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.
The welfare state might have damaged them more then they culture.
Walter Williams argued that the welfare state broke the black family -referring to the amount of single parents-, something even slavery couldn’t do.
If the super genius Barrack Hussein Obama CAN’T fix it than there must not be any HOPE!?!
WHAT?!
I thought Lyndon Baines Johnson’s “Great Society” and the subsequent redistribution of $22 TRILLION dollars was supposed to fix all of this!
Now the Corporation For GIBSMEDAT And DINDUNUFFIN says it didn’t work?
And how do they propose we fix it? GIVE MORE MONEY TO THE SAME PEOPLE WHO BLEW IT ALL TO HELL IN THE FIRST PLACE?!
Wow, I’m glad we have such a smart bunch in charge.
Couldn’t those U.S. blacks who are dissatisfied move to Haiti, where they would instantly be among the upper crust and would not be surrounded by whites they so resent?
[Unless public policy intervenes....]
LOL. The correct statement of course is:
Unless public policy STOPS intervening!
My wife’s cousin came to this country a few years ago, barely able to speak English.
Since then, he has started his own Trucking Company and now owns four trucks.
I'm going to guess that we are not comparing equivalent degrees. A bachelors in Finance will have a different return than one in Education.
Completely bogus article. Whites and Asians actually work to get ahead. This is a fundamental part of who they are and has historically and culturally been supported by centuries of history. Both groups, independently learned to forge metal, weave cloth, build bridges, create mathematical systems, irrigate land, create laws and complex societies, created schools, advanced centers of knowledge, had ocean going vessels, unique architecture, and medicine.
Blacks developed nothing close to anything that can be described as “advanced”, Although constantly at war, they failed to progress to even have a written language. They have always been relatively lazy with no desire to improve themselves. Name 1 prosperous Black lead country on the planet, that exists or existed during the history of mankind. Use the past 7 years of the USA if you like. Have we gotten stronger in the past 7 years in any category?
Those are just basic, observable, measurable and quantifiable facts.
....and the Trees are all kept equal, by Hatchet, Axe and Saw.
There is the crux of this entire article. No need to even read on letter further than that.
Yep, that is why they are in as bad a shape today as they are. Incentive was removed, and destroyed the back American family in the process.
57% of Black females are OBESE....OBESE, not over-weight.
That’s true, but the welfare state is responsible for a large portion of their culture.
Your culture is formed around the things in life that are important to you, collectively and individually.
When your main monetary compensation comes from the government, with its limitations and its unintended consequences, the black culture is what you get.
This is what the neo-Marxist elites are aiming for with white (ancestral European) culture. They have been working on it earnestly since the 1960s. Today, the work has reached a critical mass.
After obummer make it 5000 years!
Or majors in Humanities, centered on African/feminist/sexuality studies.
But, didn’t we read that they don’t like “acting white”?
Exactly. The “Black Culture” is a cancer on their entire community. Current “Black Culture” isn’t something that is followed or observed to maintain a tradition, bring together families, or anything like that.
Current “Black Culture” is an extremely violent, negative, corrosive, damaging, and degrading thing that is destroying everything it touches, including people, black AND white, who DON’T follow it.
Yes and whats more the study itself is nothing but a bunch of made up horse manure.
How long did it take the white people to get to where they are now? and what trials did they go through to get there? i believe the civil war was one of those, but i wonder if the writer of this article remembers how many white people died to free the blacks so that the blacks would have a chance to direct their own lives.
It would take too much space to write down all of the tribulations the white people has gone through since the
declaration of independence until now on their way to their so called prosperaty.
But you would not know anything about this would you as you are a profuct of some one else`s hard work and suffering.
You have never had a pick or shovel in your womanish hands have you? and 12 hours a day with a pick and shovel is just one of the small things our fathers or grandfathers went through.
Wake up and get a life.
“Black pride is a joke. Couldnt feed themselves without white mans money.”
What you say can be made to sound offensive, but it also can’t be disproven. If someone doesn’t like what you said, let them prove otherwise, then I might listen to them.
Truth hurts, and the sooner they wake up to it, the sooner they will make progress.
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