Turn the bottom passage into a speech that is at least 5 minutes long. Add additonal detail if you need the speech to be longer. Thank you !
Introduction
Attention Getter: “Are you aware that in recent years, the prices of milk, rice, meat, and other necessities skyrocketed, but the wages of unskilled workers remain virtually stagnant?” (Firestone, 2018).
Central Idea (thesis statement): Increased inflation is different among people, with income having a direct negative impact on people with low incomes and the working class. As a result, income disparity might grow, and poverty may cycle.
Credibility Statement: As an economist focusing on the income gap and socioeconomic theories, I have found the consequences of inflation on the different socioeconomic classes.
Preview of Main Ideas: Today’s topic will focus on understanding why inflation is more painful to people experiencing poverty and the working class than the rest of society, how it works, and finally, on crafting solutions to minimize its impact.
Transition: “After clarifying the role of inflation here, we will tackle another dimension: the poor and the working class are those defaulters.”
Main Point 1: Inequality and income unevenness of stagnant trends.
Sub Point: The implication that despite the increasing costs of living standards, the wages of the working middle class have clotted radiates the message (Qureshi, 2023). The increasing wage rates and living expenses put lower-income retail workers in a situation where they must spend more of their paychecks on essential things.
Sub Point: For high-income citizens, the challenge is diversifying their portfolio of specific, inflation-controlling assets in the investment market to maintain and increase their wealth. Most investors move towards industries and sectors with a better outlook, maximizing their returns, aggravating wealth inequality, and leaving the lower class further behind.
Transition: “Now that we have clarified how income inequality is worsened for poor people and the working class by inflation, it is high time that we examine whether rising prices aggravate the situation.”
Main Point 2: Rising costs for services, local goods, and related fuel costs directly affect a large population cluster.
Sub Point: The necessary supplies and services, especially housing, health care, and education, have tremendously increased prices (Bailey, 2020). As for low-income families, the necessities consume a larger part of their budget, so they need a place for recreation and savings.
Sub Point: Inflation leads to the constant deterioration of real prices, a pattern already observed in decreased fixed incomes. By way of this, well-off and working-class living standards fall, but effectively, social stratification is reinforced instead.
Transition: By considering the influences of inflation on the cost of living, we will discuss the role of inflation in building up a fortune and safeguarding the financial position.
Main Point 3: Savings Eating-Up and the Unsteadiness of Finance.
Sub Point: Inflation breaks the value of savings, making it hard for low-income individuals to accumulate wealth and get security over time (Gill & Nagle, 2022). Sustaining an emergency fund is crucial to building financial security and independence. And without it, people with low incomes and the working class can become more susceptible to sudden financial emergencies or unforeseen expenses.
Sub Point: Besides, inflation influences asset owners and poor people differently. The rich find themselves in a winning position, whereas people with limited access to financial resources or investment opportunities face the negative effects of inflation. The lack of financial mobility, to a greater extent, is the cause of the family’s poverty trap. It is a major hurdle to the next generation’s struggle to attain the social mobility ladder.
Transition: Dissecting the problems resulting from inflation is done. Afterward, we will tackle the solutions that can be done to drop the degree of poverty among the poor and the working class.”
Conclusion
Review of Main Points: Inflation contributes to growing income disparities, burdens the base of society with the costs of living, and undermines financial stability for the deprived and underclass, giving rise to the phenomenon of prolonged poverty and inequality.
Clincher Statement: As a society, we need to endeavor to discover and put in place measures that will promote the growth of the economy and ensure that all classes of people can access fair wages and resources; support for this will be necessary to allow everyone, no matter their economic status, to be able to live well.
