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Economic inequality is a term that can be described as the disparity of wealth among different groups. In simpler terms, economic inequality can be described as the distribution of wealth in a way that rich people get richer while poor people get poorer. The issue of economic inequality is the most debated all over the world. The issue affects social mobility and therefore, hinders a chance of an individual to attain high social status. Specifically, discussing the U.S., according to the statistics, from the year 2000 to the year 2006, the number of people living in poverty has increased by up to 15% which is alarming (Nazimuddin, 2014).

In the video as well, the speaker also pointed out the economic inequality that is prevails in U.S. ADDIN ZOTERO_ITEM CSL_CITATION {"citationID":"GLQIrSsC","properties":{"formattedCitation":"({\\i{}Wealth Inequality in America}, n.d.)","plainCitation":"(Wealth Inequality in America, n.d.)","noteIndex":0},"citationItems":[{"id":184,"uris":["http://zotero.org/users/local/sbFMNDWM/items/LCM9VU9J"],"uri":["http://zotero.org/users/local/sbFMNDWM/items/LCM9VU9J"],"itemData":{"id":184,"type":"motion_picture","title":"Wealth Inequality in America","source":"YouTube","dimensions":"6:23","abstract":"Infographics on the distribution of wealth in America, highlighting both the inequality and the difference between our perception of inequality and the actual numbers. The reality is often not what we think it is.\n\nReferences:\nhttp://www.motherjones.com/politics/2...\nhttp://danariely.com/2010/09/30/wealt...\nhttp://thinkprogress.org/economy/2011...\nhttp://money.cnn.com/2012/04/19/news/...","URL":"https://www.youtube.com/watch?v=QPKKQnijnsM&feature=youtu.be%C3%82","accessed":{"date-parts":[["2019",11,13]]}}}],"schema":"https://github.com/citation-style-language/schema/raw/master/csl-citation.json"} (Wealth Inequality in America, n.d.). According to the speaker, in an organization, there is a huge pay gap between the CEO and the average worker. The speaker highlighted that an average worker has to work more than a month to make money that a CEO makes in just an hour. This means that a CEO works 380 times more than an average worker in an hour which is impossible. This huge pay gap indicates that there is indeed an unequal distribution of wealth in our society.

Economic inequality is a social issue as the unequal distribution of wealth not only hinders social mobility but also affects the opportunities to attain a different social status. Education helps an individual to learn new skills that are necessary to get a better job that will in turn benefit in achieving higher social status. This is because the high level of education directly corresponds to high salaries (Nazimuddin, 2014). However, due to economic inequalities, children of wealthy people will get better opportunities than children of people with average or low income. Thus, rich people children have better opportunities as they can admit their children in private schools so that they have secure and bright future as compared to poor children. Thus, the government must intervene to make policies that can facilitate in reducing economic inequality so that a country can progress.

References

Nazimuddin, S. K. (2014). Social mobility and role of education in promoting social mobility. International Journal of Scientific Engineering and Research, 1-4.

ADDIN ZOTERO_BIBL {"uncited":[],"omitted":[],"custom":[]} CSL_BIBLIOGRAPHY Wealth Inequality in America. (n.d.). Retrieved from https://www.youtube.com/watch?v=QPKKQnijnsM&feature=youtu.be%C3%82