Posted on 07/26/2011 1:20:16 PM PDT by LonelyCon
As Congress and the White House wrestle whether to raise taxes for the wealthiest Americans, a new analysis of Census data shows that the wealth gaps between whites and blacks and Hispanics widened dramatically during the recession.
[Snip]
The declines from the recession left the median black household with $5,677 in wealth (assets minus debts, where assets include items like a car, a home, savings, retirement funds, etc.) and the typical Hispanic household with $6,325. White households, by comparison, had $113,149, the study found.
(Excerpt) Read more at msnbc.msn.com ...
Single white female households with kids makes up most of the numbers.
Actually the utter destruction of the black American family began with LBJ and his racist policies.
Nobama is only the latest democratic stooge to continue the policies of breaking down the economic and educational values of blacks.
Excellent comments from all, but no one spoke to the basic flaw in the numbers. In a sense, then, you all fell for the trick. The “study” failed to correct for age. By using that subterfuge the dishonest academic got exactly the result he wanted - and I could have predicted.
You have to see that the white population is much older than the black or Hispanic, the median is also). As an example, how many 22 year olds put a large downpayment on a house compared to the number of 50 year olds who use the proceeds of the sale of their previous residence. Wealth builds over time. Obviously, a 50 year old has had more time to build wealth. College loan obligations subtract from wealth, so even minorities striving to get ahead who are doing all the right things and still have a negative net wealth. I would venture to say that this responsible subgroup among minorities doesn’t reach to the 50th percentile.
The academic and, of course, the media, is trying to conflate income and wealth. Since the economic collapse has also hurt older folks’ income, the lefties can’t rely on old tricks like counting only cash income - and thereby excluding food stamps and housing subsidies to make their standard class warfare argument.
“They have to be willing to get off the couch and get an education, then work...”
For decades. And see to it that your kids get educated. And then replicate the feat in the next generation. Do that for two or three generations and then see.
The average black IQ in America is only 85... Some 15 points lower than the average for whites.
Black high school graduation rates are below 50% in many communities.
This problem is never going away and it is not whitey’s fault because blacks in Africa fare far worse...
http://en.wikipedia.org/wiki/IQ_and_the_Wealth_of_Nations
Eh, if that were true Americans of Asian ancestry would be around where blacks are. It is the culture overall and attitudes toward work, education, savings, etc. specifically.
Thomas Sowell and Walter E Williams have written about that.
blacks in the late 50’s, had already arrived.
and they had a LOWER rate of out-of-wedlock marriage than whites.
the Civil rights act, destroyed the growing black middle class.
just as the report by Moynihan predicted, in DETAIL.
affirmative action, the EITC, etc., also work, to destroy.
You raise a good statistical point. I believe there are many more poor white people, numbers wise. I guess “we whites” left a few of our own behind.
As to work ethic, value of education, etc., I bet many people don’t realize these points are rejected by the liberals. Think about it, they do not recognize that people must educate themselves and wor hard to get ahead. They actually get angry at those notions.
Of course for democrats this is all the more reason to “spread the wealth around.” But, more than that, it shows an appalling lack of prepared resources by minorities for their retirement years. We’ll be forced to subsidize this massive need mightily.
Gee . . . isn't it strange how this seemed to happen when the Democrats controlled both houses of Congress, both Houses of Congress and the Presidency, and one House of Congress and the Presidency — with the greatest acceleration of the trend occurring when the Democrats controlled both Houses and the Presidency.
It's like . . . well . . . Democrats don't like minorities or something. Or may be like the Democrats *do* like minorities — they like minorities dumb and poor and work to keep them that way. How else can you explain the education system today and the economy.
No, you totally mistook my comment. TOTALLY. I hate the racist whiners always seeing some sort of discrimination and oppression. If I were of the dark persuasion, I would cringe every time somebody pointed out that we just don’t manage to keep up.
Me multicultural? That’s funny. Obviously some cultures are far superior to others.
I suspect that some of the disparity comes from more blacks working for government, and the survey not including the net present value of their anticipated government pensions, meanwhile including private-sector 401Ks.
The declines from the recession left the median black household with $5,677 in wealth (assets minus debts, where assets include items like a car, a home, savings, retirement funds, etc.) and the typical Hispanic household with $6,325. White households, by comparison, had $113,149, the study found.
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if you compare apples to oranges, you can get any numbers you want.
if you compare the average TWO parent family, in PG county Maryland, with college degrees, the AVERAGE black family, earns MORE than the average white family.
just as if you compare equal hours, risks, benefits, etc., for female workers, the “pay gap” magically disappears,
and again, in MANY equal comparisons, the female earns MORE!
Wealth in America: Workers leave non-workers behind
Reason for disparity unknown - Academics and government officials puzzled.
Blacks over 60 understand the need for hard work and what it took to get what they have. Younger blacks have no appreciation for the struggle that their parents or grandparents went through. They’re accustomed to getting what they want without work. It won’t change. LBJ did his work well.
I disagree.
I think it's because they are stupid and lazy.
You can't fix stupid.
We have a media that is totally divorced from reality. In the real world, businesses and people are teriffied of minorities, even illegal aliens. Everyone knows they are protected classes and any suggestion they have done wrong is punishable by a charge of racism.
These folks are everywhere taking advantage of free programs, teher is a huge transfer of wealth already going on. That is a simple day to day reality. IF it doesn’t work and they are this poor it’s obvious the current, liberal approach does not work.
I don’t believe this statistic. If the net worth of the average black family is 5,000 bucks after all the affirmative action, set asides, government programs, welfare, and blacks moving into the middle class - they damn well should be embarrassed.
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