Extreme global inequality is one of the major concerns on which complete humanity should ponder on. There is a massive gap in the standard of living of the people. The wealthier crowd gets the best, and poorer ones live in shacks. The billionaires in the world are increasing year by year. The economy indicates how richer the rich have become and how poorer the poor has become.
The global inequality issues exist in most of the places that are fuelled by the Government of that place. The governments usually take the stand of reducing the taxing for wealthy individuals and corporations while funding less for the public services. It has become tough for the poor to lead a life in this era where living expenses have increased substantially. The statistics of last year shows that 26 billionaires own the wealth equal to the total wealth possessed by the rest of the world.
Boomtime For The Billionaires
A decade has passed after the major financial crisis hit the entire economies of the world. It was a time when the majority suffered tremendous loss. The primary beneficiaries of this event were the richest in the world. There is a massive increase in the number of billionaires while the poor have suffered extreme poverty.
The downfall of the economy has made the governments decide to reduce the taxes. The corporations are paying the least fee in the last decade, which in turn is beneficial to the richest. When the billionaires are paying less, the working class pays the highest tax. As the Government under tax the rich, they lack the fund to spend on the vital public services like education and healthcare. Global inequality boosts by this kind of act by the Government.
Extreme Global Inequality: Underfunded Public Services
Public services do not have enough funding for more than a decade. The lack of funds has made the quality of public services to hit bottom. Besides, they outsource to private companies, which excludes poor people. High-quality education and healthcare have become a luxury in many of the countries, and only the rich can afford the same. Moreover, it can have a substantial negative impact on the future of the new generation. They may be denied to enjoy a better life due to the issues in the public sector.
Negative Impact On Life Expectancy
Health and longer life are the outcomes for the ones who have money in hand. The poorest in a country may not be able to afford quality healthcare as it is costly in the private sector. The life expectancy of the poor has come down in every country around the globe. It clarifies the existence of global inequality based on income.
Extreme Global Inequality: Inequality In The Form of Sexism
Lack of good quality public services affects everyone, but the impact is more on girls and women. If a family suffers from the financial crisis and is unable to pay fees, the girl child drops out first. When there is a lack of quality healthcare in the public sector, women spend the majority of their time in taking care of the sick. Economic prosperity is highly dependent on the contribution of women, which are unrecognized and unpaid.