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CH 2 - Chapter 2 Poverty and Wealth Economic Inequality in...

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Chapter 2Poverty and Wealth Economic Inequality in the United States Social stratification - the system by which society ranks categories of people in a hierarchy Produces social classes- categories of people who have similar access to resources and opportunities (life chances)- Poorest Place in US Loup County, Nebraska (712 people) $6, 606 National average income $30,000 In US income inequality has increased Income Inequality in the US Income -salary or wages from a job plus earning from investments or another source (stock, rentals) Median family income -$51,000 Highest-earning 20% of families earn as much as the rest of the 80% Last 50 years- gains for the rich are huge and small for the poor Wealth Inequality in the US Wealth -the total economic assets owned by a person or family (Money earned plus property, cars, stocks, businesses) Top 20% own 84% of all US wealth 5% own 60% 1% own 33% The Rich and the Poor “The Rich” - those who fall within the top 10 % of income distribution The 10 riches families in US make $225 billion Profile of Rich Older people Men more than women Married couples White Robin Hood Idea Taxation is used by the government to reduce economic inequality Progressive taxation- a policy that raises tax rates as income increases Profile of the U.S. poor Age: at greatest risk are children (35% or 1 in 6) Race: African Americans, Hispanics, and Asian are more at risk for being poor Gender: 56% women, 44% men
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Family Patterns: 5.3 % married couples, 17.4% of single men and 22.6% of single
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