President Barack Obama and Senate Democrats said lifting the wage would help the economy and reduce income inequality. But is income inequality all about wage? It is also about stereotypes, social structure and many other reasons that are not just about wages. Warren Buffett said rising the wage is not a way to help income inequality. The unemployment rate in the U.S. is 37% for young black men and 10% for young white men. So, can we still conclude that income inequality is all about wages only?
If wage is not the only reason, the what can we do to solve social inequality? Colleen Shaddox said that big tippers may not be heroes, but small tippers are certainly jerks. Since these last few years, not much has changed to solve the problem. You can change this by handing over an extra $5 bill to the workers as a way to solve the problem. Also, Buffett said tax refunds are better for the economy and workers than forcing companies to increase wages.
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