Social Class in the United States. Social Class – involves the ranking of people based on two factors income and wealth. Income and Wealth = Social Class Status. Income Wages or salary from work and earnings from investments. Wealth
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Social Class – involves the ranking of people based on two factors
income and wealth.
Wages or salary from work and earnings from investments.
The total value of money and other assets, minus outstanding debts.
Poverty – the state of one who lacks a usual or socially acceptable amount of money, descent housing, clothing and other material possessions to ensure a quality of life. Poverty stricken – very poor (destitute)
PovertyUneven distribution causes poverty. Two types of poverty: Types of PovertyRelativeThe deprivation of some people in relation to those who have more. Absolute:The deprivation of resources that is life threatening. Poverty line (2000) $17,603 but income level was $10,783.(1998) $16,660 but income level was $10,040.(2000) 31.1 million people living in poverty (11.3%).(2004) 40 million people living in poverty (12.9%).
Medium income for a family 0f four:199419962000 2004 $38,808 $42,300 $50,891 55,327In 2004, the highest 5% of US families earned at least $170,00 with a mean of $300,000.In 2000, the highest 5% of US families earned at least $160,250 with a mean of $272,354.2003 At the very top of the pyramid, the riches half of 1% (0.5%) earned at least $1.5 million.1998 At the very top it was $1.3 million.1996 At the very top it was $1.2 million.1994 At the very top it was $1 million.
PowerWealth is an important source of power – wealth families shape the agenda of America.Race and ethnicity related to social ranking. White Americans have overall higher occupational standing than African Americans(2000) median income $34,204 compared to $53,256 for White families.(1998) median income $30,636 compared to $49,781 for with families.(1996) median income $26,522 compared to $44,756 for White families.
70% White Americans own their homes.46% African Americans own their homes.People of English ancestry have enjoyed the most wealth and greatest power in America. People of Hispanic ethnicity have been disadvantaged.2000 median income $35,050.
WealthWealth is more unevenly distributed than income. 2003 The 20% of the richest US families had about 84% of all the wealth.1998 The 20% of the richest US families had about 80%.2000 Of the wealthiest 5% of US families, the rich had about 60%1998 50% 2000 Of the super rich, 1% of the families owned about 40% of the nations privately held resources.1998 30%
2/3 of all poor people are white25% are black
22.1% (7.7 million) African Americans lived in poverty. 21.2% (7.5 million) Hispanic Americans lived in poverty. 10.8% (1.1 million) Asian & Pacific Islanders lived in poverty. 7.5% (13.2 million) White Americans lived in poverty.
Variables connected to income and wealth
Class Structure in the United States vs. Social economic status based (created) on your income and wealth. People are placed in a hierarchy structure with:
2005- richest 20% receive 48.1% of the income
2003 -richest 20% receive 47.6% of the income
2005- earned at least
2000– earned at least 91,701 annually with a mean of $155,531.2004 – Earned at least $98,00 annually with a mean of $165,000. 2005 - poorest 4.0%
2000 – poorest 4.3% 2003 – poorest 4.1%2003 – Earned less that $24,000 with a mean of $14,000.
Some familiar names: Rockefellers, Vanderbilt, DuPonts.
Low Upper (new rich)
such as Bill Gates, Bill Cosby, Oprah Winfrey.
Upper- middle Middle- middle
Upper – middle
Poverty line is $19, 971 (2005)
Number of poor 37M (12.7%)
In 1996 36.5 million people (13.7%) ere classified as poor.
2/3 of all poor people are White, (27%) are Black.
Blacks are three times as likely to be poor.
In 1996 28.4% of African Americans lived in poverty 9.7 million.
Overall, White Americans have higher occupational standing than African Americans.
1996 African Americans White Americans
Median income $26,522 $44,756
77% of White’s own their own homes.
49% of African Americans own their own homes.