The Rich Get Richer and …
… the poor are still poor(er) than the day before.
from the Institute on Assets and Social Policy, May 2010
New evidence reveals that the wealth gap between white and African American
Families has more than quadrupled over the course of a generation. Using economic data collected from the same set of families over 23 years (1984-2007), (Brandeis researchers) find that the real wealth gains and losses of families over that time period demonstrate the stampede toward an escalating racial wealth gap. This report is the first in a series that audits the growth of the racial wealth gap over the past generation.
Among the studies key findings are that:
* The wealth gap between whites and African Americans increased more than four times, from $20,000 to $95,000.
* Middle-income white household had greater gains in financial assets than high-income African Americans
* At least 25 percent of African American families had no assets at all to turn to in times of economic hardship.
I just can’t help but think: “All black fokls can’t be bad with money.” What other contributing factors are that help explain these statistics? I know people of color are consumers, to a fault, but is that all there is that explains our economic standing (or sitting, as it were)?
Read the study in its entirety here.
~ by MsInklination on July 13, 2010.