The gap between the rich and the poor has moved to the extreme ends over the last decade. The rich have continues to gain more wealth and grow richer whilst the poor have remained to be poor. The gap between rich and poor depicts the inequality in income distribution between the rich and the poor.
There are various reasons for the increasing gap between the rich and the poor in the society. In most cases, these reasons are related. Research study on gap between the rich and the poor affirms that; culture, innate capability, globalization, education, labor markets, reforms on taxes, government policies, change in technology, gender, racism and differences in wages and incomes as the main causes.
The difference in the wages and salaries is the core reason for the growing gap between the rich and the poor. The job salaries are indomitable by the supply and demand in the commercial market. For instance, when the supply of labor is high and demand for working force is low, the wages for the few available job opportunities will be as well low.
Besides the market related factors that affect the differences in the wages, initiatives facilitated by the government such as tax reforms and policies can also result to increase or decrease in inequality. Social scientists and policy developers argue on the efficiency and effectiveness of the inequality regulations strategies. Some of the governmental distinctive initiatives which can minimize the difference between the rich and the poor involves; educating the public that enhances the skills of the work force supply in order to minimize the wage difference related to education factors.
The implementation of tax reforms programs which will impose relative higher taxes on the rich compared to the unfortunate will be very significant in regulating income differences within the society. Establishment of minimum income legislative initiative will assist in enhancing wages for the unfortunate laborers. An initiative to subsidize product prices will enable consumers to purchase goods and services at relatively low prices. These initiatives will proof to be very vital in reducing the gap between the rich and the poor within the society.
In general, the situation in which only the rich continues to be rich can be reduced in not solved through emphasizing more on education, investing in human capital and economical literacy. The problem has been there for ages and the gap seems to widen by the dawn of each new day.
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