Government Acknowledges Diverse Economic Gap Between Classes
Featured in an article featured in the Boston Globe on February 7, 2007 titled, Bernanke: Education, Training Will Trim Pay Gap, Federal Reserve Chairman, Ben Bernanke spoke about a strategy that involves educating and training people. This strategy is focused at lessening the economic gap between low and high incomes in the United States.
The article quotes Benanke in saying, “disparities in education and training are "likely the single greatest source of the long-term increase in inequality.” It would seem that this is general knowledge that the more education and training you have, the greater is your earning potential- now and in the future.
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The recent news about the Borg Warner Plant closing hammers home the idea of a changing workplace and the necessity to be able to change career paths. The past 20 years have witnessed the decline of the automotive industry that once made Muncie a thriving town. These workers, who have been commanding salaries that average in the area of $30 per hour are now being thrust into a cold workforce where their skills are largely useless and the average pay for unskilled work is $6-$7 an hour.
It seems that any young person today should look ahead to changing careers several times throughout their life as new skills and opportunities are developed. The alternative is a life lived in lower class society- paycheck to paycheck- for a meager wage. So don’t just use education and training to lessen the gap between where you are and where you are going (call this class, economics, or evolution), close the gap entirely- and go beyond.
Associated Press. (February 7, 2007). Bernanke: Education, Training Will Trim Pay Gap. Boston Globe. Retrieved February 13, 2007 from http://www.boston.com/business/globe/articles/2007/02/07/ bernanke_education_training_will_trim_pay_gap/?rss_id=Boston+Globe+--+Business+News