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Soci 1160, Week 4 Notes

by: Amber Levister

Soci 1160, Week 4 Notes SOCI 1160 030

Amber Levister
GPA 4.01

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About this Document

These notes cover this past Thursday (2/4/16), which is the first day of class after our exam.
Intro to Social Problems
Mindy Stombler
Class Notes
sociology, Social problems
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This 3 page Class Notes was uploaded by Amber Levister on Friday February 5, 2016. The Class Notes belongs to SOCI 1160 030 at Georgia State University taught by Mindy Stombler in Summer 2015. Since its upload, it has received 49 views. For similar materials see Intro to Social Problems in Sociology at Georgia State University.


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Date Created: 02/05/16
Intro  to  Social  Problems Thursday  2/4/16   -­‐Discrepancies  between  “Ideal”  and  “real”  capitalism   1) *Discussed  in  the  last  class   2) Undue  balance  of  wealth  among  corporations  and  a  few  individuals   o Corporate  wealth:     § ex.  Of  the  6,000  companies  on  the  American  Stock  exchange,  the   top  5%  hold  70%  of  the  market  value  and  90%  of  total  profit   o Individual  income   § more  than  half  of  American  wage  earners  make  less  than   $30,000/year     § 1/5  (highest  top  20%)  of  population  generates  half  of  the  income   (48.9%)   § top  .1%  generally  earn  around  $1.8  million/  year    (typically  the   amount  a  family  earns  in  a  lifetime)  compared  to  the  $15,000  that   3.8%  of  the  population  makes;  in  1  year     Question:  Why  is  the  gap  increasing?   o In  the  Recession  we  bailed  out  those  who  had  money  over  those  who   didn’t     o Tax  relief  for  those  with  the  most  money/  the  affluent   o Some  jobs  lost  (exported  overseas)   o Manufacturing  jobs  (didn’t  require  degree  generally  and  paid  high)  à   office  and  service  jobs;  lose  unions=  lose  wages   o Decline  in  real  wages-­‐  even  though  the  wages  in  dollars  are  higher,  the   cost  of  living  has  risen=  money  can  buy  you  less   • Wealth  Assets   o The  top  20%  of  the  population  have  84%  of  the  wealth  in  America   o Wealth  is  often  inherited  across  generations     § Forbes  400-­‐  40%  inherited  “sizeable”  chunk  of  $  from  family;  20%   inherited  the  amount  to  get  into  the  Forbes  400  group   § Around  20%  of  Americans  have  a  net  worth  of  0  or  less  than  0   § 7%  of  Americans  =  too  poor  for  credit  files;  25%  of  Americans  w/   a  credit  file  have  at  least  1  debt  in  collection  (avg.  debt=$1350)   o 1960:  Avg.  CEO  paid  40x  more  than  avg.  employee;    2011:  380x  more   2/5/16 10:50 AM 2/5/16 10:50 AM


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