Rich people are getting richer, and poor people are getting poorer. The gap between rich and poor people is widening. What problems can the situation cause? What can be done to reduce this gap?

Nowadays, Our society is experiencing a huge gap between rich and poor
people
, and
day
by
day
it is increasing. It will create unrest among
people
and can lead to many issues. In
this
,essay we will discuss potential problems and possible solutions. On the one hand, in every sector, there are a plethora of opportunities for rich
people
. They are getting huge respect and power with their money. And the governments, and banks
also
support rich
people
with incentives and loans,
hence
they are becoming richer. Wealthy
people
invest in multiple businesses, which is one of the main reasons for their success. They
also
use money power to get favours from the authorities.
For instance
, in the U.K. many studies proved that the richest person's wealth is increasing every year.
On the other hand
, poor
people
are continuously struggling with financial problems. They are not provided with the necessary opportunities to come out of their poverty. They are not getting proper financial support from the government. And banks
also
not extending loans to poor
people
, which forced them to borrow from private finances and get into the loop of repaying the highest interest rates, which is one of the major reasons why poor
people
became poorer.
Hence
the gap between rich and poor
people
getting increased
day
by
day
. If it continues
further
, the living standards of poor
people
will be declined. They will get involved in crimes to earn money and they will hate rich
people
and the governments, which is not good for any society. In my view, to reduce the gap between rich and poor, governments should educate poor
people
and should provide multiple incentives to come out of poverty. Banks
also
should consider giving loans with fewer interest rates and encourage them to set up small businesses with necessary financial aid.
Submitted by janardhan.gangineni on

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