- Mar 11, 2015
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- #81
Let's try this again.
250 years of brutal slavery, decades of Black Codes and Jim Crow laws, housing discrimination and other forms of systemic racism. All of that has led to this shocking wealth gap between black and white households in the United States.The median Black household in America has around twenty four thousand dollars in savings, investments, home equity, and other elements of wealth.
However, the median White household is around one hundred and eighty-nine thousand dollars, a disparity that has worsened in recent decades.
This racial wealth gap is even greater among older adults: the median white American in their late fifties had two hundred and fifty more wealth than the median Black American.In the last decade of the nineteenth century, the rate of decline in the White to Black wealth ratio slowed. But it would take another 50 years for the gap to fall by half again, as the emergence of discriminatory laws and policies curtailed Black social, political, and economic advancement. With unequal pay and limited access to capital, Blacks faced challenges that made it difficult to save, invest, and accumulate wealth.
Let us cease with the excuse making and repeating the same silly lines. Every year you celebrace the July 4th 1776, a day none of you were alive to see. We live by a document ratified in 1787 by people who are no longer alive. Nobody doubts that the past impacts us now relative to those things, so it's time for America to grow up on this particular matter.
250 years of brutal slavery, decades of Black Codes and Jim Crow laws, housing discrimination and other forms of systemic racism. All of that has led to this shocking wealth gap between black and white households in the United States.The median Black household in America has around twenty four thousand dollars in savings, investments, home equity, and other elements of wealth.
However, the median White household is around one hundred and eighty-nine thousand dollars, a disparity that has worsened in recent decades.
This racial wealth gap is even greater among older adults: the median white American in their late fifties had two hundred and fifty more wealth than the median Black American.In the last decade of the nineteenth century, the rate of decline in the White to Black wealth ratio slowed. But it would take another 50 years for the gap to fall by half again, as the emergence of discriminatory laws and policies curtailed Black social, political, and economic advancement. With unequal pay and limited access to capital, Blacks faced challenges that made it difficult to save, invest, and accumulate wealth.
Let us cease with the excuse making and repeating the same silly lines. Every year you celebrace the July 4th 1776, a day none of you were alive to see. We live by a document ratified in 1787 by people who are no longer alive. Nobody doubts that the past impacts us now relative to those things, so it's time for America to grow up on this particular matter.