Paul Krugman’s article “Confronting Inequality” Essay Example

result of inequality is evident in the middle class being weakened by social inequality and politics remaining an arena for the rich hence America is falling into Krugman refers to as a “New Gilded Age”. (Krugman 587).

Krugman’s argument that inequality has done more damage to the society is supported by his description is the social costs of inequality. Although he points out a number of conservatives such as Irving Kristol who argues that income inequality does not affect class, Krugman goes on to support his point saying that income inequality would in fact be a problem is it resulted in social inequality. (Krugman 588). Similarly, Krugman explains that the rich have formed their own little virtual country which he describes as “self-contained” with their own health-care systems, travel network and even their own economy. He also gives an example of how income inequality has affected social inequality in that the middle-class are fighting an economy of mortgages, taking children to schools they cannot afford just so they can achieve social equality. (Krugman589). Middle-class Americans and caught up in debt and bankruptcy because they are working harder to ensure their children have a better shot at an unequal society which has increased economic and social inequalities. (Krugman 590).

Krugman further uses the arithmetic of equalization to show how inequality can be reduced. He tackled the issue of health being a major contributing factor for children from the low and middle-class families to get equal opportunities. He points out that children from low-income backgrounds are more likely to be faced with health challenges as they are uninsured hence they do not receive proper healthcare and can result I

poor performance in school. With poor performance, these children are left with no choice but be victims of economic inequality. A child with a poor start in education will have unequal opportunities in education, employment and social opportunities. Krugman proposes reduction of market inequality through reduction of market income as a way of reducing inequality within the American society. (Krugman 592).

I agree with Krugman’s point on education and equal opportunities for all students. For instance, he gives an example of family status for students from rich backgrounds that end up finishing colleges in spite of their excellence or lack of thereof in school and compares it to a student from poor background that end up dropping out of school. I believe that this is one of the points that the American society should put emphasis on and work on demolishing the large wall between the rich and the poor. Krugman’s argument is true because we have people who manage to get to high work places as a result of their family status rather than their talent. Given an opportunity, bright students from low-income backgrounds are more likely to improve the American economy and growth. Additionally, if Hellen Clark’s article about Humanity Remains Deeply Unequal despite Impressive progress” s right, as she thinks she is, then America needs to reassess the popular assumption that is has done a lot in the healthcare and education sector to promote economic progress and equality. While Krugman’s argument that income inequality can result to social inequality, Clark’s argument is equally persuasive that higher country income levels and faster growth do not always mean that there is lower income, education and

health inequality. (Clark 1-3).

Although I agree with Krugman’s argument that inequality needs to be addressed and give equal opportunities to everyone in our society, I cannot overlook his general assumption that rich dump kids end up having better opportunities than the poor bright kids. This is mainly because, the low-income children have had scholarships and other opportunities (rare as they may be) to do more for the economy. As a result, I believe opportunities must be maximized, no matter how rare they come our way. On one hand, Krugman does a great job is showing the hedge fund loopholes whereby he gives figures of $6 billion being lost annually on the oversight. On the other hand, Krugman suggests that the 3 million children can have proper healthcare through that money and squeezing more out of the rich. (Krugman 593).I have mixed feelings about his argument as the middle class may not afford more money to put into healthcare and other loop holes.

In conclusion, Krugman’s argument on inequality has raised more reasons for Americans to start, if not continue, fighting for equality. His concern for the change in living standards and costs of social inequality are evident in America today whereby the rich live I a virtual perfect world while the low and middle-class Americas are left to scramble to what I left. Being a theorist, Krugman may not have addressed realistic ways to reduce inequality, but he raise strong points concerning healthcare, education and employment. He also concludes by pointing out if America wants to promote both social and economic equality then family status and social class should not supersede talent. I believe that social

and income inequality is a major issue that should be addressing starting with the local community and local leaders then going to our top political leaders.

Work Cited

• Clark, Hellen. "Humanity Divided: Humanity Remains Deeply Unequal Despite Impressive Progress". UNDP Report. N.p., 2014.
• Krugman, Paul.” Confronting Inequality. In C. B. Gerald Graff, They Say I say (pp. 586-603). New York: W . W . Norton & Compamy, Inc. (2012, 2010, 2009, 2006).