Black Money Business Jobs : Worsening Wealth inequality by Race

Discussion in 'Black Money Business Jobs' started by Clyde C Coger Jr, Apr 30, 2014.

  1. Clyde C Coger Jr

    Clyde C Coger Jr going above and beyond PREMIUM MEMBER

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    In the Spirit of Business/Jobs/Money,




    INCOME INEQUALITY IN AMERICA
    Worsening Wealth inequality by Race

    By Tami Luhby@CNNMoneyJune 21, 2012: 1:09 PM ET




    [​IMG]

    The Great Recession has widened the wealth gap, and race is a major factor.

    NEW YORK (CNNMoney) -- White Americans have 22 times more wealth than blacks -- a gap that nearly doubled during the Great Recession.

    The median household net worth for whites was $110,729 in 2010, versus $4,995 for blacks, according to recently released Census Bureau figures.

    The difference is similarly notable when it comes to Hispanics, who had a median household net worth of $7,424. The ratio between white and Hispanic wealth expanded to 15 to 1.

    The gap between the races widened considerably during the recent economic downturn, which whites weathered better than blacks, Hispanics and Asians.


    suggested reading:
    http://money.cnn.com/2012/06/21/news/economy/wealth-gap-race/



    Unemployment falls ... but not for blacks

    The broad trend is unfortunately nothing new, said Bill Rodgers, chief economist with the Heldrich Center for Workforce Development at Rutgers University. The black unemployment rate has been roughly double that of whites since the government started tracking the figures in 1972.


    [​IMG]

    http://money.cnn.com/2012/01/06/news/economy/black_unemployment_rate/index.htm?iid=EL



     
  2. kde

    kde Well-Known Member MEMBER

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    It's unfortunate that some of the more serious articles like this get fewer comments here. Nonetheless, duly noted. We still have the flu while others are just catching the sniffles. Of course, much of this can be explained by generational inequities stemming from slavery up until the present day. We also have to change our habits and priorities. I cannot tell you how many sisters will spend their last on a trip to the salon or a purse they cannot afford rather than put that money in a bank, towards debt or allocate it to something useful, like part of a nest egg towards a down payment on an investment property.
     
  3. Clyde C Coger Jr

    Clyde C Coger Jr going above and beyond PREMIUM MEMBER

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    First, :wb: kde, its been a minute since we've talked, and thanks for giving insightful input to this Thread's inescapable subject matter; we, as a people, are doing far worse than ever before, while others continue to climb the social ladder, so to speak.

    After carefully highlighting your comments above and below:



    We still have the flu while others are just catching the sniffles

    much of this can be explained by generational inequities stemming from slavery up until the present day

    We also have to change our habits and priorities

    sisters will spend their last on a trip to the salon or a purse they cannot afford rather than put that money in a bank, towards debt or allocate it to something useful, like part of a nest egg towards a down payment on an investment property



    We touch and agree, developing a degree of "wealth consciousness" is our only way out and up in this system of things that will lead to liberation from the belly of the beast.

    Peace In my friend,


     
  4. JuneBugg

    JuneBugg Well-Known Member MEMBER

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    Developing our own wealth, our own business culture by being the base customers of black businesses is the primary way we will get respect in this society. And it would do a lot in shaping the image we see in the mirror.
     
  5. Clyde C Coger Jr

    Clyde C Coger Jr going above and beyond PREMIUM MEMBER

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    Exactly, we wrote about planning a solution to do just that JuneBugg, here's a link source with greater detail:



    BAMN - By Any Means Necessary
    Discussion in 'Black People Politics' started by brown_h0rnet, May 14, 2012


    http://destee.com/index.php?threads/bamn-by-any-means-necessary.71970/



     
  6. Kemetstry

    Kemetstry going above and beyond PREMIUM MEMBER

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    And yet we still generate over a trillion dollars a year. Sounds like we just need a plan and some guts





    .
     
  7. JuneBugg

    JuneBugg Well-Known Member MEMBER

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    This rant is obviously known, Ray Charles can see it, but I may as well put it out in the spirit of discussion! Yeah Clyde I borrowed that line from you :)

    Income inequality is affecting all, across all demographics with African Americans getting the worst of it since the economic meltdown in 2008 and every time the economy turns sour..

    Income equality has been accelerated with Republican economic policies and its not their incompetence but their plan to entrench oligarchy, destroy the democratic process to result in an expanding a peasant class. Yet poor Republicans and Libertarians edify the rich, pay them homage and obliged plutocrats, oligarchs and transnational corporations to exploit Americans as they please. Republican voters know the GOP are not representing the best interests of all Americans and do not support the democratic process that was created by the US Constitution they claim to revere. Republican voters are fine with giving the super rich a free ride, while the rest of us pay the bills. Today's Republican Party is so extreme right Ronald Reagan would be rejected.

    Republican voters are fine with the rapidly widening wealth disparity between the rich and the rest of us . 93% of NEW INCOME is going to the wealthiest 1%, while the rest of us else divvied up the remaining 7%.

    Republicans are profoundly un-american because they favor oligarchy dominance over democracy with their anti-American free trade policies, tax policies that favor the rich, suppressing the vote and want to pay even less taxes although the rich are paying the lowest taxes in history compared to GDP, tax revenues to the Fed are the lowest since 1950. Republicans do not believe in investing in Americans and the infrastructure at the expense of the rich that allows them to become rich, that is un-american at best.

    When is enough be enough? The best legacy President Obama can leave America is the self-destruction of the Republican Party. If that happens, President Obama should be carved in Mount Rushmore! Of course that is wishful thinking.
     
  8. Clyde C Coger Jr

    Clyde C Coger Jr going above and beyond PREMIUM MEMBER

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    :teach: ... Say that!
     
  9. Clyde C Coger Jr

    Clyde C Coger Jr going above and beyond PREMIUM MEMBER

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    Well said JuneBugg, well put indeed ...
    (and thanks ... in the spirit of discussion is exactly where we need to be-having that conversation)

     
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