A focus on the future

The future condition of our middle class generates a large lack of hope when polling the American people. As mentioned in my previous posting, economists point to the increasing income inequality seen in our country as a major factor effecting the middle class. A poll from 2015 points out this suggestion that the income gap will increase in the future. “About three-quarters of all Americans (73%) expect the gap between the rich and the poor to grow over the next 30 years” (Parker, Morin, Horowitz, 2019). If the American people are correct, this will only lead to the negative trends continuing for the power of the middle class. Even in a more general sense, it appears that the majority of Americans fear for our economic future. This comes from the same study which was conducted across every income class. “Roughly half or more of every income group predict a weaker economy in the next 30 years.” (Parker, Morin, Horowitz, 2019). A weak economy leaves our middle class to be even more restrictive with their earnings. The importance of the middle class must be brought to light to bring understanding to this issue.

The middle class essentially plays the role of the spender in the economy. Unfortunately, the trends have shown that their purchasing power has decreased through the years. When they’re not spending money, it leads to a worse off situation for every class. One might assume that the upper class in a society will be the spenders, but they tend to save more and consume less (Madland, 2011). So when growth is stagnant or depreciating, there is not enough demand for a healthy economy. It is also noted that a strong middle class provides better governance for the country. This is in regard to more political involvement for the betterment of society rater than special interests. This is in contrast to a weaker middle class with greater inequality in which those in lower and higher classes are less politically engaged (Madland, 2011). With this in mind, the question to answer is how will we save this essential class in our society.

Governmental spending plays an essential role in the well being of our societal classes. As Americans, we must make our voice heard to assure we seek the maximum benefits from the taxes we pay. Two of the most essential benefits to reduce income inequality include better quality of schools, and a more effective tax system. Equity in education will decrease the divide between our societal classes by giving more people the chance to grow out of their income class. Getting qualified teachers into disadvantaged schools will be an essential way to fix the issues we face in the education system (Keeley). Finally, a more effective tax system will work to fight income inequality and save the middle class. It appears that a progressive tax system is best suited to serve our middle class. Our Government must stray away from consumption taxes that actually increase the divide between the rich and poor (Keeley). These two areas of importance must be efficiently executed in the future in order to salvage income inequality in America.

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