Reaganomics or side supply economy new deal should be

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Reaganomics or side supply economy New deal should be diminished Whites economic privilege and where they stand in classes is because of government programs that pulled them up there Income and Wealth Disparities Income : wages and salaries earned from employment, retirement or government aid Wealth : owned assets that yield monetary return, such as stocks and bonds, savings accounts, houses and real estate, and business and farm ownership Income Inequality Wealth Inequality Banks wont give poor blacks credit but will give the poorest whites credit (loans) Nonwhites who do get a mortgage loan pay higher interest rates Devalue homes in nonwhite neighborhoods These are ways in which institutionalized racism hinders wealth Redlining: some banks wont over nonwhites homes in neighborhoods dominated by whites This is not a strategy of the market because these are well off nonwhites and the bank couldn’t make money off them but instead it is a strategy of racism The economy is embedded in society, doesn’t always do what is good for commerce when it comes to race Our economy is far from color-blind and does not exist in its own world Class cannot be understood apart from race and race cannot be comprehended apart from class Chasing the American Dream: Poverty and Affluence America’s poor population is greater than any other developed country Estimated that 20% of Americans live under the poverty line meaning that their income is not enough to sustain a decent standard of living what is called a poverty threshold
Most poor Americans are white 45% white, 25% black and 25% Hispanic Asians are 1.5 times more likely to be poor than whites and AA, Hispanics, and NA are twice as likely The Causes of Poverty To understand the causes of poverty we must deploy a sociological imagination, taking into account things that are bigger than individuals, things such as social structures and historical changes 3 structural causes of poverty modern day capitalism produces a pool of unemployed laborers a natural side effect of market capitalism is that the number of willing people to work exceeds the number of availability natural unemployment many people are unemployed due to outsourcing, downsizing, and layoffs deindustrialization made conditions of poverty worse mid level occupations such as factory work have disappeared resulting in an economy shaped hourglass-jobs at the top in professional posts, jobs at the bottom in low wages, but little sustainability in the middle result: may Americans are counted among the working poor: people who have secured regular work that doesn’t not provide them with the means to lift themselves out of poverty found in the country’s austere welfare state America dedicates a smaller percentage of its wealth to antipoverty programs than any other developed country Black Poverty, Black Affluence Most blacks live in poor neighborhoods As number of poor blacks increase number of establishments decrease Black ghetto

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