Thursday, 9/3/15 Notes
Thursday, 9/3/15 Notes SOC 105
Popular in Social Problems (GT-SS3)
Popular in Sociology
This 5 page Class Notes was uploaded by Anna Lueth on Tuesday September 8, 2015. The Class Notes belongs to SOC 105 at Colorado State University taught by Joshua Adam Sbicca in Fall 2015. Since its upload, it has received 72 views. For similar materials see Social Problems (GT-SS3) in Sociology at Colorado State University.
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Date Created: 09/08/15
9315 Change i39in Share of Total Imome1g 2o12 relative to 1961 by percentile 39 25 213 15 fo 45 155k QG 2 SOURCE CENSUS EILI RE LlJ Poverty and Economic Inequality A Basics of Social Stratification 1 Income a The economic gain derived from wages salaries income transfersgovernmental aid or ownership of property 2 Wealth a the value of all economic assets including income personal property and incomeproducing property 3 Social Class a Class system based on the ownership and control of resources and on the type of work people do 1 Occupation is an indication of your social class B Income Inequality Share of Total Income 119172012 lay percentile in CI Lid i 11 g a pital 331 i n5 123P E9255 E0341 em mm tilt 65 i I TOPED 66 55 i 39 1923 Share of 9 5 f zooo loo5 219 qKONDWDT SO EUP1Qamp I V v 1 H In 39 j C p 2012 a E i W IIIIHIJ 20 40 a Share if 39HE JTTEIMJ DE39JE 77 foi39lf IUURHIEU39 35 H 5 1 Q39 a 5 Vjpjgga 1920 1930 19210 1950 196 2197K 1930 1993 2300 SWIG EGURCE IHDMRLE IPIIK39E39TII39Y AND EMMANUEL SAEE 1 Change in Share of Total Income 19622012 C Prelude to Great Recession 1 Displaced manufacturing workers due to economic shift to serviceinformation a Most manufacturing jobs were union jobs 2 Families in credit debt a student loan debt 3 Wages declined and people had to work more and use credit to make ends meet 4 Subprime housing loans sold to people with questionable credit 9315 5 Wall Street s irresponsible deal making subprime loans sold to third parties D Great Recession as Capitalist Crisis 1 Unemployment a rose as 88 million American workers lost their jobs from late 2007 to January 2012 1 Does not measure underemployment so misses a big part of the picture 2 Housing Woes a houses lost value after peaking in 200 leading to massive foreclosure crisis until 2012 3 Economic Decline as median household incomes dropped 4 Stock Market decline a eliminates healthcare and retirements 5 Personal Bankruptcies rose 6 Downward social mobility as the American dream recedes 7 Poverty increased by 27 8 Hunger increased a 49 million were using food stamps 9 Homelessness increased b among middle class families E Slow Recovery Unem pleymeint Rates During R eeeeeiene and Heeeveriee 12 33 New 01 D llI ll llll lllll lllllllilll Illlllllllll llll lllII ll Illl Il ll llilllllIllll lllllllllllll llll II l l l 3 4 393 E Years Front End of Recruitalert E llltt IZVIBP39P mitiuln39l inl39ir i FCl l l BLIPTIM et Lather Patritietire tlntn 39 39 9315 Unemployment Different Measures A Definition of unemployment in the USA 1 People are unemployed if they do not have a job have actively looked for work in the prior 4 weeks and are currently available for work ll Minimum vs Living Wage A Minimum Wage 1 Government mandated wage to afford basic necessities and prevent workers living in poverty a Minimu m wage is failing to match inflation 2 Living Wage a The wage needed to cover basic family expenses basic need budget plus all relevant taxes 1 B asic needs budget food child care insurance premiums transportation ect lM inimum Wage And Lll Vll g Wage Stall Very Different Things Lowincome mericenri in i3 states saw their earnings rise on Jan quotI when minimum wage increases took effect but that doesnit meant they39ll have enough money to cover their basic expenses Herefs how the minimum wage stacks up against the living wage across the country HIGHEST Washington Hill 1 LDWEETI39 39 Georgie 553 5E WH ll 9335 TIL IF39EPH K Ell HE L39I39EE 49E 9535395 and above Minimum wage increase Ja n EDM 9315 Productivity A the overall value in the economyprofit margin ll What is Poverty A Absolute poverty 1 lack of basic necessitiesfood shelter clothing ect B Relative Poverty 1 less resources and lower wellbeing compared with the rest of society C Official Poverty 1 Based on a minimum family market basket a low cost food budget that contains a minimum level of nutrition for a family multiplied by 3 to allow for nonfood costs 2 Is now updated each year based on the CPI 3 2015 poverty level 24250 for a family of four D The Face of Poverty 1 Women children blacks and Latinos a Poverty socially and geographically vanes 1 Family makeup rural vs urban poverty differences in cost of living b Food costs are now less of a family budget 1 other costs have risenhealthcare and housing E Alternatives to Official Poverty Rate 1 Relative Measures a relative poverty as a conditions that exists when people may be able to afford basic mecessitiesfood clothing ect but cannot manage to maintain an average standard of living for members of their society F New Supplemental Poverty Measure 1 in 2011 the official poverty level was 462 million151 o but the SPM was 491 million161 o 2 Accounts for cost of working such as childcare 3 Excludes unavoidable expenses like outofpocket medical expenses G Myths About Poverty 1 Refusal To WorkBlame the Victim 9315 a Reality In 68 of the cases where children live in poor families at least ONE membr of the family works2012 b Reality Low wage are the problem28 o of workers in 2011 earned poverty wages 11hr or less 2 Welfare Dependency a Reality 14 of poor adult income comes from welfare 3 The Poor Get Special Advantages a Reality High Cost commoditities Innercity poor pay more for food amp commodities bevause neighborhood stores have a nearmonopoly advantage b Reality Regressive Taxes c Reality Inflated Interest Rates
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