Wealth Gap In America

As someone who identifies as a millennial, an issue that is of importance is the wealth gap. While time has progressed, there has been a rise in the wealth of those who are already wealthy, and there has been a lower standard of salary implemented for those currently entering the job market. This is partly caused by the stagnating median wages that have become a very common trend in the United States of America. Consequently, there will be detrimental affects on my generation, along with my family. When focusing on the wages of the generation known as the millennials, multiple studies have shown that this generation is not amounting to the level of income as their predecessors. The direct causes of this anomaly in the trend of the United
States of America are the increasing demand for the educated and skilled, along with trade and globalization. The demand for those who have attained higher education has increased at a rate which far exceeds the supply. This ultimately leads to millennials having to settle for lower income jobs that are deemed more fit for their skill level by the labor market. Trade and globalization seem beneficial from an economic standpoint, yet they damage the labor supply. By importing many products, along with outsourcing occupational opportunities, there has been a direct impact on the income standard of this generation compared to the previous. The impact of the demand for the educated and skilled, along with trade and globalization, has caused many millennials to drop out of the labor force. There has become a lack of motivation to perform and gain income, because their efforts amount to nothing compared to their predecessors. This lack of motivation has ultimately led to the drop in the average income. Although this phenomenon is seen when comparing average incomes, it is not seen in the unemployment rate. This may seem adequate to the average person, but the unemployment rate only accounts for those actively searching for an occupation. This hides the truth from many who view the unemployment rate. The truth is that many people of my generation have given up. Due to the increasing wage gap, the effects on my family will be detrimental. As my sister and I progress into our careers, being millennials, we will also feel the drastic effects of the increasing wage gap. We will experience a variety of dilemmas, leading us to make decisions that are not satisfactory to our wants. Our income compared to our parents will be significantly lower, our standards of living would be lower, and the option of starting our own family would seem less appealing. Although these effects seem minor, the constant snowball of such issues affect more than just those who are from my generation. The lack of income will affect my ability to support my parents, It will affect my ability to financially support my spouse, and finally it will affect my ability to support my own future children. Taking all situations in account, millennials have been given the short end of the stick. It is now mandatory for all families to guarantee a collegiate degree within the household. Without such credentials, the possibility of being a family in poverty will become a reality. After taking into account the damages that are being caused by the wage gap, it is necessary to determine a solution that will assist the millennials. If not resolved, there will be damages to all generations to come. The trend will not only cause damages to my family, it will cause damages to all families that include millennials. For this reason, it is imperative for this detrimental, growing trend to be broken.