Using the Social Stratification

Using the Social Stratification (U.S. Census) and Work (Thompson) data in your ISOC reader, please answer the following questions. Typed answers to the questions are due on OCTOBER 25, 2012.

1. In reviewing the tables and figures showing the distribution of net worth and income, do you notice any patterns emerging? How does age, race/ethnicity, and household type relate to income and net worth? How do you think the distribution of income and net worth influence people's life chances?

From the tables and figures, I see the monthly income and net worth of lowest quintile is increasing slowly; also, their occupied percentage is rising. The people get more income from stocks and mutual fund shares, and IRA or Keogh accounts.

From age of 35, people's net worth keep increasing till the age of 55, and then the net worth reach the peak and keep around $130,000 in the following lifetime. However, from the age of 55, the median net worth excluding home equity decrease because people retire from work and expend money from the accumulated wealth.

Among all households, the Non-Hispanic white householders own the most median net worth which is at $87,056, and the most home equity. In the opposite, the black householders occupy the lowest median net worth which is only $5446, and the least home equity. The Hispanic families have just little higher median net worth than the black. These two races of families are below the average which is at $58,905. Asian householders own the second highest net worth.

If we review the figure 5.3, we can found the married couples have the highest median net worth witch is at $101,975. This value is three times more than either male or female householders, which are at $23,700 and $20,217 respectively. Also, the married couple householders own the highest home equity, which exceed the other two type of householders dramatically.

People who get much more wealth (net worth) from the elder generation or accumulated over the lifetime will have better life chances. Similarly, people who have more annual income (income) from better jobs, investments and other profit will have better life chances.

2. What are the relationships between educational attainment and unemployment rates and median weekly earnings? How do you think those relationships affect people's experiences in the social world?

People who have higher degrees have a low unemployment rate. On the contrary, people who are not well educated have a high unemployment rate. Through the chart, citizens with a doctoral degree and professional degree have the low unemployment rate, which at 2.5 and 2.3 respectively. However, people with less than a high school diploma have the highest unemployment rate at 14.6.

People have a doctoral degree receive the highest salary which is $1,532 per week, at median. And people with professional degree also have a high income which is $1,529 weekly, at median.