SOC 105 Lecture Notes - Lecture 4: 2010 United States Foreclosure Crisis, Social Inequality, Living Wage
Document Summary
Income id the economic gain derived from wages, salaries, and income transfers (governmental aid), or ownership of property. Wealth is the value of all economic assets, including income, personal property, and income-producing property. Class system of social inequality based on the ownership and control of resources and on the type of work people do. Often has to do with occupational status. In 2010, the share of the national income of the richest 20% of households was. 50. 2%, while the bottom 20% received on 3. 3% In usa, combined net worth of 400 richest in 2011 was more the total wealth of bottom 185 million. There"s a perception that we need greater wealth inequality. Wage decline: people work more and use credit to make ends meet. Subprime loans sold to people with bad credit. Core of great recession was the collapse of housing. Wall street"s irresponsible deal making (subprime loans sold to third parties)
