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Is It True That The Rich Are Growing Richer, And The Poor Are Growing Poorer?

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Updated 3:21 pm

In this day and age, the problem of class distinction between the rich and the poor is becoming more and more serious. Each class has its prejudice and one-sided view of the other when they see other people’s problems with their personal views. Therefore, the question of whether the poor can only get poorer and the rich always get richer in today’s society has become a hot topic of debate on social networking sites.

Based on Pew Research Center, as you can see in the graph of income inequality in the USA above, in 1983, the gap between the income of the rich and the poor was around $338,000, while in 2016, it was already increased to $837,000, doubling the previous statistics.

As you can see in the Pew Research Center, “The wealthiest families are also the only ones to have experienced gains in wealth in the years after the start of the Great Recession in 2007. From 2007 to 2016, the median net worth of the richest 20% increased 13%, to $1.2 million. In contrast, the net worth of families in lower tiers of wealth decreased by at least 20% from 2007 to 2016.

As stated by Pew Research Center “the greatest loss – 39% – was experienced by the families in the second quintile of wealth, whose wealth fell from $32,100 in 2007 to $19,500 in 2016. As a result, the wealth gap between America’s richest and poorer families more than doubled from 1989 to 2016. In 2016, the richest 5% of families had 248 times as much wealth as families in the second quintile.”

It is an undeniable fact that over time, the gap between rich and poor between families with different income levels becomes more and more serious. So what is the reason for this phenomenon? Many people argue that having a lot of money will help people to become favourable when developing their careers while the poor do not receive any help.

In my opinion, the first reason is the education of children. The rich will be able to afford expensive schools to provide their children with the best school environment and facilities to serve their children’s education. Meanwhile, the poor cannot afford to send their children to prestigious and expensive universities and sometimes they have to force their children to drop out of school because they cannot afford to pay tuition fees.

Receiving a higher education and being educated in a better environment brings many benefits to the rich children, which the poor children never have. Being provided with the best conditions to develop will help these children have a solid foundation to build a successful future career.

The second and equally important reason is capital investment. Families with high incomes will have money to invest in areas such as finance or real estate to earn more while the poor can only work manual jobs to earn a living. For example, real estate investors can make a lot of money by selling or renting houses; Although many people know this and also want to do this profession, not everyone can do it when this job requires a large amount of capital investment.

In addition, in some rare cases, having money can also help people handle all the difficult problems they face. For example, for affluent families with children working in specific professions such as singers or actors, having money can help them find good scripts or songs that can make them famous or they can use the money to ask for help or connect with others.

In addition to these two reasons mentioned above, many other factors contribute to the fact that the rich tend to get richer and the poor get poorer. However, this does not mean that the poor can only be poor and the rich are forever rich. Our lives always contain unexpected elements that can sometimes change our whole life. I believe that with determination and hard work, the poor can also try to study, cultivate knowledge and work to succeed because “no job is hard if one’s will is enduring; even digging down the mountain, or digging filling up the ocean is done by one’s will”.

At Project Sprouts, we realize that we can not solve all the problems of poverty in a situation like this. But we can seek to make a difference in the lives of needy children by giving them school supplies and encouraging them to continue their education; we can give them winter coats, boots, and blankets to help them stay warm during the cold winter months.

Project Sprouts would love to have you be a part of our community and help us to help worthy children in North Vietnam. We cannot solve all the world’s problems, but we can do our part to help poor kids grow by giving school supplies, winter coats, boots, and other supplies.

You can find out more about Project Sprouts by clicking here or going to our give now page to donate by clicking here. As we are a grassroots organization, all funds go to help those in need.

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You can learn more by reading 4 Reasons Why Education Can Change People’s Lives by clicking here.

James Johnstone
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