SOC 105 Lecture Notes - Lecture 4: Market Basket, Living Wage, 2010 United States Foreclosure Crisis
Document Summary
Income: comes from wages, salaries, income transfers (governmental aid), or ownership of property. Wealth: combined economic assets-- including income, personal property, and income- producing property. Social class: class system of inequality based on the ownership and control of resources and on the type of work people do. Concentration of income: in 2010, the share of the national income of the richest 20% of households was 50. 2%, while the bottom 20% received only 3. 3% In 1920"s was the golden age o: a huge shift in the 1980"s (bad) The rich got richer, and the poor get poorer. Reducing income inequality can benefit many people. Working/middle class lost a lot of their wealth. Families in credit debt: lost homes, lost pensions (benefits) Subprime loans sold to people with bad credit. Wall street"s irresponsible deal making (subprime loans sold to third parties) Unemployment: 8. 8 million lost jobs between 2007-2012. Stock market decline: losing health care, retirement pensions.
