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UW-Madison SOC 220 - Income and Wealth

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1Income & Wealth• How many know family’s income?• Paper, no name. 1. Your estimated family income, 2000. 2. What you think the median family income is.Median Household income by raceMedian Household Income over time, by raceIndiv Income by race, educ, sex 1999Income Full-Time Workers 199910000200003000040000500006000070000lt 9 9-12 HS grad somecollegeAA BA MABlack Male Hisp Male White NH Male Black Female Hisp Female White NH FemaleWhite menBlack menHispanic menWhite womenHispanic womenblack womenSource: US Census Bureau data for 1999, CPSIncome, Race, Sex over TimeMedian Income as Percent of White Males, 1970-199640%50%60%70%80%90%100%110%1970 1975 1980 1985 1990 1995 1998WhiteMenBlackMenHispanicMenWhiteWomenBlackWomenHispanicWomenPoverty by race over time2PovertySource: U.S. Census, Poverty in the United States: 2001, P60-219, Table 1. Poverty by Race& Family T ype0510152025303540Married Couple Female Head% in PovertyWhite Black Hispanic Asian/ PIHS grad by Age, Race203040506070809025-2930-3435-3940-4445-4950-5455-5960-6465-7070-7475+White Black Hispanic% High School Grads by Age in 1998College by Age, Race510152025303525-2930-3435-3940-4445-4950-5455-5960-6465-7070-7475+White Black Hispanic% College Grads by Age in 1998Mean Household Income, by Quintile0200004000060000800001000001200001400001600001st 2nd 3rd 4th 5th•1st$10,188•2nd$25,331•3rd$42,359•4th$65,727•5th$141,621Source: US Census Bureau data for 2000, CPSCutoffs for Household IncomeQuntiles, 2000• Bottom 20%: below $17,950• Next Lowest 20%: below $33,005• Middle 20%: below $52,272• Next Highest 20%: below $81,960• Top 20%: over $81,960• Top 5%: Over $145,526Source: US Census Bureau data for 2000, CPSFemale/male earnings over time3Wisc poverty wagesSource: Center on Wisconsin Strategy, www.cows.orgWisc TaxesSources for Following Slideswww.inequality.orgpulls together statistics from a variety of official sources which are documented on their web page Source: inequality.org. Source: Edward N. Wolff, "Recent Trends in Wealth Ownership, 1983-1998," April 2000. Table 2. Available on the website of the Jerome Levy Economics Institute at www.levy.org/docs/wrkpap/papers/300.htmlDistrib of net worthSource: Edward N. Wolff, "Recent Trends in Wealth Ownership, 1983-1998," April 2000. Table 3. http://www.levy.org/docs/wrkpap/papers/300.html inequality.orgQuintile change in net worth 1983-98Home Ownership0%10%20%30%40%50%60%70%80%1983 1989 1992 1995 1998White African-American Hispanic4Net WorthMedian Family Net Worth$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000$80,000$90,0001983 1989 1992 1995 1998White African-American HispanicFinancial WealthMedian Family Financial Wealth$0$5,000$10,000$15,000$20,000$25,000$30,000$35,000$40,0001983 1989 1992 1995 1998White African-American


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UW-Madison SOC 220 - Income and Wealth

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