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Income inequality research
Income inequality research
Income inequality research
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Page. 179 #4 Over the years the income of certain social groups change more than others. For adults, the amount of people in the upper income slowly decrees while the those in the lower income increases. This is probably because as people get older it becomes harder for people to work and keep up a steady income. Between 1971 and 2011 there has been shown to have a slight decrease in the number of adults who fall into poverty as they get older, this is probably because social welfare and retirement plans have gotten slightly better over time. The only exception is the 18-29-year-old group, which has shown a large increase in those that qualify for lower income. I believe this large increase of young adults that are in poverty from 1971 to …show more content…
Between 1991 and 2011 there has been little change for the Hispanic ethnicity, with only a little under the majority earning a lower income. This is probably because most Hispanic immigrants come to the United States untrained, and can only take on low paying labor jobs to try and support themselves and their families. African Americans have also seen little change between 1991 and 2011, with only a slight increase in earning better wages. While most African Americans have not newly immigrated to America, the years of oppression and segregation have severely impacted the amount of opportunities they can receive for financial growth. The two races that are most similar, who have lower low-income rates, and higher upper income rates, are Asian Americans and Caucasians. The main difference between the two is that Caucasians show to have a steady increase of people who receive an upper income, while Asian Americans have been staying mostly stagnate. A likely explanation is that Caucasians in the United State tend to have better opportunities for job growth and hiring options, while Asian Americans hold the stereotype for being intelligent, which makes them more appealing to employers. Gender also plays a big role in what income statues you are in, with figure 7-6 showing that men tend to be in more favorable income statuses then women. Differences between the income statues between the genders can most likely be attributed to the stereotype that men are better workers then women, allowing men to get more well-paying jobs, as well as getting better pay. In the end, there are many different attributing factors to income statues, with each factor having its own reasoning behind
3. What are the effects of this wealth inequality in the US and what causes it, as well as some possible solutions and their ramifications, will all be discussed and answered below. There has always been a wealth gap between the richest and poorest in society. However, in the past decade, the wealth gap between the richest and poorest citizens in the US has been growing rapidly. In the 70s and 80s, the wealth and income growth rate for both poor and rich people were similar, however, between the years 2009 and 2012 the top 1% income increased 31% while for the bottom 20%, their income actually dropped and for the vast majority of Americans, the average yearly income only increased by 0.4% [4].
I consider my family and I to be in the middle class category and from being in the middle class, and the facts that are provided, the middle class is slowly declining as the time goes on. I believe that a lot of people go beyond the middle class to the upper middle class or people go below the middle class to the poor category. I’ve found a graph from Forbes that compares the rates of all classes from 1979 to 2014. From observing the graph my initial hypothesis was right. The middle class has declined by 6.8% between the years 1979-2014.
Throughout the years, “ U.S income inequality has been increasing steadily since the 1970s and now has reached levels not seen since 1928” (Source A).
With each class comes a certain level in financial standing, the lower class having the lowest income and the upper class having the highest income. According to Mantsios’ “Class in America” the wealthiest one percent of the American population hold thirty-four percent of the total national wealth and while this is going on nearly thirty-seven million Americans across the nation live in unrelenting poverty (Mantsios 284-6). There is a clear difference in the way that these two groups of people live, one is extreme poverty and the other extremely
The highest earning fifth of U.S. families earned 59.1% of all income, while the richest earned 88.9% of all wealth. A big gap between the rich and poor is often associated with low social mobility, which contradicts the American ideal of equal opportunity. Levels of income inequality are higher than they have been in almost a century, the top one percent has a share of the national income of over 20 percent (Wilhelm). There are a variety of factors that influence income inequality, a few of which will be discussed in this paper. Rising income inequality is caused by differences in life expectancy, rapidly increases in the incomes of the top 5 percent, social trends, and shifts in the global economy.
There are many opportunities in America that can improve one’s wealth and power, thus leading to the mass amount of immigrants coming to American. Most immigrants that come to American usually are categorized as the lower class immigrants, but they take any opportunities to improve their economic status. In an article by Howard P. Chudacoff, it states “immigrants generally chose upward paths that led from manual labor into small proprietorships” (Chudacoff 1982: 104). This explains the reason why immigrants choose to come and stay in America. They start out small as laborers then over time they will work to own a small business. Even though immigrants gets to grow to move from the lower class to the middle class, the natives will be always
Between the end of World War II and the late 1970s, income inequality in the U.S. was reduced; but since 1970s, the situation with wealth distribution has changed. Data from tax returns in 1976 show that the top 1 percent of households received 8.9 percent of all pre-tax income. In 2008, the top 1 percent’s share had more than doubled to 21.0 percent.
Income inequality in the United States, as of 2007, has reached levels not seen since 1928. In 1928, the top one percent received nearly 24% of all income within the United States (Volscho & Kelly, 2012). This percentage fell to nearly nine percent in 1975, but has risen to 23.5% as of 2007 (Volscho & Kelly, 2012). Meanwhile, in 2007 (see
The most often cited cause of the decline of the middle class in the United States is stagnant wages. Between 1955 and 1970, real wages adjusted and inflation rose by an average of 2.5 percent per year. Between 1971 and 1994, the average growth of real wages was 0.3 percent a year. The stagnation of wages has been especially noticeable to middle-class people, who rely very much on the money they make at their jobs. Recessions seem to hit higher income households much harder, which sends them down to the middle class. Middle-income households may or may not be more likely than higher-income households to qualify for unemployment compensation when jobs are scarce. But those who do are more likely than high-income households to receive benefits that replace a greater share of their regular wages, which helps them maintai...
Let's take it back to the past in regards to wealth distribution in this country. The fact is that the economy boomed from the end of WWII into the 1970's. “Incomes grew rapidly and at roughly the same rate up and down the income ladder, roughly doubling in inflation-adjusted terms between the late 1940s and early 1970s” (CBPP). Through the 70's economic growth slowed, and the wealth gap widened. Middle-class families were now considered lower class. People relied on the government to help them out with welfare programs. The middle-class class was weakened and the gap grew and grew. There were periods of positive fluctuation, however the middle-class simply never regained it's status that was held in more prosperous times in the past.
Compare and contrast the ways in which housing inequalities are discussed from the perspectives of social policy and criminology, and economics (TMA 02)
With each passing year, things get more expensive. One bill goes up $3.00, another goes up $5.00 and another goes up a mere $.50. While that may not seem like a lot initially, tallying up these increased costs among electric bills, cable bills, grocery bills, and leisurely activities does add up and it is effecting the middle class due to the fact that wages are not increasing relative to the increasing cost of living. According to Timothy Smeeding, director of the Institute for Research on Poverty at the University of Wisconsin- Madison, “Wages and income are flat. Transportation, child care costs, and healthcare costs are going up and your income isn’t ...
Gender and racial stratification have always prevailed in the United States society. As time matriculates, men continuously tend to possess more financial income than women in almost every occupational realm, and racial origin plays a vital role as well. This paper utilizes the most current United States Census Bureau’s database to examine and analyze the current and growing trends in gender and racial stratification and its impact on society’s sociological aspect. Through the detailed numerical information provided by the United States Census Bureau, a sociological perspective in regards to society’s bias trends and outlook dealing with financial wages will and can be determined.
Income inequality has affected American citizens ever since the American Dream came to existence. The American Dream is centered around the concept of working hard and earning enough money to support a family, own a home, send children to college, and invest for retirement. Economic gains in income are one of the only possible ways to achieve enough wealth to fulfill the dream. Unfortunately, many people cannot achieve this dream due to low income. Income inequality refers to the uneven distribution of income and wealth between the social classes of American citizens. The United States has often experienced a rise in inequality as the rich become richer and the poor become poorer, increasing the unstable gap between the two classes. The income gap in America has been increasing steadily since the late 1970’s, and has now reached historic highs not seen since the 1920’s (Desilver). UC Berkeley economics professor, Emmanuel Saez conducted extensive research on past and present income inequality statistics and published them in his report “Striking it Richer.” Saez claims that changes in technology, tax policies, labor unions, corporate benefits, and social norms have caused income inequality. He stands to advocate a change in American economic policies that will help close this inequality gap and considers institutional and tax reforms that should be developed to counter it. Although Saez’s provides legitimate causes of income inequality, I highly disagree with the thought of making changes to end income inequality. In any diverse economic environment, income inequality will exist due to the rise of some economically successful people and the further development of factors that push people into poverty. I believe income inequality e...
Inequality today is one of the most significant problems that America faces. According to Inequality.org in 2015 Household income of the top 0.1% of the population gained $6,747,439 while bottom 90% of the population got $34,074 (Inequality.org). The gap between incomes only continues to grow every year, which requires a change in social and economic policies of the country. However, it should be remembered that economic indicators can tell about working conditions, living conditions, nutrition, education of representatives of various groups of the population, but they can not show a picture of the realizability and opportunities to be successful in life for different groups of the population. That is why at the end