Wealth and Income Inequality

  1. stratification
    arranging people systematically in social classes
  2. socioeconomic status
    social class
  3. social mobility
    ability to move within social classes (left right, up and down)
  4. absolute poverty
    inability to provide basic needs (not in america)
  5. relative poverty
    less compared to the norm in society
  6. wealth
    things you own minus debt
  7. income
    what's coming in (salary)
  8. structural mobility
    lose home and homeless because of the economy
  9. individual mobility
    I quit my job and spent my money and now I'm homeless
  10. Demographics of wealth and poverty
    trend minorities (blacks and hispanics) tend to be in poverty and women
  11. minimum wage over time
    buy less with conversion rates
  12. executive salaries
    • 1980's 49x average workers pay
    • 2011 459x average worker pay
  13. feminization of pooverty
    • intersectionality with different status in society
    • 2/3 american poor are women
    • direct relationship between childhood poverty
  14. Gini Coefficient and US inequality compared to other countrys
    self explanatory... we're not that equal, other under developed countries more equal than US
  15. Economic recovery
    • corporate profits highest since 50s 
    • share of pay going to employees lowest since 60s
  16. Power Elite
    • same people who exercise power in business also exercise power in the military and politics
    • small group of people with influence in society, disproportionate to society 
    • people spend millions on campaigns and some don't even win
  17. government interventions in wealth and poverty
    • tax for top .1% went from 51 to 26%
    • middle class went up from 14 to 16%
  18. TANF
    • Temporary assistance for needy families
    • tax credits to employers
    • enrollment limits
    • marriage incentives
    • work requirements
  19. Medicaid
    • Medicdal care to: 
    • low income US citizen
    • welfare
    • social security
    • severe disability
  20. Women Infant Children
    • At poverty line or just over it
    • serve 53% of infants in the US
    • No food stamps
  21. Welfare
    • 5 year limit
    • childcare cost not covered
  22. Criticisms of the poverty line
    Do we determine a family’s income by using pre- or post-tax earnings? Do we include food stamps and other transfers? What about the cost of other necessities like shelter, utilities, and transportation? Why have a single poverty line for the entire country when the cost of living varies widely across the nation?
  23. Health problems and poverty
    people in poverty don't have access to fresh healthy foods (food deserts)
  24. educational problems and poverty
    cultural poverty - social assets such as values, beliefs, attitudes, and competencies and language and culture that at learned at home and required for success and social advancement 

    social capital
  25. social capital
    the networks of relationships among people who live and work in a particular society, enabling that society to function effectively
  26. Functionalist approach
    • inequality is functional (innovation and competition, someone has to do low wage jobs)
    • address it by strengthening economic and families 

    deemphasize that it's a problem and under the assumption that society is stable.
  27. Conflict Theory
    • Focus on inequality and it's intersection with race and gender
    • address it by dealing with rising wealth and corporate profit on top and provide more social services and education at the bottom

    say functionalist blame victim, investigate and intervene in eduation
  28. Symbiotic Interactionsist
    shared understandings and meanings of interactions 

    • labeling theory: how people are viewed and view themselves has strong impact on behavior especially if they believe it
    • address poverty by changing the convo 

    ie poor aren't the problem and poor isn't such a bad thing
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Wealth and Income Inequality