Black families will need 228 years to attain wealth of white families today

NY Daily News ^ | August 9, 2016 | Laura Built

[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 wouldn’t 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 study’s 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.

[generally]

Cherry picked data to evoke the “proper” emotional response. They have carefully left out any data that would put any responsibility on blacks and/or remove “guilt” from whites.

Example: “*Wealth returns on a four-year degree is much for valuable for white graduates than it is for black and Hispanic graduates”. Let’s compare apples to apples. How about comparing degrees in electrical engineering with degrees in electrical engineering? A degree in gender studies, community organizing, black studies, etc., does not compare to a degree in hard science (or even a good education in a useful trade, like car repair or plumbing). No, not all blacks major in fluff degrees and not all whites major in science and engineering. But comparing the aggregate without accounting for those differences is not valid.

There is never a mention of IQ in these studies. How about comparing results based on IQ?

There is never a mention of work ethic. How about comparing hours worked per week vs. income?

How about comparing blacks and whites at the same salary levels and looking at how much money they save compared to each other?

[Maceman]

There are plenty of successful, educated law-abiding black people in this country.

So this whole article is

The fastest way for those black people who are not successful, educated and law-abiding to become so is for them to give up the leftist victim mentality and self-destructive pride in the reprehensible ghetto trash black culture that continues to enslave them.

They should free themselves by embracing -- instead of trashing -- the core American value of individual liberty and the gift of being free to pursue productive and fulfilling lives for themselves and their families.

[Gaffer]

Laura. If blacks been gettin screwed why doe their black President and that white witch get a pass?

[US_MilitaryRules]

According to my calculations it should be 227 years!

[US_MilitaryRules]

You forgot hookers.

[rolling_stone]

this article is a joke

some people save and invest others spend and spend (expensive name brands-bling) until they change attitudes and cultural acceptable actions, all the aid or money in the world wont help a lot of people. a lot depends on their financial education, upbringing, intelligence, family including size of family-more or less dilution of resources, choosing good advisors, etc. you can’t fix stupid.
just look at lottery winners

http://www.ctvnews.ca/business/why-most-lottery-winners-end-up-losing-their-new-fortune-1.1211569

[Leep]

Pete and repeat sitting on a fence...

http://www.americanthinker.com/articles/2014/03/the_decline_of_the_africanamerican_family.html

[faithhopecharity]

BS!

I’ve personally known MANY desperately poor people who’ve made successes of themselves (at least up until the last 5 or 6 years of Obama’s Great Recession)

poor people, including people who encounter really serious discrimination against them...............succeed every day in America. WHEN THEY WANT TO, and WHEN THEY WORK AT IT!

None of them “makes it” by staying addicted to governmental ‘benefits,’ however. Just the opposite, in fact.

[wardaddy]

It will take a lot longer than that for black civilization worldwide to catch white civilization

In fact it probably never will as a whole

The solution of the left is simply to destroy white civilizational structure so they can manage it all for us

[generally]

Another great point. Great post.

If I were in charge, I would NOT hand over welfare money to people who have proven time and again that they are not mentally equipped to handle it. I would run the welfare system the same way an intelligent parent runs a household and raises children. Dependent children do not make the financial decisions in a household, they do not decide what to have for dinner, or where they will live. As they become more responsible, they are given an allowance so they can practice making financial decisions (and mistakes) with a small amount of money. But they are not put in charge of the family paycheck.

I think it would be a great idea to put welfare recipients into barracks-like housing and feed them inexpensive but nutritious food. As they demonstrate increasing responsibility, they can “graduate” to better conditions. There should be an incentive to get off of welfare and one way to create that incentive is to NOT make welfare a comfortable lifestyle choice. In *my* welfare system, there would be no TV. Want TV? Get off welfare. There would be no designer sneakers. There would be no fancy cars. There would be work programs and training programs designed to get people off welfare.

Except for the very elderly (who have previously been productive citizens) and totally disabled, there would be no easy ride.

The government (i.e., hardworking taxpayers) does not owe deadbeats a comfortable lifestyle.

[alternatives?]

But how many years will it take liberals to bring the wealth of white families down to black families?

[stevio]

I’m doing HUD house inspections in Philly right now. Unbelievable going into these homes. Everything is sticky and dirty. They complain that nothing gets fixed or gets fixed right(black maintenance people). They think somebody else is responsible to fix every little thing. Granted it’s not every one, only about 85%.

[llevrok]

my idea of reparations? Send them to LIberia.

[sparklite2]

an annual net worth tax

---

So you pass the tax and give the money
to blacks. They’ll piss it away and it
will eventually end up back in the pockets
of the wealthy. You treat differently
that which you earn from that you are given.

Until the underclass gets over the aversion
to ‘acting white’ they’ll never succeed.
Oh, and remind them that voting is acting white, too.

[MeganC]

“You forgot hookers.”

LOL, my mind just doesn’t go there, you’re right! Thank you!

[combat_boots]

“Unless public policy intervenes”

Reparations.....

[Leep]

“According to my calculations it should be 227 years!”

Even the smartest black man in the history of the world , Barrack Hussein Obama, did uncalculatable damage to the black family and to “race relations” overall.
The saddest part is he was pretty much given carte blanche to do whatever he wanted. What is his crowning achievements? Gay marriage, Obamacare, Transgenders using the bathrooms of their choice, he was increase the muslim population of Amreica, and created Trillions of debt?
FOR WHAT???
For the average person the cost of living, especially food cost is twice as much as it was 5 years ago! The interest you get a bank is a joke!
If the super genius Barrack Hussein Obama can fix it than there must not be any HOPE!

[blam]

There is some upside to being 72 years old.

[dfwgator]

They need to take a real honest hard look at their culture.

[sparklite2]

Yes. Also to not having any grandkids to feel sorry for.