Introduction
The U.S., as one of the most developed countries in the world, still has a poverty problem. Currently, poverty affects about 38 million Americans, including about 12 million children (No Kid Hungry, 2020). To address this issue, effective measures are necessary to significantly improve the lives of those living in poverty.
Improving Wage Standards
Creating living-wage jobs is one way the United States can alleviate poverty. This entails raising the minimum wage to a level that allows individuals to live in dignity. Raising the minimum wage can significantly improve the financial status of low-paid workers. Raising taxes on the wealthy might also help to alleviate poverty. The United States has one of the lowest corporate tax rates among developed nations.
Funds Redistribution
Raising taxes on the wealthy would give the government greater revenue for social initiatives that benefit the poor. For example, investments in education, healthcare, and housing can considerably improve the lives of low-income individuals.
Cutting military spending can also be a helpful way to end poverty. The United States has the world’s largest military budget (Statista, n.d.). Reducing this spending will enable the government to allocate funds for social programs and infrastructure projects that can support individuals experiencing poverty. More specifically, these funds can be used to create jobs, promote education, and support small businesses.
Personal Choice of the Best Strategy
Raising the minimum wage, in my opinion, is the most beneficial and significant option. As a result, people in low-paying employment will earn a respectable income and better their financial status. Raising the minimum wage boosts the economy by providing individuals with more disposable income to spend, which in turn supports company growth and job creation (World Economic Forum, n.d.).
Personally, I believe that the minimum wage should be raised, as everyone should be able to earn enough to support themselves. It is equitable and will contribute to reducing poverty in the United States. Additionally, boosting the minimum wage will benefit the economy by stimulating growth and development in the country.
Conclusion
In general, ending poverty in the United States requires a comprehensive approach that includes creating living-wage jobs, raising taxes on the wealthy, reducing military spending, and implementing other social programs. However, raising the minimum wage is the most valuable and impactful way to do this, as this will improve the financial situation of people working in low-wage jobs and stimulate economic growth.
References
No Kid Hungry. (2020). Facts about Child Hunger in America. Nokidhungry. Web.
Statista. (n.d.). Ranking: military spending by country 2020. Web.
World Economic Forum. (n.d.). 7 experts explain why it’s important to pay fairer wages and how to do it. Web.