Posted on 04/30/2013 6:43:45 AM PDT by grundle
the last half-decade has proved far worse for black and Hispanic families than for white families
when it comes to wealth — as measured by assets, like cash savings, homes and retirement accounts, minus debts, like mortgages and credit card balances — white families have far outpaced black and Hispanic ones. Before the recession, non-Hispanic white families, on average, were about four times as wealthy as nonwhite families, according to the Urban Institute’s analysis of Federal Reserve data. By 2010, whites were about six times as wealthy.
The dollar value of that gap has grown, as well. By the most recent data, the average white family had about $632,000 in wealth, versus $98,000 for black families and $110,000 for Hispanic families.
Many experts consider the wealth gap to be more pernicious than the income gap, as it perpetuates from generation to generation and has a powerful effect on economic security and mobility.
Higher unemployment rates and lower incomes among blacks left them less able to keep paying their mortgages and more likely to lose their homes, experts said.
Black families also suffered bigger hits to their retirement savings, the Urban Institute found. With lower earnings and higher unemployment rates leaving them with a thinner safety net to begin with, black families were more likely to take funds out of the market when it was depressed, leaving them out in the cold as the market recovered.
(Excerpt) Read more at nytimes.com ...
hey, but minorities got obamaphone and women get free birth control pills.
I’m surprised the headline isn’t “Despite all of Obama’s efforts, Republicans have caused.....”
Maybe if America’s Blacks were a little less concerned with pissing and moaning about “unfairness” and scamming the government (and Whitey) and a little more concerned with business startups and getting into the cash flow, there wouldn’t BE such a “wealth gap.”
Blacks will always suffer more under Obama, but really now... why would this regime expend any effort to improve their lives? They’re already firmly on the democrat plantation. Obama could issue an executive order requiring all black families to live on the street and they’d still give him 90+% support.
Sound familiar? Reminds me of:
Liberal MP Hughes: . . . There is one statistic, however, that I understand is not challenged, and that is that, during [Margaret Thatcher's] 11 years as Prime Minister, the gap between the richest 10 per cent. and the poorest 10 per cent. in this country has widened substantially. . . . . Surely she accepts that that is not a record that she or any Prime Minister can be proud of.
Prime Minister Thatcher: Mr. Speaker, people on all levels of income are better off than they were in 1979. The hon. Gentleman is saying that he would rather that the poor were poorer, provided that the rich were less rich. That way one will never create the wealth for better social services, as we have. . . . . .
Unlike Thatcher, Obama has managed to widen the gap while keeping incomes stagnant.
But Obongo still got their”RACIST”vote!Yes,I call them “RACIST” because they voted for OBONGO based on the melatonin in his skin,not”The Content Of His Character”!!!!
The AVERAGE white family has $632,000 in WEALTH (assets, investments and property, minus debt)??? I call "Shenanigans" on this one.
In July, 2011, it was reported that "That wealth gap has widened into a yawning chasm in recent years. In 2007, white families, on average, had 10 times the accumulated wealth of black families earning the same amount. That was significant, but then, between 2005 and 2009, the average white household's wealth dropped by 16 percent, while the average black family's dived by 52 percent, and, as the New York Times reported, by 2009, the “median wealth of whites [was] 20 times that of black households.” As a result, we now have “the largest [racial] wealth disparities in the 25 years that the [Census] bureau has been collecting the data.”
‘...hey, but minorities got obamaphone and women get free birth control pills.”
....and Black babies can be butchered mercilessly by Black doctors like Gosnell, a “pillar of the Black community” in Philly in the name of “women’s health.”
There are none so blind as those who will not see.
There’s a simple explanation for this.
“Wealth” is money you haven’t spent.
Eric Holder’s people have been getting taxpayer dollars shoveled at them by the boatload, but they spend it as soon as they get it, ergo they have no “wealth.”
That doesn’t mean they’re not getting plenty of dollars. It means they’re financial idiots.
I don’t even think that the average “white” family has $623k in assets, much less in net worth.
That’s 2 houses and 3 vehicles.
Yet, they voted in support of their own harm at a rate of 98%. Why? Well, race of course! Now just for asking, I get to be called a racist....
Apparently they are using the mean (total wealth divided by number of families) instead of the more commonly used median (wealth at which 50% are above and 50% are below). A few very rich will skew the mean without changing the median very much.
Another key tenant of Obammunism is working splendidly: eliminate the middle-class, leaving only a very large population of the poor, illiterate and helpless who are dependent upon handouts from the government and who provide the votes necessary to keep the dole going, plus a tiny class of the ultra-super-wealthy who likewise receive government handouts, but have the wherewithal to make the necessary campaign bribes to keep the Obammunists perpetually in power.
“At least I got me a free phone!”
One thing that I got from Nanzi Pelozi was that it was a “good thing” when people didn’t have to work at something productive in order to have a living provided for them.
Correction:
“Since Obama’s Election”
And they also got what everybody apparently wants. A frickin’ truckload of empty promises. Oh, my mistake. That should be “hope”.
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