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First, it is essential to understand what equality and poverty mean. Equality refers to ensuring that all individuals have equal opportunities and rights, while poverty is a condition where a person is unable to meet their basic needs such as food, water, education, and healthcare.

In the short term, not promoting equality and working to reduce poverty can lead to: 1. Increased Crime Rates: When people lack resources and opportunities, they may turn to criminal activities to meet their basic needs. 2. Poor Health Outcomes: The lack of access to healthcare, clean water, and proper nutrition can lead to or exacerbate existing health problems among impoverished citizens. 3. Reduced Education Access: Without access to education, children in poverty will struggle to break the cycle and improve their circumstances as they become adults. 4. Social Unrest: Inequality and poverty can breed resentment and anger, which can result in protests, strikes, and unrest in communities. 5. Greater Public Expenses: Higher expenditures of public funds may be required to meet the increased demand for social services, healthcare, and emergency measures related to crime and social unrest.

Failure to promote equality and reduce poverty also has various long-term consequences: 1. Economic Stagnation: Inequality and poverty can reduce a nation's overall productivity and economic growth potential by excluding a significant portion of the workforce from meaningful participation. 2. Widening Social Stratification: In the long run, not addressing poverty and inequality can lead to an even more significant gap between classes, with the rich accumulating more wealth and the poor falling further behind. 3. Decreased Global Competitiveness: Countries that do not promote equality and tackle poverty may struggle to compete globally, as they will have a lower-skilled workforce and will be less attractive to foreign investment. 4. Environmental Degradation: Poverty can lead to over-exploitation of resources and unsustainable practices to meet immediate needs, causing long-lasting damage to the environment. 5. Intergenerational Impact: The effects of poverty and inequality can carry on for generations, with children born into poor families more likely to experience poverty throughout their lives.

Some potential approaches to promoting equality and reducing poverty could involve: 1. Investing in Education: This could provide better opportunities for individuals in poorer communities, enabling them to break the cycle of poverty. 2. Implementing Income Redistribution Policies: Social programs and progressive tax systems can help redistribute wealth and resources more evenly across society. 3. Supporting Economic Growth: Policies that support job creation and small businesses can boost economic growth, create more opportunities, and lift people out of poverty. 4. Strengthening Healthcare and Social Services: By expanding access to healthcare and social services, disadvantaged populations will have better support to escape poverty. 5. Encouraging International Cooperation: Collaborating with other nations through aid, investment, and the sharing of knowledge and resources can work toward global poverty reduction.