Social Class

Social position Family Gender Race

Birth vs achievement Upper upper class Lower upper class Result of birth E.g Kennedy Lower upper class Result of achievement E.g Rock star

Intragenerational mobility Changes in social position during a person’s lifetime Largest gains in average income Among highest paid 20%

Income vs Wealth Income = Paycheck or investments Median family income - $56,000 Wealth (Net worth) = Assets - Debts Basis of social stratification Wealthiest 1% of US families (super rich) = 40% of all private wealth Lowest ranking 40% of US families have no wealth at all

Conspicuous consumption Buying things to make a statement about your social position Timex vs Rolex Why you bought it is important

Social class and attitudes High social position More liberal on social issues More conservative on economic issues Low social position Liberal on economic issues Conservative on social issues

People in a lower class position: Less safe More stressful Health is worse Live fewer years overall

Poverty Relative poverty Absolute poverty Working poor Relative to others around you Found everywhere Absolute poverty Egypt China Greece Working poor

Feminization of poverty Women make up an increasing share of the poor Divorce Single parent

The American Dream Upward social mobility and home ownership Earnings have stalled Multiple job holding is up More jobs with low income ($15000) Young people staying at home 53% of people 18-24 are living with parents

Rich become richer, the the middle class people are sliding down.