As the economy continues to grow, the middle class is shrinking rapidly. The disparity between the rich and the poor is becoming more and more obvious and The American Dream is quickly becoming a dream of the past. Is inequality inevitable or is there something we, as a nation, could do to create liberty and justice for all?
In a recent policy brief, The Haas Institute for a Fair and Inclusive Society at the University of Berkeley suggested invaluable recommendations to create a sustainable society where more than just the rich can thrive.
We need to invest more in education. Studies show that areas with higher average test scores and lower rates of high school dropouts have the highest rates of economic mobility.
Attendance of preschool programs, like Head Start, correlate to higher earnings in adults. These programs, and effective teachers, should be made available to all children, regardless of their neighborhoods, race, or SES.
The Haas Institute also suggests that building assets and wealth for lower and middle income Americans, increasing the minimum wage, augmenting and improving the earned income tax credit, and tax reform are necessary to bridge the gap between the rich and the poor. Read their detailed report to see how you can impact inequality here.