SOC 111 Chapter Notes - Chapter 7: Upper Middle Class, C. Wright Mills, Elite
Document Summary
Income: the money received for work or through investments. Quintile: one of five groups of households, ranked by income. If income distribution trends continue, the rich are going to get richer and the poor are going to get poorer. For most canadians, their house is their most significant asset. Educated and highly skilled workers are earning more than ever, where unskilled workers and those in many service-sector jobs are earning less. The increase in inequality can be attributed to institutional forces, such as declines in unionization rates, stagnating minimum wage rates, and policies, such as tax breaks, that favour the wealthy. After the age of 65, wealth starts to decline because retired people often draw on their assets to supplement their income when they retire. Older families have the highest median wealth, mainly cause they"re more likely to live in a mortgage-free home and their pension assets are higher.
