After watching the CNBC video, which described how the middle-skill workers share has shrunk over time, I thought of my uncle, who was laid off from a steel company in the early 2000s (CNBC, 2019). When asked about the widening income gap between the wealthy citizens and others, he said that it angered him how the working people of America were left neglected. He blamed large corporations and politicians, which pandered to them for destabilizing the economy and moving their facilities to other countries. Referencing his own experience as a steelworker, he mentioned that he was fired because their steel mill could not compete with foreign producers, and as a result, the demand for their products fell. After losing his job, he had to work at a grocery store as a cashier and a stocker, which significantly decreased his income and even made him struggle financially for a while.
As recent studies show, the income gap is expected to continue to grow in the future, which will inevitably have an effect on my life (Fadulu, 2019). The jobs which pay good wages and do not require getting a degree have been largely eradicated by cheap labor from overseas, which has forced more people to go to universities. Bonded labor in India is certainly one of the examples of how costs for work are kept at a low level (Anti-Slavery, n.d.). In the United States, it has created a situation when a large number of highly-educated individuals have to compete for a limited amount of decently-paying positions. The intense competition produces additional stress for people since the risk of not succeeding is extreme, as evidenced by the 15% of the population living in poverty (MacKinnon & Fiala, 2018). Yet, globalization cannot be stopped, and new ways of ensuring appropriate living standards for citizens must be found. For example, a more effective redistribution of wealth system with increased taxes for the rich could generate enough resources for public investment in education and healthcare.
References
Anti-Slavery. (n.d.). What is bonded labour. Anti-Slavery. Web.
CNBC. (2019). Why the inequality gap is growing between rich and poor [Video]. YouTube. Web.
Fadulu, L. (2019). Study shows income gap between rich and poor keeps growing, with deadly effects. The New York Times. Web.
MacKinnon, B., & Fiala, A. (2018). Ethics: Theory and contemporary issues (9th ed.). Cengage Learning.