Social Stratification

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“Social Stratification” Please respond to the following: From the first e-Activity below, discuss the possible future consequences to individuals and society as a whole if Generation Y / Millennials cannot live better than previous generations. As a current college student, you likely anticipate a college education allowing you to raise your future income opportunities. Discuss your expectations of how a college education can elevate your position in society. Does income inequality threaten economic and social stability? Income inequality has increased significantly in the U.S. during the current recession, perhaps more than at any time in recent history, a trend that may have significant damaging effects on the economy and social fabric. The BBC reported startling economic equality figures in a recent documentary: the top 200 wealthiest people in the world control more wealth than the bottom 4 billion. But what is more striking to many is a close look at the economic inequality in the homeland of the “American Dream.” The United States is the most economically stratified society in the western world. As The Wall Street Journal reported, a recent study found that the top .01% or 14,000 American families hold 22.2% of wealth, and the bottom 90%, or over 133 million families, just 4% of the nation’s wealth. The U.S. Census Bureau and the World Wealth Report 2010 both report increases for the top 5% of households even during the current recession. Based on Internal Revenue Service figures, the richest 1% have tripled their cut of America’s income pie in one generation. In 1980 the richest 1% of America took 1 of every 15 income dollars. Now they take 3 of every 15 income dollars. Income inequality grew significantly in 2005, with the top 1 percent of Americans – those with incomes that year of more than $348,000 – receiving their largest share of national income since 1928, analysis of newly released tax data shows. The top 10 percent, roughly those earning more…