SOCL 4331 Study Guide - Working Poor, Blue-Collar Worker, Deindustrialization
Document Summary
Classes are aggregations different people have different perceptions of it. Class in an economic sense is wealth or income. Wealth assets what you own. Generally most americans" wealth is home equity. Those at the top have stocks and bonds. Net wealth assets minus liabilities: what you own minus what you owe, negative wealth is increasing rapidly. Most americans have little net wealth besides houses/cars. Top 1% own 40% of the wealth. Most americans" biggest source of income is employment. Biggest determinant of class because most americans" class depends on employment. Median income is better than mean because it"s sensitive to outliers. White: female-headed - ,000, married - ,000. Black: female-headed - ,000, married - ,000. Hispanic: female-headed - ,000, married - ,000. Married households have two incomes duhhhh. Top 5% wealthiest make 81% of the income. Bottom 20% make 3% of the income. Since the 1980s the rich are getting richer.
