Question

Answer the following questions regarding wealth, poverty, and inequality.

Regarding Personal Economic Factors:

Where do you stand personally in terms of your overall wealth?

What factors in your own background contributed to your current financial status and your potential future financial status?

To what extent do you place importance on your own current and future financial status? Explain.

What are the reasons for the widening gap in wealth in the United States?

To what extent do such gaps in wealth contribute to oppression, on the one hand, and privilege and power on the other? Why and how does this occur?

Can or should something be done about huge economic gaps between the wealthy and the impoverished? If so, what should be done and why?

What are the reasons for such extreme global poverty?

What can or should be done to help?

Regarding Gaps in Wealth in the United States:

What are the reasons for the widening gap in wealth in the United States?

To what extent do such gaps in wealth contribute to oppression, on the one hand, and privilege and power on the other? Why and how does this occur?

Can or should something be done about huge economic gaps between the wealthy and the impoverished? If so, what should be done and why?

Regarding Global Poverty:

What are the reasons for such extreme global poverty?

What can or should be done to help?

Answer 1

Regarding personal economic factors:

1) In terms of wealth overall I would consider myself to be in between , because i feel that i have some more miles to go . Lot of times got wasted to search for the right way to choose but now i am free of all those hassles , now only aim is to reach my destination.

2) I strong feel that every job is not for everybody and till that time a person suffers when he does,nt finds suitable job for him . Once he clicks the right opportunity no more hassles can stop, so what i am right now from financial point of view is only for my personal guts for which i am performing and getting confidence to earn more and more .

3) Third question is the second step of the second question . I beleive that a person is fully responsibile for his financial status or future financial status because the person who detects early his suitable profession can start working early and can reach his ultimate destination.

4)There is a topic which we all have read in the economic subjects is equal distribution of wealth and in this current scenerio that theory is not getting applied resulting which we can see this gaps . It has a very bad impacts on the society and from the economic point of view increasing gaps would affects the market as some groups control the prices of the goods and services and the other groups would be the sufferer and might not afford those costs. To reduce this gaps government needs to take necessary actions by implementing taxes and other levies through which govt collects the money and distribute to the public to maintain the regime.

Such gaps were increased at the time of recessions when middleclass peoples lost their jobs and industrialists save moneys by not giving the remunerations to them but they earned the profits . Thus poverty have increased and the gaps were also increased manifolds.

Regarding gaps in wealth of United states:

Possible reasons of widening the gaps in US is recessions, imports of foreign workers for highly paid jobs and governments facilities at par with the earning peoples to let them feel that government is facilitate them as the public of USA. Furthermore, at the time when IT revolution comes into scenerio US started disliking manufacturing units resulting which those got shifted to the other parts of the world , which leads to unemployment at massive level . IT being a service industry cant survive alone without high tech manufacturing sectors who are the mass recruiters .

To reduce the gaps between the wealthy and impoverished peoples governments needs to take strict actions by strenthening the rules and regulations of their recruitments inside the country , imparting maximum taxes on the rich persons and stop hiring professionals from outside , rather than initiative to be taken to train the country persons to serve them . minimum wages and salaries to be fixed by the governments with other working rules and regulations.

Regarding global poverty:

There is a statistics that 20 percent of peoples enjoy 80 percent of the resources in the world and rest 80 percent peoples fight with rest 20 percent of the resources. So from the statistics it is clear that 80 percent of the persons in the wrld are suferer because they are unaware of the facts or dont want to take hassles in their cool life.

From the world perspective it could be said that the richest countries should take some responsibility to develop the backward countries in several ways or others. Reasons being the same that unequal distribution of resources makes rich persons more rich and poor person more poor.