Social Class

1
Social Class.
2
Socioeconomic status

• Income (wages)
• Wealth
• Occupational prestige
• Years of schooling
• Social class
• Power

3
Wealth

• Assets - Debts Net worth (Wealth)
• Wealthiest 1 of US families (super rich) 40
  of all private wealth
• Lowest ranking 40 of US families have no wealth
  at all
• Family income (2000) - 50,000
• Wealth of typical U.S. Household 71,000

4
Social position and attitudes

• High social position
• More liberal on social issues
• More conservative on economic issues

5
Intragenerational mobility

• Changes in social position during a persons
  lifetime
• Upward mobility greatest
• Among highest paid 20

6
Globalization

• Hurt many factory workers
• Fair Trade Agreement

7
The poor

• Feminization of poverty

8
Homelessness

• One third of all homeless are entire families

9
Social Class (Upper Class)

• Upper - Uppers
• Blue Bloods
• Inherited wealth
• Lower Upper
• Working rich - Steve Jobs

10
Social Class (Middle class)

• Upper Middle - Professional school
• Dr. Lawyer, Accountant
• Average Middle - Middle Management
• 40 - 80,000 a year household income
• High School graduate
• Lower Middle Class
• Blue collar jobs
• 25 - 40 a year family income

11
Social Class

• Working poor

12
Poverty

• Relative poverty
• Absolute poverty

13
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

14
Rich become richer, the the middle class people
are sliding down.
15
How to get rich

• Get an education (4-8 years)
• Get a job and move up in the company
• Maximize company matching funds for retirement
• Get married and stay married
• Start a small business
• Buy a house and trade up when possible

16
How to get rich (cont)

• Save money and invest some each month
• 1/2 in Russel 2,000 Index funds
• 1/2 in Bonds or realestate