Posted on 03/26/2015 7:56:02 AM PDT by Responsibility2nd
The United States is becoming much more racially and ethnically diverse. At the same time, it’s becoming more unequal in terms of wealth and income. These two trends are combining in an uncomfortable way: the wealth and income divide is happening along racial and ethnic lines.
The typical black household now has just 6% of the wealth of the typical white household; the typical Latino household had just 8%, according to The Racial Wealth Gap: Why Policy Matters, by Demos, a public policy organization promoting democracy and equality, and the Institute on Assets and Social Policy.
In absolute terms, the median white household had $111,146 in wealth holdings in 2011, compared to $7,113 for the median black household and $8,348 for the median Latino household. (All figures come from the U.S. Census Bureau Survey of Income and Program Participation.)
This is what is called the racial wealth gap.
(Excerpt) Read more at forbes.com ...
Here are the three main factors driving the income gap.
1. Homeownership
For most U.S. families, a home usually comprises the largest portion of their assets....
Education
A college education is all but required to flourish in the labor market, establish financial stability and build wealth. But the gap in college attainment by whites versus blacks and Latinos has widened over the last decade...
Labor Markets
Labor markets can provide economic security through earned income, employer-provided health coverage, paid leave and workplace retirement plans. But inequality in the labor market is responsible for 20% of the growth in the racial wealth gap in the last 25 years, and unemployment another 9%...
There is a wealth gap. And if it is “racial”, then it’s self-inflicted.
Nothing - absolutely nothing - is keeping blacks from following the tried and true method of success in America:
1. Get an education.
2. Get married.
3. Have children.
Number One reason: LBJ and the so-called “Great Society”
Single parent “families”. Multi-generational dependency. Collapse of ordinary social structure.
Can all be laid at the feet of the Democrat Party.
How absurd.
What's the problem? This is a democracy... those with 6% should be able to just vote that the folks with 94% hand it over.
I’ll take “Hard Work” for $1,000 Alex.
Let’s see a chart comparing those who (bothered to) graduated from high school vs wealth. And then one comparing ... ah nevermind.
Well, it’s going to get worse for black families and that’s because the Democrats have named Hispanics as the chosen group. More for the Hispanics, less for the blacks.
Hmmm, I guess the fact that I’ve working my b*tt off for the past 40+ years or so has nothing to do with it.
Also of note is that the African-American folks I have had the pleasure of knowing all have advanced STEM degrees and all are doing very, very well. Perhaps it’s due to the fact that NONE of them would be found anywhere near (c)rap music, the world’s worst speech habits, and Obamafones - they were too busy studying and working hard.
And how many of those white households had a donk or 22” rims or a mouth grille or a body covered in tattoos ?
You posted, in part:
Nothing - absolutely nothing - is keeping blacks from following the tried and true method of success in America:
1. Get an education.
2. Get married.
3. Have children.
I agree completely. May I add a few additional suggestions:
4. Live within your means. Use credit cards sparingly and pay off the balance each month.
5. Find your faith, Christian or otherwise, and find others of like mind and worship with them.
6. Give as much as you can to causes you believe in.
Depends where but in all you need skills in general to flourish in today’s work environment, hard to get skills if you are on welfare or if you get a degree in women’s/ ethnic studies.
This gap entirely disappears when you normalize for stable married households.
It’s not black v white,
it’s married v unmarried.
Someone tell that to Bill Gates, Steve Jobs, Scott Walker, Henry Ford, Thomas Edison, Abraham Lincoln...
I don’t doubt this data is accurate. But the question is why do these differences exist. The article give some reasons, but it almost expects you to conclude that the underlying reason is racism.
In the end, a lot of it comes down to bad, or even stupid, choices. This is what keeps people of ALL races poor. Many people are short term thinkers and/or lack discipline and this inevitably leads to bad decisions.
Means less or smaller donations to Democrat candidates.
Compared to other countries, a factor of 16 is paltry.
Compare the “Wealth Gap” in America to the wealth gap in India (between Brahmins and the lower castes), or in Brazil, or Venezuela, or - for that matter - China, where cooks and nannies can be hired for a few dollars a day.
True, and colleges have generally replaced employer-provided job training. Of course, they’ve done such a horrible job that we are seeing a return to traditional apprenticeship programs and industry-sponsored credentialing programs.
Yet the minorities are on track to become the majority and we’ll find ourselves ruled and govened by the least productive (economically) people in the country.
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