Dennis Gilbert - 1995 study showed that the super-rich had...

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SOCIAL CLASS IN THE UNITED STATES Dennis Gilbert —the income pie —wealthiest 20% have almost 50% of income— the top 5% got more than 20%, while the bottom 40% received less than 20% The period 1980-2000 was a dramatic worsening of income disparity: the top incomes increased 36% while the bottom 20% lost $200 in real income—income disparity also involves race/ethnicity/gender—the average white household has 12 times the net worth of an average black family 1986 study by Joint Economic Committee of Congress 1. the super-rich—1/2 of 1 % of households, controlling 35% of the nation’s wealth—assets averaging $ 9 million 2. the very rich (next ½ of 1%)—own about 7% of the nation’s wealth, with assets of $1.4-2.5 million 3. the rich==9% who own 30% of the nation’s wealth, assets of a little more than $ 400,000.00 4. the bottom 90% who own about 28% of the nation’s assets
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Unformatted text preview: 1995 study showed that the super-rich had gained to almost 40% of all assets but the recent recessions has changed some of the numbersnot the unequal distribution but the numbers is one show that shows the super0rich adjusting while this article lays out some of the income/distribution figures and looks at racial/ethnic divisions as well Wealth creates inheritance Relationship between wealth and power C. Wright Mills studied power in an age (post-WWII) of growing corporitization and found the corporate eliteWilliam Domhoff argues that this group is so powerful that no major political decision can be made without its approval or participation Power is always accompanied by deference the acceptance of inequality people salute commanding officers, for example, or bow before royalty...
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