Posted on 08/09/2016 8:48:53 AM PDT by EinNYC
The racial wealth gap is so wide it would take black families over two centuries to catch up to white families, a jaw-dropping new study found.
Unless public policy intervenes, black households wouldnt amass the wealth of today's white households for another 228 years, according to research from the Corporation for Enterprise Development and the Institute for Policy Studies.
The findings are part of a study, called The Ever-Growing Gap, that examined the accumulation of wealth over the past 30 years and how wealth-building policies have disproportionately given white, already wealthy Americans a boost.
Over the past three decades, the average wealth of white families has grown by 84%, which is a staggering three times as fast as the rate for African-American families and 1.2 times the growth rate for Latino families.
At that rate, it would take until the year 2244 for the average black family to accumulate wealth that matches what white families have today.
Even more unfortunate, the extreme rise in overall wealth inequality over the past three decades has only served to further compound and exacerbate this racial wealth divide, the study reads.
The authors of the study suggest that racial economic disparities go hand in hand with the social unrest in communities of color and tensions with the criminal justice system.
In the last decade, we have seen the catastrophic economic impact of the Great Recession and an ensuing recovery that has bypassed millions of Americans, especially households of color. This period of economic turmoil has been punctuated by civil unrest throughout the country in the wake of a series of high-profile African-American deaths at the hands of police, the study reads.
The following are some of the studys most startling findings:
*Decades of discriminatory housing policies and market practices have resulted in homeownership among only 41% of Black families and 45% of Hispanic families compared to 71% of white families; homeownership still remains one of the greatest sources of Americans wealth.
*The 400 richest Americans own more wealth than the entire black population, plus one-third of the Latino population combined
*Black Americans have higher average unemployment rates, at 8.6%, than white Americans, at 4.4%
*Latino and Black families are paid up to $20,000 less on average per year than white households
*Over two-thirds of Black and Hispanic households lack the savings necessary to subsist at the poverty level for three months, compared to only one-third of white households
*Wealth returns on a four-year degree is much for valuable for white graduates than it is for black and Hispanic graduates
The group who put together the study is calling on Congress to consider policy options to help close the gap in racial economic disparity and reduce the wealth concentration at the top.
This includes identifying policies that perpetuate the wealth divide through a government-wide audit, fixing tax policies to ensure they help families of color build wealth, and closing federal estate-tax loopholes and creating an annual net worth tax on high-wealth individuals.
Given the trajectory of the racial wealth divide and the future demographics of our country, failure to address this growing problem will severely impact the economic opportunity of communities of color, and it will have serious ramifications for the overall economic well-being of our nation, the study reads.
5.56mm
Offensive or not, it is the truth. Zimbabwe, South Africa, USA, etc. all prove it.
Debating the truth or falsity of that statement is the real “conversation on race” we should be having in this country, in my opinion.
But you see, they don’t want a “conversation”, they want a lecture.
I live in Orange County, CA.
We had many South Vietnamese Refugees come here back in the 70’s. The had nothing, they could not speak English and I believe they got about 6 Months of Public Assistance when they arrived.
Those same people, many who were Professionals in their Home Country took any Job available to them. The Families would live together, all working and contributing to pay the Rent and save money so they could improve their lives.
The Children of these hard working People all were expected to work, do well in School and attain a College Education.
In one Generation, they pulled themselves up and became self sufficient. They sacrificed and their Children became productive members of Society.
Not just an opinion, I saw these things first hand. Like they say, no brag, just fact.
My sympathy for people who continue to blame everyone but themselves for their station in Life and who refuse to do what is necessary because they think they are Victims has long expired. The DemoncRat Party feeds on this failure.
It’s been years since I read it, but the Haitian community in Miami is thriving, owning local businesses and prospering with little welfare support. If American blacks moved to Haiti, they’d sink to the bottom there, too, given the absence of gimme dat supplies.
I have friends from Nigeria and they cannot stand American blacks.
They think they have it made by being born in this country and all they do is complain.
There are 200 million Africans who would love to trade places with them.
What’s conspicuously lacking is any reference to the average IQ gap, and I’m afraid in 228 years it won’t have changed much.
Actually if we continue with today’s policies it will get even worse since they promote high reproduction rates for the poorest blacks.
Well, then, we need government to give it to them right now!
/S
Amazing how Johnson’s “Great Society” took them from being on track to be equal in all things and set them back a couple centuries with all that “Gubmint Help”...
Explain to me Laura Built about 'the numbers' when talking about Vietnamese 'immigrants' who came her in the 70's with only the shirts on their backs... people who have created vibrant communities... Tell me how that happened? How could they go from 'only the shirts on their backs' to people who own shops, stores and wealth? Shouldn't that have taken them... oh... maybe a thousand years? Maybe more?
I mean - they weren't 'white' so they must have been oppressed... right? That IS the only factor in the minds of the 'oh so stupid' right?
bkmk
If that were true...tough luck, you losers. I guess it is hopeless. Continue your murdering, whoring-around, dropping-out of school, having bastards, murdering police, aimless protesting, acting stupid and committing crimes. Great strategy to change your circumstances, you uncivilized freaks.
It’s hard to catch up when you are generations on welfare, birthing babies like rabbits, doing hard drugs and robbing, looting, stealing, raping and pillaging everything in sight. That’s the core of the Democrat Party. In fact, 100 years from today, they will be thousands of years behind — or kept in zoos as amusement for the public to warn them of the hazards of abject dependency.
“how wealth-building policies have disproportionately given white, already wealthy Americans a boost” thanks in large part to our first black president.
Institute For Policy Studies is not just left it is sooooo far left that it makes Marx look reasonable
It will only take a few more obola, hillbilly years for them to catch up with the ‘whites’, because the government will rob the rich and the middle class to give them all the money they ‘deserve’........ Oh wait, the obolas and the hillbillies have done it for decades and the blacks are poorer than ever!
Plus sooner or later they will run out of money to rob to give to the blacks!
Oh well, the blacks will never catch up and it is all government’s fault - government does not soak the rich and the middle class hard enough!
I spelled that wrong.
Where is the damn autocorrect when you need it?
5.56mm
They could catch up in one generation of black women stopped spreading their legs for any thug that walks in the door. Thugs begat thugs. There is NO ONE else to blame for black dysfunction.
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