Black Money Business Jobs : The Average Black Family Would Need 228 Years to Build the Wealth of a White Family Today

Discussion in 'Black Money Business Jobs' started by Liberty, Aug 8, 2016.

  1. Liberty

    Liberty going above and beyond PREMIUM MEMBER

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    Just as past public policies created the racial wealth gap, current policy widens it.

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    Job seekers stand in line to attend the Dr. Martin Luther King Jr. career fair held by the New York State Department of Labor. (Reuters / Lucas Jackson)

    If current economic trends continue, the average black household will need 228 years to accumulate as much wealth as their white counterparts hold today. For the average Latino family, it will take 84 years. Absent significant policy interventions, or a seismic change in the American economy, people of color will never close the gap.

    Those are the key findings of a new study of the racial wealth-gap released this week by the Institute for Policy Studies (IPS) and the Corporation For Economic Development (CFED). They looked at trends in household wealth from 1983 to 2013—a 30-year period that captured the rise of Reaganomics, expanded international trade and two major financial crashes fueled by bubbles in the tech sector and housing prices. The authors found that the average wealth of white households increased by 84 percent during those three decades, three times the gains African-American families saw and 1.2 times the rate of growth for Latino families.

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    https://www.thenation.com/article/t...-to-build-the-wealth-of-a-white-family-today/
     
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  2. Clyde C Coger Jr

    Clyde C Coger Jr going above and beyond PREMIUM MEMBER

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    No, thank you for finding this, I should have known we had it before doing a Google search ... :spank:

    ...

    In the Spirit of Thread Consolidation,


    It will take 228 years for the average Black family to catch up to the wealth of the average white

    Discussion in 'Black Money Business Jobs' started by Ujamaa Fraternal Dynasty, Monday at 3:32 PM

    https://destee.com/threads/it-will-...h-up-to-the-wealth-of-the-average-white.87510/

    ...

     
  3. Titoub

    Titoub Well-Known Member MEMBER

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    The people that calls them selves white knows this therefor there will be no change in it from them... We need to change this ourselves.
     
  4. GrayMatter

    GrayMatter Active Member MEMBER

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    What pieces of wealth building can we control to reverse the trend?

    How many of us have wills and trusts to pass assets to heir minimizing tax burden?
    http://thevirtualattorney.com/blog/shocking-statistical-look-estate-planning-infographic

    Only 20+ percent. That means the state will tax our assets to high heaven handicapping the next generation compared to whites. Simple 2 hour meeting with a lawyer could flat out eliminate that.

    many of us have life insurance?
    studies show we outpace Whites on this metric controlling for income and employment. However, we have far higher mortality rates so when you control for that, we could still be underrepresented.

    What is our avg savings rate?
    Couldnt find solid data but what i did find shows whites save more and own homes. Both these things we can work toward and reverse trends.

    The 'system' doesnt force us to spend disposable income and ignore retirement and wealth planning. We have to be accountable for our own financial literacy.

    Not gonna get into 401Ks, IRAs, and tax deferred savings plans that often feature employer matching.

    If this is an issue for us, we need to take control of our destinies. It wont take a miracle, just a bit of planning.
     
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