Black People : Study Says Wealth Gap Widened For Blacks, Hispanics After Recession...

Discussion in 'Black People Open Forum' started by Aqil, Oct 18, 2004.

  1. Aqil

    Aqil Well-Known Member MEMBER

    Feb 3, 2001
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    New York
    +114 / -0
    WASHINGTON (AP) — The enormous wealth gap between white families and Blacks and Hispanics grew larger after the most recent recession, a private analysis of government data finds. White households had a median net worth of greater than $88,000 in 2002, 11 times more than Hispanics, and more than 14 times that of Blacks, the Pew Hispanic Center said in a study being released Monday.

    Blacks were slowest to emerge from the economic downturn that started in 2000 and ended early in 2001, the report found. According to the group's analysis of Census Bureau data, nearly one-third of Black families and 26% of Hispanic families were in debt or had no net assets, compared with 11% of white families.

    After accounting for inflation, net worth for white households increased 17% between 1996 and 2002 and rose for Hispanic homes by 14% to about $7,900. It decreased for Blacks by 16%, to roughly $6,000. Only white homes recouped all their losses between 2001 and 2002. Both Hispanics and Blacks lost nearly 27% of net worth between 1999 and 2001; the next year Latinos had gained almost all back (26%) though Blacks were up only about 5%.

    Census figures released in August showed the national median household income remained basically flat between 2002 and 2003 at $43,318. Median incomes for whites ($47,800) and blacks ($29,600) also were stagnant, while the median income for Hispanics fell about 2% to $33,000.

    Blacks were hit hard by job losses in the manufacturing industry and in professional fields, where they were victims of "last hired, first fired" policies...

    Read the entire article at:
  2. panafrica

    panafrica Well-Known Member MEMBER

    Aug 24, 2002
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    The Diaspora
    +194 / -0
    What other reason is necessary to vote out this Presidential administration.
  3. HODEE

    HODEE going above and beyond PREMIUM MEMBER

    United States
    Jul 2, 2003
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    (RF) Technician
    ( Alonewolf ) California.. by way of the LOU
    +724 / -0
    So true Aqil

    I lost in my 401k at least $15,000 in 2000 when the Bush administration took office. This was their allowance in corruption similar to the Enron scandal and other market trends that impacted many. I wanted to quit my job to stop the loss. But that would have been counterproductive. So I added less to my funds. I did salvage a nice portion when I was laid off in 2003.

    This comes as no surprise to me. Black Americans have always been lower in the pay arena. What we have to know is the tax system was not set up to support workers. We don’t play :kickball: correctly. :run: in this world like everyone else. One needs to have a business. To realized the true advantages of the tax system. Apply for your wholesale certificate ( it's free ) and do something with it. Call the Franchise Tax Board in your state. Get all of the benefits of this system, only then will you see a change in your destiny.

    My cars are paid for thru business, because I'm able to write them off. My computer, licenses, fees to do business, checking expenses, some utilities, phone, travel, gifts, and general everyday things like dry cleaning all are tax deductible. Hustle... not crack but :kick: back.

    :playball: Get busy. :number1:
  4. RamelBradley

    RamelBradley Member MEMBER

    Oct 14, 2004
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    +0 / -0
    Recessions are always gonna hurt the lower paid the most b/c they have little to fall back on. It's a shame, but it's always gonna be this way.