Global Wealth Inequalities
Across the entire globe, there have been reports of increased wealth inequities. Despite the several measures put in place to try and bridge the gap between the poor and the rich, there still exists a big void that needs to be filled in order to make the world a better place. Wealth inequality describes the difference in asset ownership between various members of society. The gap between the poor and the rich has kept widening with each wake of a new day. In the United States, there has been the highest ratio of wealth inequality than any other developed country (Alstadsæter 95). These inequalities have led to increased crime rates, inadequate healthcare, and education systems in the country. It is, therefore, needful that there be provided a way to help do away with these inequalities.
Being a policy advisor to come up with reforms towards ending wealth inequality in the country, I would recommend that I get a clear picture of what causes wealth inequality in the United States. There are three adamant causes of wealth inequality in the United States, including trade, technology, and institutions. Trade impacts the wealth distribution in the economy in that even as the world becomes a global village; it opens up the United States to other countries for purposes of trade (Rao, Narasimha & Jihoon 513). These trends in the trade have led to a reduced share of profits of the native companies, thus leading to the sacking of employees to reduce capacity. Technology has been the most significant contributor to wealth inequality. This has been associated with the lack of information required to deal with various aspects of the economy. The final cause of wealth inequality in the United States is the institution. It is essential that the institution forming the government be carefully decided upon failure of which the ridge between poverty and riches meet.
Having identified the causes of wealth inequality in the country, we focus on a narrower aspect of the same. I would, therefore, recommend the use of a few strategies to help solve this problem that has otherwise posed a long term challenge in the country. I thus would recommend an increase in the minimum wage rate to $ 15, provision of high-quality education, provision of on school paid jobs, improvement of retirement benefits and offering of universal health care to the residents of the country.
One major point of difference in the economy is the education sector. Education, a fundamental need for all the citizens of the country, needs to be provided in the right standards to help bridge the gap between the poor and the rich. Statistically, children of lower-income groups have always fallen from school before even beginning school. The variations in the children’s access to education begin so early in the children’s lives. I, therefore, would design in my recommendation, a framework in which to ensure that all the children both of the high income earning class and of the low-income class get quality education right from their preschool. This would aid in helping in the children’s development over the years.
I would include in my policy proposal a raise in the retirement security. In the United States, wealth inequalities continue far beyond the employment period right to the retirement age. This is brought about by the accumulation of wealth throughout the employee’s work life. To help curb this problem, I would recommend an increase in the retirement benefit for the low-income earners. The increase would be achieved by coming up with professionally managed contribution schemes. The schemes would then invest the resources in high-income business ventures. In the end, the cost of paying for the retirement benefits would be low, while the available resources to cater for the benefits would be high.
I would suggest the inclusion of increased minimum wage rates per hour from $10 to $15. Over the years, the pay for the middle and the low-income earners has remained constant while the high income earning class gets a substantial increase in their income. It is estimated that a corporate CEO earns up 273 times higher than the average employees. This explains the reason for the ever-growing wealth inequality in the country. To help deal with this problem, I would include in the policy statement that the wage rate is increased from its’ current $10 per hour to $15 per hour. This policy would help see an increase in the wages of the majority of the working population in the country. This policy will have a positive impact on the economy as it will raise the purchasing power of the consumers, thus leading to a rise in the Gross Domestic Product.
Death penalty
The death penalty otherwise referred to as capital punishment, implies the government killing an offender for the crimes they have committed. Over the years, the death penalty has continued to acquire less fame throughout the world due to its obnoxious nature (Mocan, Naci &Kaj 460). I, therefore, condemn the death penalty as a means of punishing lawbreakers.
The death penalty ultimately denies a fundamental human right to life when put into action. Every human has the right to life. Despite the offense committed, the person remains human thus should be awarded this right to life. The death penalty brings out the vengeance in law enforcement when law enforcement should be all about equality than vengeance, thus making the implementation of the death penalty ridiculous.
The death penalty can lead to the taking of the life of an innocent individual. There have been reports of mistaken executions all over the world. Most of the time, justice is served several years after it had been denied. The death penalty would thus increase the risk of innocent people’s lives being taken. The realization of such mistakes will have a negative effect on the country’s reputation both nationally and in the international sphere. I, therefore, stand against the death penalty as a means of execution of justice.
The death penalty often carries with it the highest cost of execution in comparison to the other forms of criminal punishment. Statistically, the cost of pursuing the death penalty is above three times higher than the cost of implementation of life imprisonment. Recourses are a rare thing in various countries in the world. In fact, most of the countries have to depend on International aid to economically survive. I would, therefore, advocate for the cheaper measures in convicting law offenders to help keep a reserve in the government revenue of resources that would have otherwise used to implement capital punishment.
The death penalty is used as a political tool. In most countries where capital execution is rampant like China, Sudan, and Iraq, the death penalty has been used by the political class to thwart rebellion against their rule. Law is supposed to be the ultimate end of justice. However, in this line, the law is used to further the injustices in the country. I, therefore, support other forms of convicting lawbreakers rather than sentencing them to death.
The death penalty often ends the life of children who would have been productive members of society. From a layman’s point of view, “law is there to be broken.” Committing crimes is a regular occurrence; thus, the coming up of laws to help solve the problem. Children as well may be involved in criminal activity. However, the children may reform if given the room to make suck reforms. Over the past years, several children’s lives have been ended. I advocate that this form of conviction be abolished in countries still practicing it to give the children a chance to reform for the betterment of society.
Once executed, the death penalty has no reverse. Unlike all the other forms of execution where there may be made amends in case there were mistakes in the conviction process, the death penalty has no reverse after its execution. This nature of the death penalty has seen several people lose their lives for crimes they had nothing to do with. I, therefore, would not recommend capital punishment as a form of conviction.
Works Cited
Alstadsæter, Annette, Niels Johannesen, and Gabriel Zucman. “Who owns the wealth in tax havens? Macro evidence and implications for global inequality.” Journal of Public Economics 162 (2018): 89-100.
Mocan, H. Naci, and R. Kaj Gittings. “Getting off death row: Commuted sentences and the deterrent effect of capital punishment.” The Journal of Law and Economics 46.2 (2003): 453-478.
Rao, Narasimha D., and Jihoon Min. “Less global inequality can improve climate outcomes.” Wiley Interdisciplinary Reviews: Climate Change 9.2 (2018): e513.