Is Income inequality good or bad for society

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Student’s name Instructor’s name History Date Income Inequality Income inequality is the unequal distribution of resources leading to disparities in income among the population. Analysts attribute that nearly half of the US population wealth is similar to the wealth of thirty richest Americans (Ryscavage 4). Income inequality is continually growing across the globe and is bad for any economy. Unreasonable control over the economy by the wealthy, undermining the economic fairness of the system and differentiated shares on the values of goods produced by workers are some of the reasons for income inequality in any economy. Uneven distribution of wealth leads to income disparities in any nation. Wealthy individuals form cartels to lobby the government to implement policies of wage cuts or minimum wages, thus increasing the firms’ profits at the expense of the workers. Most corporate in the USA have always pegged the performance of executive to their pay while low cadre workers earn dismal incomes even when the firm makes supernormal profits. Most capitalist economies make it hard for low-income earners to access credit due to the stringent policies such as having collateral or guarantors to guarantee one’s loan. However, the wealthy easily bypass such policies due to their influence in the society, further increasing unequal distribution of wealth in the community. Consequently, the wealthy can influence the society to their liking negating the importance of the masses in nation building. Economic inequality undermines the importance of creating equal opportunities in the society. Capitalist economies have been built to encourage private activity, primarily

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