Anytime I try to discuss the economy, I tend to draw blank stares and an overwhelming lack of interest. For the average student, the economy is probably far down on the list of concerns. Rightly so, economics can be boring, intangible and filled with lots of numbers.

As an economics student, I find the field highly captivating. As such, I think there is a key economic deficiency that the public fails to realize. Trust me, it’s important for college students preparing to enter the professional workforce.

Since 2000, the median earnings for full time workers aged 18-24 has actually fallen 10 percent, adjusted for inflation. Simply put, wages aren’t rising in line with broader economic growth. Now, there are a myriad of reasons why this is, but I will not delve into that for the sake of retaining your attention.

What is absolutely imperative is the understanding that wage growth is frozen. There is hardly any trickle down occurring for the middle class, which means the middle class is not becoming better off.

So, there needs to be more pressure on employers to pay higher wages and salaries. Part of this pressure needs to come from the general public. Perhaps wages will rise if there is demand from the bottom. College students should speak to their employers and request pay increases. Students should negotiate new job offers and place particular importance on pay.

As income gaps become larger, it will become increasingly important that the middle class takes matters into their own hands. This brings me to my next point, which is the issue of wealth and income inequality.

There is absolutely no disputing the fact that income inequality is becoming much larger. The issue is gaining traction, but it should be clear which data is trustworthy. I have heard and seen statistics online that are incredibly blown out of proportion. Personally, I prescribe to data collected by Emmanuel Saez. He’s a renowned economist who’s dedicated his life to the study of inequality.

By his measure, the share of total income received by the top one percent of Americans exceeds 20 percent. In the 1970s, it was hardly 10 percent. But the more indicative metric is the measure of wealth, or total value if you will, of a household. The top .1% of American households hold 22 percent of wealth.

Now, some perspective may help to understand these numbers. The wealthiest 160,000 families own as much as the poorest 145 million families, which is also 10 times as unequal as income. Just let that sink in.

Now I won’t bore you with further explanations of how this has happened or what needs to be done. That is the subject of sophisticated economic classrooms and novel research.

I can, however, make a few simple points that hold valuable relevance for college students. First, one may argue that inequality is simply a by-product of healthy capitalistic economies. While this holds true, it should be clear that the current levels of inequality are approaching severe levels.

More importantly, extreme wealth inequality is bad for the middle class. Essentially, the rich will continue to get richer, and the poor will remain poor.

One of the first things everyone learns in economics is that others spending, is your income. So, when the middle class cannot garner any real growth we see a correlation with the frozen wage progression I described earlier.

So what should be taken away from all of these abstract facts and figures? Well, a few things should become apparent. Without a more progressive tax system the middle class will fail to see income growth in real terms. Also, it is increasingly difficult to achieve any mobility. In other words, it is nearly impossible to climb from the bottom to the top, as it was once possible with the now defunct ‘American Dream.’

I can guarantee the issue of wealth and income inequality will become more apparent in news and politics. In the very least one should recognize the issue holds relevance, and should by no means be passed by as mere fodder. The coming elections will no doubt include inequality as agenda items. Be sure to do your homework before trusting how politicians may try to sling the issue in their favor.

In the meantime, ask your current employer for a raise, or be prepared to negotiate your salary when you graduate.

Colin Mummery is a staff writer for The Dakota Student. He can be reached at [email protected].