earned by the poor has considerable decreased as the income earned by the rich increase. Another major problem is that wages are determined by the labor market. The demand and supply of labor in the market determines the wages. It can be said that education is now more accessible with the financial services such as student loans. So the wages in the labor market do not grow. The supply of workers increase as the job opportunities decrease with the development in technology. However, the living condition increases everyday.