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Effects of economic trends on each social class - Research Paper Example

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The American society is socially stratified in to three major social classes; the lower, middle, and upper classes. The social strata are basically based on the standard of living that is…
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Effects of economic trends on each social class
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Effects of economic trends on each social class

Download file to see previous pages... This is majorly based on factors such as employment, income, poverty rates, class, and affordability of housing as well as an economy that has also experienced a severe downturn. Such economic crisis has a ripple effect across all the social classes (DPAD, 2007). The trends in the American economy have produced momentous shifts that have seen the rich becoming richer, while causing stagnation in the wages of the working-class. According to economists, 80% of the gains of net income since 1980 went to those in the top 1% of the distribution of income, thus, causing a boost in their share of the total income to levels that have not be seen before the Great Depression. It is worth-noting that the income of 90% of Americans has been stuck in neutral, stagnating for at least a generation, while the wealthiest rank has been surging ahead at a fast pace, widening the existing gap between the rich and the poor (DPAD, 2007).
The trend in the American economy has led to a continued state of economic inequality in the United States. The middle and the lower income class have been the most negatively affected by the republican policies, which have accelerated income divisions. Economic inequality, though a common trend in the world history, has been a major concern, with regard to the poor protection that the working class receives against exploitation by the elite class, which is numerically small. This is the current situation in most countries that are non-industrialized (Ryscavage, 2004).
It is quite paradoxical that during times of fiscal retrenchment and decline in the economy, there is an increase in the demand for public services. A gradual decline in the middle class would normally be characterized by increasing inequality in incomes, declining mobility, and economic segregation (Ryscavage, 2004).
Among the trends of economy affecting the social classes include government deficit ...Download file to see next pagesRead More
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