Posted on 07/26/2010 7:47:31 AM PDT by BenLurkin
In an address to Members of Congress and participants attending a Congressional Black Caucus meeting, Robert L. Johnson, founder and chairman of The RLJ Companies, called for a national discussion about the growing wealth gap which he referred to as a "wealth gap Tsunami threatening African American families." He cited the recent Institute on Assets and Social Policy at Brandeis University study, among other studies, which conclude "the wealth gap between white and African American families has more than quadrupled over the course of a generation; the racial wealth gap increased by $75,000, from $20,000 to $95,000; and, at least 25 percent of African Americans have no assets." According to the U.S. Census data, "white household median net worth is 10 times that of Black households. The median net worth for African Americans was $11,800 compared to $118,000 for whites."
Johnson listed several race recognition policy initiatives that could be discussed. For example, allow African American families earning less than $250,000 annually to defer all federal income taxes, without interest, provided tax savings are placed into a 401(k) type savings account which can only be drawn out at retirement or upon death at which time the government would be reimbursed for the deferred taxes.
(Excerpt) Read more at news.yahoo.com ...
Perhaps someone should address the WORK ETHIC gap....
Is it even conceivable that it might have something to do with hard work and valuing education and achievment, or lack thereof?
“wealth gap Tsunami threatening African American families.”
Don’t like working on the Dem Plantation? Move.
That and the prevalence of illegitimacy in the black community — thanks to failed ‘Rat “social programs”.
Or as I call it, “The Ambition Gap.”
What about the 80% drop out rates from free schools.
I’ll stick with WORK ethic gap. Plenty of people have ambitions to do well....but only some actually DO.
Exactly, get an education, fall into the system and go to work.
Its ridiculous that they have such a misrepresentation in the penal systems, but it speaks for itself... hey mr Johnson?
I believe ambition will drive work ethic. Mind you Ambition doesn’t just mean a wish, it means having a goal AND the drive to accomplish it.
Maybe he should address the education gap....those black “ho’s” are everywhere in the Universe.
When will the dividers stop playing the incessant race card? discrimination is passe in America. The USA offers all races alot more opportunity than any nation on earth.
There is strong empirical evidence that when blacks and whites have similiar incomes, whites save more, blacks spend more.
Go figger.
This is a large contributer to the “wealth gap”.
Issue is that getting an eduction is frowned upon and ridiculed in the black community. They refer to being studious as "acting white". Couple that with the misogynistic and violent culture of rap music and a 70%+ illegitimacy rate and you have a recipe for the destruction of a culture. But Mr. Johnson's remedy is government confiscation of and redistribution of wealth. Brilliant...
Also, I never see quoted the average percentage of the middle class's taxes taken in, say, 1965 compared to today. Out-of-wedlock births and single-parent families have also increased dramatically, and each has a huge effect on poverty. If a child's own parents don't care for him or her, it will be very, very difficult for the government or anyone else to fill the gap. But improving this situation would require moral instruction, which of course is not allowed anymore.
Yes - if work is punished and sloth is rewarded, what will society get more of?
And has done so for decades. This "institutional racism" claim is just so much crap.
How about addressing that Cultural Gap, Bobby?
Think that might have something to do with it?
Anyone who graduates high school, waits until they do to get married, and doesn’t have kids until after they are married virtually guarantees that their children will not grow up in poverty.
People who don’t do this, regardless of race, guarantee the opposite.
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