Income inequality.

Income inequality is becoming a major issue in the United States, as it has been increasing over the last few decades and possesses serious social consequences. Addressing income inequality should be a top priority for the United States government to deal with this issue before it gets any worse and prevent terrible living conditions for many Americans. The wealth gap between those with unlimited resources and those struggling with financial instability has become increasingly clear; recognizing the need to understand and address this trend with urgency not only influences our economy but also has significant effects on the social structure of our society. According to a survey that was conducted by (Horowitz et al., 2020, about half of lower- income Americans (52%) say reducing economic inequality should be a top priority for the federal government to address; smaller shares of those with middle (39%) or upper incomes (36%) agree." Even though President Biden acknowledges the urgency of addressing this issue, his administration has done little to nothing to address income inequality in the United States. President Biden should increase the minimum wage to $15 dollars an hour across all states to help reduce income inequality and provide financial stability to low-income workers.

Historical developments spanning several decades, such as revolutionary government initiatives like the New Deal and the strength of robust labor unions in the mid-1900s, initially contributed to a more equitable distribution of wealth, elevating the standards of living for many Americans. However, despite the positive impact of these programs, income disparity started to rise persistently in the 1970s for various reasons, including the decline in the strength of labor unions and the outsourcing of jobs overseas due to cheaper labor costs. Additionally, tax policies began favoring wealthy individuals over low-income workers, further widening the income and wealth disparities in America, as indicated by research conducted by Kuhn, Schularick, and Steins (2020). There were several reasons for the income disparity, including labor unions losing their strength in the United States and companies moving overseas because of cheaper labor costs. Furthermore, tax policies benefited wealthy individuals over low-income workers since they had a greater voice in both the economy and politics. The income and wealth disparities in America significantly widened between 1949 and 2016, as highlighted by research from Kuhn, Schularick, and Steins (2020). While historical government initiatives like the New Deal and the strength of labor unions initially contributed to a more equitable distribution of wealth, these positive trends began to reverse in the 1970s. Factors such as the decline in the strength of labor unions, the outsourcing of jobs overseas due to cheaper labor costs, and favorable tax policies for wealthy individuals collectively led to a persistent increase in income disparity over subsequent decades.

Many low-income workers face constant struggles to meet their basic needs due to inadequate wages. This situation of financial stress affects every aspect of their lives, from having to find stable housing to the quality of nutrition they consume. Increasing the minimum wage to

$15 dollars an hour would provide the means to help these individuals and families out of poverty. This will not just help these individuals and families earn more income, but it will also break them free from financial insecurity. According to Pew Research, "just 6% of black adults in the United States earn $100,000 or more" (Parker, 2020). If President Biden raises the minimum wage to $15 an hour in all states, it can reduce the dependence on government assistance programs, and low-income individuals and families can maintain their sense of independence and dignity, which can help them contribute to the workforce and seek out better career opportunities to earn more.

The many obstacles that low-income workers must overcome have a significant influence on their chances of growth and happiness in general. A major issue is access to healthcare, as many people do not have insurance, making preventive care expensive and leaving them exposed to medical emergencies (Lazar et al., 2018). This disparity causes shorter life expectancies, untreated illnesses, and increasing health issues. Disparity in education contributes to income disparity, particularly in poor populations. Outrageous tuition fees make obtaining a higher degree an unachievable goal, trapping individuals in low-wage jobs with limited possibilities for advancement (Walker et al., 2019). The problems that low-income families face is worsened by housing insecurity. Due to a lack of affordable, secure housing, many people must make do with cramped, unsatisfactory living arrangements (Sherman, 2023).

If President Biden raises the minimum wage, low-income employees will see their earnings grow and their living circumstances improve (Avancena et al., 2021). This will have a wider impact on the economy, including businesses and institutions. If low-income workers earn more than they did previously, they will be an active participant in the expansion of the economy. As a result, this will promote a demand for both producers to provide and consumers to spend more money, driving economic growth on all sides. Furthermore, manufacturers will be inspired to grow their operations, recruit more employees, and manage their businesses more efficiently. In return, the governments will earn more tax revenue from increased consumer spending. The government can allocate that money to other programs such as healthcare, education, and climate change (Fisher, 2022). Improving the financial well-being of low-income employees through measures such as increasing the minimum wage is an economic strategy as well as a chance to provide better healthcare for low- income individuals and families. They will no longer have to sacrifice their health due to financial difficulties, and they will have money to spare for healthcare and professional help when they feel sick. This financial stability will also reduce their stress levels. Also, if President Biden increases the minimum wage, he will not only advocate for economic policy but also healthcare policy, which is a basic human right for all rather than a privilege determined by financial status.

The effects of wealth disparity on society are extensive, impacting communities in a few ways. One noticeable impact is the alarming rise in crime rates, which is typically linked to economic disparity. People, especially young people, may turn to criminal activity as a method of survival if they have limited access to high-quality education and work possibilities (Adams et al., 2019). This can feed the cycle of violence and social discontent. Due to a lack of resources, drug usage, and gang-related violence are more common in impoverished neighborhoods, further destabilizing the place and endangering the safety of its citizens (Adams et al., 2019). Reduced social mobility also makes the poverty cycle worse. Low-income children face significant obstacles in their quest for access to high-quality education and healthcare, which significantly curtails their opportunities for upward mobility (De Schutter et al., 2023). This lack of opportunity restricts their potential, widening the gap between wealthy individuals and lowincome individuals and further contributing to societal injustice. Furthermore, economic disparity places a significant burden on public resources. Government budgets are strained by low-income people's limited tax payments, which prevents investments in critical areas like social welfare, healthcare, and education (Crowley et al., 2020). Because of this, public services decline, increasing the issues low-income individuals and communities face. Improving the well-being of all people and building more stable, successful, and fair communities require reducing the disparity in wealth.

It is critical to address economic disparity since its effects are far-reaching and affect people as well as the country. Pervasive economic inequities undermine societal cohesion and stability in addition to causing personal hardship (Gluckman et al., 2023). If a significant amount of the population has restricted alternatives due to their financial condition, social mobility slows down, weakening standards of democracy such as justice and equality (Houle et al., 2019).

When promoting a raise in the minimum wage, it's critical to be aware of potential objections. Some who oppose raising the minimum wage contend that higher labor expenses could result in job losses, especially for small enterprises. In response, studies like those conducted by Dube et al. (2019) indicate that, particularly with incremental implementations, the employment impact is generally subtle and negligible. The possibility of inflation is another issue, but research such as Allegretto et al. (2019) and Zipperer (2016) suggests that modest pay increases could not have a major impact on inflationary pressures. Stressing a phased deployment strategy also enables organizations to adjust, reducing interruptions. A thorough grasp of the potential difficulties is demonstrated by identifying and responding to these counterarguments, which supports the claim that a well-planned increase in the minimum wage can have positive effects without disproportionately hurting the economy or businesses.

Raising the minimum wage to $15 per hour is an effective solution to the widespread income disparity problem, directly addressing the urgent issues that low-income workers face. This policy change reflects a significant advancement toward social justice and economic fairness, not just a pay raise. Dismantling the hurdles that have sustained inequality for decades gives individuals at the bottom of the economic ladder a more tolerable income (Parker, 2020). Raising the minimum wage has had revolutionary effects in places like Australia and Washington State, among other countries (Conway, 2019). Poverty rates declined drastically while living standards improved greatly. These findings are further supported by economic theories that show how increasing wages for low-income employees improves economies. The "Keynesian Economics" approach is a well-known economic theory that advocates raising salaries for low-income workers. According to Keynesian theory, when low-income people get paid more, they have more money to spend, which creates a multiplier effect whereby more consumer spending boosts employment, production, and demand, finally resulting in economic growth.

Furthermore, as the "Aggregate Demand-Supply Model" emphasizes, pay increases have the potential to increase aggregate demand, which in turn encourages businesses to increase production in order to meet customer demands and promote economic growth. All of these ideas contend that raising low-income workers' wages might start a positive feedback loop that leads to increased economic growth and better general well-being. Although other proposals are valid, such as wealth taxation and universal basic income, increasing the minimum wage is a more immediate and realistic answer. A greater minimum wage directly affects the lives of those who are struggling financially, unlike intricate administrative processes. It promotes fairness in opportunities and results, consistent with the core values of social equality (Carr et al., 2018).

Furthermore, this policy reform has broad support. The cause is supported by many polls and prominent individuals in the public and political domains. Its viability and possible advantages are demonstrated by its successful implementation in Seattle and states like California (Allard et al., 2020). This program reduces poverty, which benefits low-income families, and fosters a workforce with higher levels of education. It strengthens the middle class, eases the burden on social safety programs, and clears the path for long-term economic growth. A comprehensive strategy combining activities at the federal and state levels is needed to implement such a transition. It is essential to use caution when navigating legislative changes to social assistance programs, tax laws, and employment rules (Augustine, 2019). It is critical to strike a balance between defending the interests of small businesses and helping low-income workers. Smaller businesses can be protected from unnecessary stress through phased adoption and tailored help, ensuring their resilience as wages grow. Raising the minimum wage to $15 an hour symbolizes a societal shift toward justice, decency, and inclusivity rather than just economic reform. It builds communities, gives people more power, and creates the groundwork for a time when all citizens, regardless of income level, can prosper (Levin-Waldman, 2018). "Levin-Waldman makes the case for the minimum wage as a way to improve the well-being of middle-income workers, strengthen the US economy, reduce income inequality, and enhance democracy."Such a revolutionary policy is necessary to lead society to a more equal and just future. It is not merely a financial adjustment.

The current state of economic inequality in the United States puts in doubt our country's promise of an equal chance of opportunity. The significance of correcting inequities and enacting legislation to raise the minimum wage is highlighted by the current condition of economic inequality in the United States. The effect on small enterprises, who would find it difficult to absorb increased labor expenses, is one potential source of difficulty. A staggered implementation of the policy could be helpful in addressing this worry. Small enterprises can minimize the danger of job losses by adjusting operations and financial strategies gradually and predictably through predictable increases. While it's important to keep an eye on inflationary pressures, research suggests that modest salary increases might not have a major impact on inflation. Policymakers can strike an equitable balance by implementing pay increases in a way that takes into account the specific economic contexts and industries of each region. This will ensure that workers benefit from higher wages without small businesses bearing an undue burden, which is in line with the nation's goal of promoting greater equality of opportunity.

The rising disparity between the wealthy and those in poverty has created significant divides in our society. Most of this disparity affects low-income families, who struggle to find reliable housing, healthcare, and education. A solution must address a fundamental injustice and protect the country's democratic values (Sanders, 2023).

In this current state of income inequality, raising the minimum wage to $15 per hour across all states would bring hope to many low-income families who are struggling to survive. This will provide a real-life-changing opportunity for millions of Americans who are at the bottom of the economy. This policy is a moral requirement and reflects a culture that cherishes each worker's dignity, not just an economic adjustment. Increasing the minimum wage is a practical way to close the income gap and provide people who have long been denied a chance at financial stability (Franko et al., 2018).

Although there are a number of ways to combat income disparity, such as universal basic income and wealth taxation, boosting the minimum wage is by far the most practical approach. A raise in the minimum wage directly benefits low-income workers and provides instant relief, in contrast to the intricate administrative procedures connected with wealth taxation. Furthermore, past achievements, as shown in states like Washington (Autor et al., 2016), highlight the viability of putting such policies into place without having a significant negative impact on the economy. Increasing the minimum wage is in line with the pressing need to give low-income people real benefits, promote economic expansion, and deal with income disparity in a timely and effective way.

This policy needs to be implemented by President Biden. The necessity of this policy is found not only in economic theory but also in the experiences of everyday people, such as hardworking parents, aspirational students, and tenacious employees pursuing better lives (Dean, 2018). The primary target of this strategy is to promote individual empowerment, community growth, and economic stimulation, all of which are fundamental foundations for an equal and just society. With this in mind, we can build a more ethical and equal society by making sure that workers' efforts get rewarded with an adequate wage. Furthermore, we should not only expect elected officials to make this shift, but everyone must also share responsibility for advocating for the increasing income inequality that is affecting low-income individuals and families. Raising the minimum wage to $15 an hour represents more than just a change in legislation; it represents strongly held values in society. It represents a commitment to the fair distribution of wealth, economic growth, and social fairness. Supporting this cause, we demonstrate our commitment to a more equitable and peaceful society where everyone can live a life of promise and dignity, regardless of race, religion, sexual orientation, or disability. Through this joint effort, we can grow toward a future when economic inequality will not prevent Americans from pursuing their dreams.

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