How changing spending in Education would help to decrease income inequality?

How Changing Spending in Education Would Help to Decrease Income Inequality
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How Changing Spending in Education Would Help to Decrease Income Inequality
Introduction
In the past 20 years, China has experienced tremendous economic growth which was spearheaded by industrialization. During this period, the country managed to lift millions of people out of poverty. However, this era also created a certain problem: it led to an increase in income inequality in China. China’s income inequality is quite high, and Jain-Chandra (2018) notes that it might continue to rise if the country’s regime does not adopt new policies and measures to help alleviate the issue. Inequality is a major problem in China and Jain-Chandra et al. (2018) note that this problem could as well lead to other problems which include “suboptimal investment in health and education, which weighs on growth.” They continue to say that “widening inequality can weaken the support for growth-enhancing reforms and may spur governments to adopt populist policies and weaken reform prospects.” In his 2018 article, Trivedi does acknowledge that some inequality should be expected when industrialization happens. However, he does acknowledge that China’s inequality may soon be a problem for the country.
Education has always been considered as the appropriate answer to decreasing poverty as well as income inequality in a country. However, is this practical and can it be done especially in a country like China? Well, this question leads to the first economic policy, the expansionary policy, that I believe is relevant in this study. The expansionary policy recommends that the government spends more money to enhance make education accessible to everyone. Economic growth cannot be evenly distributed if education is not evenly distributed.
The second question concerns fiscal policies. Fiscal policies are mainly concerned with the measures governments to adopt that seek to stimulate their economies. For China to experience wholesome growth, it must incur certain costs, and these might involve or include the costs to make education accessible to everyone in the country especially students from low-income households. Chinese policymakers ought to understand the goal and impact of enacting measures and investing in the education of the country. The country will never achieve wholesome growth if it fails to invest in the education of everyone. Bright students from low-income families often end up left out from the country’s expansion schemes because they cannot afford to finance their education. So, policymakers need to step up investment in education to spur the other sectors and regions to develop.
In this article, the focus is on whether the government of China could spur growth through increased spending on education and in the end reduce income inequality. The world is not for the rich and those who can afford the pleasures of life. The world is for everyone, and the government of China needs to invest heavily in its education system if the goal of reducing income inequality is to become a reality. This article draws from three sources which have analyzed the matter at length and have sought for w...