Income Inequality

Some of the article (from Time Magazine 1/9/12 issue) got cut out, but the gist of the article can be “read” within the pictures. In the last 20 years the gaps in income have increased dramatically. It is no surprise that the highest areas with income gaps are also the areas with the largest metropolitan cities, i.e. California, New York, Florida. In these states the large cities are the contributing factor to the large dispartity. These cities also have a high concentration of gentrification. I have already discussed (in a previous post) that I have conflicting opinions re gentrification, but the more and more I look into the issue I am finding myself on the “against” side of gentrification. On the surface gentrification looks good… but when you look closer you realize that gentrification is responsible (in part, it cannot take sole blame) for increasing the gaps in income equality. Gentrification pushes low and low-middle income families out of an area allowing for high-middle and high income families to move in, thus increasing the gap in income. If you have ever traveled to Manhattan, you can readily see that the metropolis is becoming more and more for the rich. It is very costly to live in the heart of Manhattan with studio apartments in some areas starting at $2,000 a month. A STUDIO.

Maybe these are just my thoughts, but I can’t see how that could be so. While I do believe that shifts in society are inevitable and even necessary for a country to continue to be at the forefront of business, economy, and power EVERYTHING cannot change. Manufacturing, thankfully, is taking a turn and becoming more relevant in our society again. This is likely do to people buying into the “Made from America” trend. But this is good. Outsourcing to other countries has provided other places with advancement and even a more stable economy, but it has damaged our own. Hopefully with the blue collar jobs on the rise the dispartity in the income gaps will decrease slightly.

 

What are your thoughts? What do you believe are some of the contributing factors of the gaps in income? I know there are many more factors than the few I have listed, but to include them all would be to write a book.

Notjustmythoughts