Asian Association of Social Psychology and John Wiley & Sons Australia, Ltd. (n.d.). The perception of economic inequality in everyday life: My … Asian Journal of Social Psychology.
Retrieved April 12, 2022,
from : https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajsp.12476
This source is a study on the perception of economic inequality. Specifically from the age group of Spanish Undergraduates. Using a qualitative and quantitative method, 1.085 open-ended responses were analyzed, categorized, and sorted. Analyses suggested that individuals’ perception of economic inequality is based on daily interactions, general negative attitudes towards the wealthy, and general positive attitudes towards suffering socio-economically. Analyses also suggested that perceived economic inequality in everyday life is heavily impacted by an individual’s social circle. This source helps us by telling us that there are many many active biases in perception of economic inequality in everyday life.
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A.H.Kent , L.Ricketts. (2020) Has Wealth Inequality in America Changed over Time? Here Are Key Statistics. Federal Reserve Bank of St. Louis. Retrieved
from: https://www.stlouisfed.org/open-vault/2020/december/has-wealth-inequality-changed-over-time-key-statistics
American wealth overtime discusses the disparities in the race based communities in terms of wealth despite the median wealth increasing over years. Looking at primarily the Black, Hispanic, and White communities comparing the wealth changes, their education as a result, as well as taking their relative age into account to determine if inequalities exist. It also takes a hard look at the contribution to this in terms of education and how prestigious education such as colleges where many whites can attend set the median income far apart from blacks and hispanics where they can make $100,000 more due to their opportunities and cross references the average pre college income median. Adding on to the larger disparity is the age where people older have accumulated more streams of wealth compared to their younger counterparts as shown in the graphs, which all leads to the question: if there were a solution how should wealth be distributed to solve the wealth inequality issue? This source has a very useful graph showing the distribution of the total American wealth in 2019, showing how the bottom 50% of the population owned just 1% of the total wealth.
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Bungalow | Great Homes. Flexible Leasing. Roommate Living. (2022). What Is the Real Cost of Living in New York City,NY? Retrieved April 26, 2022,
from: https://bungalow.com/articles/what-is-the-real-cost-of-living-in-new-york-city-ny
Currently the minimum wage of NYC is $15/hr which is 32k before taxes a year as a full time worker. However In January 2020, the cost of living in NYC boroughs came out to: $136 utilities, $477 groceries, $127 MTA, $300-900 garage parking, $1427- $3,500 car insurance, $4,210- $1,000 in rent (depending if you have roommates or not). This leads to an average monthly cost ranging from $1,740- $7,949 depending on which borough you live in and with or without the car. This number also doesnt calculate the dining out expenses, which has been found that New Yorkers tend to spend 130% more on dining out than the national average. The average Salary in Manhattan average to $164,000 annually in comparison to the remaining four boroughs earning an average of $53,000 which is 10K less than the average national salary. This source highlights housing prices in NYC, it includes a lot of detailed cost structures of living in NYC, as well as the average cost of living and the average annual income.
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Horowitz, J. M. H., Igielnik, R. I., & Kochhar, R. K. (2020, August 17). 4. Views on reducing economic inequality. Pew Research Center’s Social & Demographic Trends Project. Retrieved April 26, 2022,
from: https://www.pewresearch.org/social-trends/2020/01/09/views-on-reducing-economic-inequality/
This source from pew research center gathers statistics based on general questions/sentiments. An example of this would be a graph stating “Most say federal government and large corporations should have a lot of responsibility in reducing inequality”, which is from a survey conducted in 2019. We can see the specific demographics and how they feel about which groups should be more involved in reducing income inequality. We can use this source to compare to who people feel are responsible for income inequality most from our peers. This source highlights how the large majority of people have a consensus on the fact that there is too much economic inequality in the US, but dont agree on who should have responsibility.
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Harvard Business Review. Retrieved April 28, 2022
from:https://hbr.org/2019/11/why-do-people-tolerate-income-inequality#:~:text=We%20als
This source from the Harvard Business Review talks about how people have really simple sentiments on how money is made. “That income differences stem from differences in effort, not in luck”. It also talks about why income inequality is so accepted in so many countries, even thought there have been studies citing that the “American Dream” is the opposite of income inequality/mobility.It also talks about how an unequal society causes more drive to be at the top of your income bracket, as it becomes a source of pride. We can use this source to help clarify why people have become so accepting of income inequality, especially those at the lowest income brackets. As often, those at the lowest income bracket have the loudest voices.
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J.M.HOROWITZ, R.IGIELNIK, & R.KOCHHAR. (2020) Trends in income and wealth inequality.
Pew Research Center. Retrieved
from: https://www.pewresearch.org/social-trends/2020/01/09/trends-in-income-and-wealth-inequality/
The economy in the U.S. has numbers in terms of unemployment that reflect prosperity, as well as growth for household income after periods of stagnation from 1970 – 2018. As it is analyzed we can see that an increase has happened in the first 30 years and that the subsequent year that followed increased at an average rate of 1.2%. Studies of those subsequent years discovered that economic impacts such as the recession and the great recession, but in the overarching scenario it showed that since the increase in the 70’s the inequality income rises increased alongside it. Speculated to be because of the business boom and the dips in economy showed that the middle class and lower class were affected substantially from the negative impacts in the economy as the infrastructure to recover is lacking. Data set also revealed that during the recovery from the negative periods in the economy the upper class does better and increases their wealth because they can capitalize on this period with their funds. Essentially encompassing the disparity from the on paper term that there are increases where in reality it is only the top 5 families where for the lower and middle class there is no increase, showing the inequality in wealth where the rich get richer. This source highlights how much income growth the upper class had over the last 50 years, while comparing against the income growth of the middle and lower classes. This source compares sentiments of top 1% income against higher, middle, and lower income. They ask the same questions, and get generally the same answers, as expected the more income, the less difficulty,
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J.Neel. (2020) Is There Hope For The American Dream? What Americans Think About Income
Inequality. NPR. Retrieved
from https://www.wbur.org/npr/794884978/is-there-hope-for-the-american-dream-what-americans-think-about-income-inequalit
Income Inequality is an issue that divides the country, this article takes a look at the Americans sentiments on the matter. Using a survey it asks 1885 adults from different economic classes their views on subjects such as priority on income reduction in which class, achieving the American dream, what it takes to be successful, health in education and more. It compares the responses of the individual and groups of classes and finds similarities and/or differences and makes qualitative theories on the presented information. Presenting the information to the reader in a digestible format and discussing what is most important to each group of individuals in the greater scope of income inequality and the American dream.
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from https://scholar.harvard.edu/files/emanuel_jmp.pdf
This study highlights the monetary to productivity gain in wages. For Fortune 500 companies, their low wage employees, this study highlights how a $1 increase in wage increases productivity by more than $1, which is a clear incentive for a firm to pay more to their lower wage employees. This study also highlighted the potential biases, turnover reductions as a result of wage increase, productivity increases as a result of wage increase, men and women turnover results. Women respond more positively to wage increases than men. In our project we can use this as a study proving how higher pay leads to increase productivity with exponentially decreasing downsides.
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Research: How the financial crisis drastically increased wealth inequality in the U.S.
Harvard Business Review. (2021, August 31). Retrieved April 12, 2022,
from: https://hbr.org/2018/09/research-how-the-financial-crisis-drastically-increased-wealth-inequality-in-the-u-s#:~:text=For%20the%20bottom%2050%25%2C%20 wealth,wealth%20 inequality%20for%2040%20years
This source reflects upon the financial crisis of 2009, the decades before, and how wealth inequality has only become more exacerbated after the financial crisis. It highlights the asset differences between the middle and upper classes ( as the lower class cannot afford assets ). Stating how the upper classes have most of their assets in stocks, while the middle class has the largest percentage of their assets in housing. It talked about how the upper class leveraged stocks to gain wealth with no savings, compensating for low income growth, while the middle class maintained their wealth by investing in high value, singular assets ( Housing )
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WTF happened in 1971? WTF Happened In 1971? (n.d.). Retrieved April 26, 2022,
from:https://wtfhappenedin1971.com/
Based on the website WTF Happened in 1971 it shows data that compares the income gap from 1971 to the 2000s. In the graph for “How long it takes to Save for a House”. From 1970 it took people less years to save up to buy a house. Then after every ten years it looked like it took people longer to save up to buy a home. In about America Has Become A Nation of Dual-Income Working Couple it compares when both spouse are working from 1970 to 2010 (47% – 66%) compared if only the husband was working (38% – 21%) vs if a wife was the only one working (2% – 7%). This source connects to the project because it compares the wage gap between the male and female, and it shows how hard people have to work to make a living.
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