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The wage gap in the united states

The Equal Pay Act, passed by the U.S. Congress in 1963, was designed to reduce the wage gap between men and women. The act in essence required employers to pay equal wages to men and women who were performing substantially similar jobs. However, more than fifty years later, women continue to make less money than their male counterparts. According to a report released by the White House (National Equal Pay Taskforce 2013), “On average, full-time working women make just 77 cents for every dollar a man makes. This significant gap is more than a statistic—iit has real-life consequences. When women, who make up nearly half the workforce, bring home less money each day, it means they have less for the everyday needs of their families, and over a lifetime of work, far less savings for retirement.” While the Pew Research Center contends that women make 84 cents for every dollar men make, countless studies that have controlled for work experience, education, and other factors unanimously demonstrate that disparity between wages paid to men and to women still exists (Pew Research Center 2014).

As shocking as it is, the gap actually widens when we add race and ethnicity to the picture. For example, African American women make on average 64 cents for every dollar a Caucasian male makes. Latina women make 56 cents, or 44 percent less, for every dollar a Caucasian male makes. African American and Latino men also make notably less than Caucasian men. Asian Americans tend to be the only minority that earns as much as or more than Caucasian men.

Recent economic cconditions

In 2015, the United States continued its recovery from the “Great Recession,” arguably the worst economic downturn since the stock market collapse in 1929 and the Great Depression that ensued.

The recent recession was brought on, at least in part, by the lending practices of the early twenty-first. During this time, banks provided adjustable-rate mortgages (ARM) to customers with poor credit histories at an attractively low introductory rate. After the introductory rate expired, the interest rate on these ARM loans rose, often dramatically, creating a sizable increase in the borrower’s monthly mortgage payments. As their rates adjusted upward, many of these “subprime” mortgage customers were unable to make their monthly payments and stopped doing so, known as defaulting. The massive rate of loan defaults put a strain on the financial institutions that had made the loans, and this stress rippled throughout the entire economy and around the globe.

The United States fell into a period of high and prolonged unemployment, extreme reductions in wealth (except at the very top), stagnant wages, and loss of value in personal property (houses and land). The S&P 500 Index, which measures the overall share value of selected leading companies whose shares are traded on the stock market, fell from a high of 1565 in October 2007 to 676 by March 2009.

Today, however, unemployment rates are down in many areas of the United States, the Gross Domestic Product increased 4.6 percent in the second quarter of 2014 (US Department of Commerce–Bureau of Economic Analysis), property owners have noted a slight increase in the valuation of housing, and the stock market appears to be reinvigorated.

Questions & Answers

what sociology offers you ?
Mohamed Reply
Alote of knowledge
Buhari
sociology enable us to understand the society and the people behaviour
Ameh
a lot of theological ideas
EDOR
having study the method of social control critically discuss how they could be applied in resolving any deviant act of choice
Precious Reply
how does the family ensure social order and continuity in the society
Hazel Reply
I want to join your group
Ishmael
can someone please explain more about sociology theory..
Srijana Reply
Sociological theory according to Robert K. Merton (1967) refers to logically interconnected sets of propositions from which empirical uniformities can be derived
Ameh
what is culture?
mohammad Reply
way of living
Sultan
culture is the way people live their life's....
Noah
The beliefs, values, behaviour and material objects that constitute a people's way of life.
young
culture is the sum total of knowledge , attitudes and habitual behavioural pattern shares and transmitted by members of the society.
AHUMBE
What is sociological imagination
Abubakarr Reply
what are the agent of socialization?
AHUMBE Reply
why is sociology important as a student of Hospitality and Tourism?
Oluwabukola Reply
hlo
Samir
hi
Muluken
sociology is very important becaus , it set students to career advancement , .it also enrich the development in the society . It also educates students to know what is unknown to them but supposed to be known , like histories,
AHUMBE
★ Define family and marriage and identify their different historical types.
Abir Reply
family is a group of people who share or have common kin connection. Marriage is when two people share kin connection and have a sexual approved union between them.
Stanford
Family group of people that are by all means related by blood from two sources and they also have many things in common life face resemblance and manny more.... Marriage is simply a connection between two people of different genthers with the soul aim of building a family in a life time
Dura
what is sociology
Sonia Reply
sociology is a social science and also a mirror through which human beings look into the societies. In addition it's a study of the society.
Ameh
Sociology is the study of social life, social change, and the social causes and consequences of human behavior.
young
sociology is the systematiç study of human society, social behavior, human interaction, and human group.
AHUMBE
explain the positive deviance promoting growth and development in (a)socialization (b)social group pressure and coercion
Precious Reply
What is condition in india retative to socialize.
Pintu Reply
any benefit reading of sociology
Waseem Reply
yes! there's a lot of benefits
Ameh
because it's the scientific study of society, patterns of social relationships, social interaction, and culture of everyday life. It is a social science that uses various methods of empirical investigation and critical analysis to develop a body of knowledge about social order, acceptance, and chang
Ameh
....e or social evolution
Ameh
hello
Tilahun
what are the specific characteristics contributes to the inequality that is inherent in capitalism as an economic and social action? according to Karl Marx
Mokgohlwe Reply
the five basic social institution
GRACE Reply
The five social institutions are: 1. Family, 2.political 3.Religious. 4. economic. 5.Education
AHUMBE
Practice Key Terms 3

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Source:  OpenStax, Introduction to sociology 2e. OpenStax CNX. Jan 20, 2016 Download for free at http://legacy.cnx.org/content/col11762/1.6
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