Federal Reserve Study Shows Race Determines Your Likelihood of Becoming a Millionaire

The Atlanta Black Star ^ | January 24, 2016 | Manny Otiko

[Tolerance Sucks Rocks]

Many white Americans like to believe the United States is a country with a level playing field, where everyone has a fair chance of making it. But a recent Bloomberg article states that race has a lot to do with your economic success. Bloomberg gathered data from economists at the Federal Reserve Bank of St. Louis. Writer Victoria Stilwell also posed the question: Would it be possible to calculate the odds of being a millionaire for anyone in the U.S., based on age, education and race?

The economists, who had already conducted extensive research on the subject, found that race plays a significant role in an individual’s earning power.

“It’s a false narrative to say race doesn’t matter in the United States,” said William Emmons, a senior economic adviser at the St. Louis Fed. “It demonstrably does in the results we keep coming upon.”

The bank researchers found that a middle-aged, college educated Asian had a 22.3 percent chance of being a millionaire. Whites had a 21.5 percent chance, Hispanics a 6.8 percent chance and Blacks had a 6.4 percent chance of being a millionaire.

The researchers found education increases an individual’s earning potential. But they also found that a college education only increased a Black person’s chances of becoming a millionaire by 1 percent.

Interestingly enough, the economists found that a white high school graduate had about the same odds of being a millionaire as a middle-aged, Black graduate degree holder. This is not new information. Many studies have showed that Black people who possess degrees from top-notch universities still have high levels of unemployment. White high school graduates have better employment rates than Black college graduates. This calls into question the value of expensive college degrees. If Blacks are spending small fortunes on college education and not improving their job prospects, they maybe looking at things the wrong way.

Former finance professor Dr. Boyce Watkins encourages Black people not to get caught up in the “corporate plantation” and create their own businesses.

“We have to get rid of the lie which says that going to school will guarantee a black man a good job,” said Watkins on his website Financial Juneteeth. ”The right kind of education is valuable, but you’re still going to be Black.”

Many other Americans are beginning to question the value and cost of college education. According to U.S. News & World Report, a study of 2,000 graduates found more than half believed recent college graduates will see lower returns on their education investment than 10-15 years ago.

Emmons said that while the information might be depressingly familiar, it is still useful. He said it was important lawmakers understand the underlying issues if they are going to pass policies to address inequality.

“A lot of what people talk about as responses to inequality of this sort or that sort— they’re probably not going to make much difference given that these underlying factors seem to be so powerful,” Emmons said.

He added that the research shattered the myth of everyone starting out equal.

“We all come out in the birth lottery with different endowments,” Emmons said. “Starting from that point, what can you do to move yourself in a direction you’ll be happy with? That’s what we’re really trying to get at.”

[publius911]

It is IQ privilege.

That's racist!

If millionaire rap artists or professional black basketball players were to create the IQ test, the rankings would be reversed. Everybody knows that!

< sarc >

[unixfox]

Why is the federal reserve doing studies? This is why our country is so effed up! Nobody does their freakin job!

F U B O!

[MV=PY]

Race also determines your likelihood of becoming a professional basketball player.

(Paging Thomas Sowell, cleanup on aisle three.)

[mythenjoseph]

If you are able to direct cash flow to your own coffer... may I suggest not showing all your cards while playing the game?....for those of you who see any problem with what i just said ...then there is a good chance you will not be a “millionaire” ...why would I want to pay 30-50% of income to a government that is undermining the very ability to accomplish such things ...The article is just trying to promote the WHITE advantage crap...

[jonascord]

Facts are unacceptable...

[boycott]

Such a useless BS article.

Does it mention that a lot of blacks get their degrees from Useless State black college? Does it mention that maybe blacks shouldn’t consider rap music and the NBA as the only way to riches in the USA?

Maybe blacks need to shut up with their silly protests and start educating their children. And most the fathers need to try to understand what being a parent really means.

It wouldn’t have cost me a time to come up with the same outcome Bloomberg did with their study. Bloomberg just won’t allow itself to place blame where it belongs.

[King Moonracer]

Ruck Face.

[E. Pluribus Unum]

http://www.freerepublic.com/focus/news/3052988/posts?q=1&;page=151

- Ashkenazi Jews = 115
- Asian = 106
- White = 100
- Non-White Hispanic = 86
- American Blacks = 85 (average 30% White mix)
- Sub-Saharan Blacks = 70 (This is considered borderline retarded. Only 2% of Whites score this low)

[uncitizen]

Skin color has very very very very little to do with wealth. Hard work, smarts, education, determination, culture have everything to do with it.

[PAR35]

Fraud IS crime where I’m from.

[ProtectOurFreedom]

So it’s nothing more than a “chance” to become a millionaire. Nothing about talent, perseverance, work ethic, showing up, going the extra mile, innate intelligence and ability, a healthy attitude toward businesses, a lack of a chip on one’s shoulder. Nope, just a “chance” in life’s Millionaire Lottery. And the usual suspects are being held back by evil Asians and Whites.

What a load of Shinola.

[dfwgator]

White Like Me
https://video.yahoo.com/white-000000112.html

[IncPen]

Did they adjust the findings for pro athletes and rappers?

[SpaceBar]

This article is so full of bs I don’t even know where to start.

[Intolerant in NJ]

But a recent Bloomberg article states that race has a lot to do with your economic success...also having to do with your economic success is being born into a two parent family, growing up in a culture that values learning and self-discipline, finishing high school, and waiting until you're married and gainfully employed before you start dropping kids - bet none of that was mentioned in the story.....

[zaxtres]

Did the study take into account illegal professions? Like Mac Daddy Pimp incorporated? /s Or the Cartels? Or organized crime? More money off the books than on.

[inpajamas]

Well that is just plain inequality! Who made these people?

[Graybeard58]

Hey. Where are the Jews? - over to the right off the chart?

888888888888888888888888888888888888888888

If you want to compare Jews to another group, you need to compare them to Christians, Buddhists, Hindis etc. because Judaism is a religion, It’s adherents are Jews.

[Vigilanteman]

- American Blacks = 85 (average 30% White mix)

I'm an amateur genealogist and knew the mix rate was high, but I'm astounded that it is at or near 30%.

There must be a lot more Strom Thurmonds out hiding in dat woodpile!

[Calvin Locke]

The Boston FRB did a housing study that was extremely fraudulent and misleading, leading to all sorts of government chicanery, fraud, waste, and bad policies.

I have no doubt that this study will continue the practice of enabling bad government.