SOC 001 Lecture Notes - Lecture 25: Structural Unemployment, Business Cycle
20 Aug 2020
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Document Summary
Salary and wages from a job plus earnings from investments and other sources. Richest, 20% of us families earn almost as much income as the remaining. Us has the most unequal distribution of income and wealth in the. The value of all the economic assets owned by person or family, minus any debt. Richest 5% of families control 63% of the country"s wealth. In 2012, the 10 highest paid ceos in the us averaged million each in annual earnings. Ceo earnings: 1970 = 40x more than ave. employee, 1990= 96x more than ave. employee, 2001= 411x more than ave. employee, 2012= 423x more than ave. employee. Rags-to-riches myth idea that america is a land where everyone has limitless opportunities. Hard work can lift anyone into the middle class the poor lack resources that give the affluent advantages for success: better schools, network, more money. Declining opportunities for those with little education.
