Transcript 11_Social Class

Social Class….
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Income vs Wealth
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Income = Paycheck or investments
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Wealth = Assets - Debts
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Median family income - $55,000
Net worth
Wealthiest 1% of US families (super rich) = 40%
of all private wealth
Wealth of typical U.S. Household = $71,600
Lowest ranking 40% of US families have no
wealth at all
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Social position and attitudes
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High social position
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More liberal on social issues
More conservative on economic issues
Low social position
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Liberal on economic issues
Conservative on social issues
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Conspicuous consumption
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Buying things to make a statement
about your social position
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Timex vs Rolex
Why you bought it is important
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Intragenerational mobility
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Changes in social position during a
person’s lifetime
Upward mobility greatest
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Among highest paid 20%
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Poverty
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Relative poverty
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Absolute poverty
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Found everywhere
Egypt
China
Greece
Working poor
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People in a lower class
position:
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Less safe
More stressful
Health is worse
Live fewer years overall
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Feminization of poverty
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Women make up an increasing share of
the poor
Divorce
Single parent
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Homelessness
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One third of all homeless are entire
families
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The American Dream
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Upward social mobility and home
ownership
Earnings have stalled
Multiple job holding is up
More jobs with low income ($15000)
Young people staying at home
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53% of people 18-24 are living with
parents
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Rich become richer, the the
middle class people are sliding
down.
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