In order to solve the issue, President Obama introduced a tax break for businesses and wealthy individuals, and cut government expenditures on education, healthcare and other essential services. It was not a solution to the problems of inequality in America, and the focus instead was on how to boost economic growth. This issue was addressed by the previous administration by creating a progressive taxation scheme that asked high earners to pay more for social programs. However, it met considerable resistance as some perceived this to be unfair.
If I had to solve this problem, I’d focus on creating jobs and providing targeted help for those in greatest need. It could be done by investing in sectors that pay higher wages, such as technology or manufacturing; increasing student financial aid; providing incentives to small business; or expanding the access of resources like housing or healthcare. With a holistic approach and concrete actions, we could begin making progress in achieving economic equality.