Income Inequality 1970s

Income Inequality 1970s
Since the 1970s, income inequality that is also known as economic inequality has immensely increased. It means the income share of the economy is being directed to a certain group and, as a result, leaving other groups to suffer. Recently, research shows that people who tend to share the income of a state are from the top class level, and then follows the middle class and lastly the lower class level people who are not even aware of how resources are distributed in the entire country. Therefore, it leaves people to conclude that poor people will continue to suffer as the rich continues to become richer. It is thus important to understand how different aspects like globalization, technology, a decline of unions and other factors influence income inequality and how the situation affects individuals and the economy at large.
First, due to globalization more people were able to travel from one country to another since border barrier ware no more in operation. Also, the majority of developing countries could not afford to sustain the population regarding jobs. As a result, people would move to settle in America where jobs were plenty. Rich people enjoyed the increase of foreigners since they would grab any form of a job with any amount of money (Reich 20). The situation only got worse for the Americans in the middle-class level. Due to the high population of foreigners, they would not dictate the wages they felt comfortable with. Moreover, the rich preferre…