Eliminating Economic Inequality

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Inequality for Everyone is a 90-minute series starring former Labor Secretary Robert Reich. At the heart of the film is a straightforward proposition about what constitutes a stable society and the role of the growing income gap in worsening the nation’s economic situation (Dungan, Chaiken, & Kornbluth, 2013). As a result, the film Inequality for Everyone represents a cultural change and revelation for the future of eradicating inequality in American society. The government will abolish by modifying the business policies that it developed.
Reich proposes that the problem of rising income inequality should be approached from a variety of angles. The approach is to comprehend how these viewpoints fit together while selecting manageable measures, which are practical. Preferably, these steps cannot be accomplished at one, but each step taken is considered as an incremental phase towards changing the needs of the economy. An important proposition Reich makes in the film is that the economy is composed of policies, which are subject to modification in a way that would serve most people as opposed to just a few (Wpndensmore, 2013). The government institutes the rules that determine operations in the market. Therefore, in a bid to restore a vibrant middle class, he proposes that the government needs to change the policies governing the markets. In the film, Reich formulates the economic term “middle-out.” He argues that affluence can only come if the middle class prospers (Wpndensmore, 2013). The reason is that 70% of US, economic activity comes from consumerism and that only a huge middle class poolcan purchase goods that can keep the economy vibrant.

Reich quotes two trends, which are technology and globalization that have influenced the U.S. economy above all others. He proceeds to ask his Berkeley-based students how much of the worth in a manufacturing process of an Apple iPhone benefits American companies (Dungan, Chaiken, & Kornbluth, 2013). The response is a one-digit percentage. He argues that the huge amounts of value goto Germany and Japan where most of the advanced parts mobile phone components are produced. Although the assembly of the mobile is in China, the low-wage charges of labor remain in the country. Thus, the minimum wage should be increased which would assist to turn the existing jobs into those that will improve the economy rather than bust it (Dungan, Chaiken, & Kornbluth, 2013). With full-time employment, people will have wages to afford fundamentals.

Other measures, which can be taken to reduce inequality is to strengthen the voices of workers by not allowing the big employers to deny people the primary right to assert their opinions and fixing the taxation system (Wpndensmore, 2013). Most significantly, the Wall Street should be reformed to guarantee that the financial sector works accountably and honestly to avert the possibility of overtaking the economy.

Towards the end, Reich argues that the rich fair better, when other people do better. He suggests an alternative, which is a zero-sum game in which all evidently lose; a decreasing middle-class maybe beneficial to some well-off people for some time. However, the outcome would be social unrest and a wrecked economy in the end, which would leave all people poorer. For a reason, Reich states that history lies on the progressive social change side.

To sum up, the ‘Inequality for All’ film makes a proposition of the ingredients of a good society and what the increasing income gap does in worsening the economic condition of the country. Reich’s argument is that the economy is composed of policies, which are subject to change in a way that serves most people as opposed to just a few. Thus, perspectives that fit together can be taken such as restoring the vibrant middle class. The government needs to change the policies governing the markets such as increasing the minimum wage, improving the Wall Street, and fixing the system of taxation.

References

Dungan, S., Chaiken, J., & Kornbluth, J. (2013). Inequality for all. [Motion picture]. New York: Radius-TWC.

Wpndensmore, (2013). We can change the rules of the economy, Robert Reich says in documentary “Inequality for All.” Rules Change Blog. Retrieved 30 March 2017 from, < https://ruleschangeblog.wordpress.com/2013/10/11/we-can-change-the-rules-of-the-economy-robert-reich-says-in-documentary-inequality-for-all/>

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