The richest 20% of the population, 1/5th of the people in the U.S. have about 50% of the
country’s income and control 80% of the country’s wealth. Income and wealth are different.
Income is the flow of money per unit of time ($5.15 per hour, for example.) Wealth is the
total of income plus assets (like real estate, stock portfolios, etc.) Please see the
materials on the American Dream on pp.283-286 in the text: Earnings have stalled, people
find they need to work at more than one job to just get by, wages have been depressed,
young people are returning to stay at home with their parents because they cannot afford
to set up an independent household. The American Dream is a reality for only a small
percentage of the population.
