Racial Wealth Gap

Sonny Clark

Diamond Member
Joined
Dec 12, 2014
Messages
51,089
Reaction score
5,910
Points
1,870
Location
Gadsden Alabama
3 Obvious Reasons for the Racial Wealth Gap in America

Owning a home, then equal pay for equal work, and then having a college degree are the three factors that can make the biggest difference in closing the racial wealth gap, which is how non-whites in America are vastly less wealthy than most whites.
If blacks and Latinos owned homes as widely as whites, then median black household wealth would grow by $32,113, and median Latino wealth would grow by $29,213, a new study by Demos, a progressive think tank, and the Institute for Assets and Social Policy at Brandeis University has found.
Similarly, if non-whites were paid the same as whites, they would yield another $11,488 for blacks and $3,528 for Latinos, the groups reported. In contrast, graduating college would only yield $1,313 more for blacks and $3,528 for Latinos, they said.

The typical black household has just 6 percent of the wealth held by white households and Latino households have just 8 percent.

In 2011 the median white household had $111,146 in wealth holdings, compared to just $7,113 for the median Black household and $8,348 for the median Latino household.

While 73 percent of white households owned their own homes in 2011, only 47 percent of Latinos and 45 percent of Blacks were homeowners,” the wrote. “In addition, Black and Latino homeowners saw less return in wealth on their investment in homeownership: for every $1 in wealth that accrues to median Black households as a result of homeownership, median white households accrue $1.34; meanwhile for every $1 in wealth that accrues to median Latino households as a result of homeownership, median white households accrue $1.54.

3 Obvious Reasons for the Racial Wealth Gap in America It s Time to Fix Them Alternet

And the root cause for this is?
 

Tank

Gold Member
Joined
Apr 2, 2009
Messages
18,809
Reaction score
2,628
Points
280
Check out the racial IQ gap
 

pinqy

Gold Member
Joined
Jun 8, 2009
Messages
6,074
Reaction score
708
Points
200
Location
Northern Virginia
3 Obvious Reasons for the Racial Wealth Gap in America

Owning a home, then equal pay for equal work, and then having a college degree are the three factors that can make the biggest difference in closing the racial wealth gap, which is how non-whites in America are vastly less wealthy than most whites.
If blacks and Latinos owned homes as widely as whites, then median black household wealth would grow by $32,113, and median Latino wealth would grow by $29,213, a new study by Demos, a progressive think tank, and the Institute for Assets and Social Policy at Brandeis University has found.
Similarly, if non-whites were paid the same as whites, they would yield another $11,488 for blacks and $3,528 for Latinos, the groups reported. In contrast, graduating college would only yield $1,313 more for blacks and $3,528 for Latinos, they said.

The typical black household has just 6 percent of the wealth held by white households and Latino households have just 8 percent.

In 2011 the median white household had $111,146 in wealth holdings, compared to just $7,113 for the median Black household and $8,348 for the median Latino household.

While 73 percent of white households owned their own homes in 2011, only 47 percent of Latinos and 45 percent of Blacks were homeowners,” the wrote. “In addition, Black and Latino homeowners saw less return in wealth on their investment in homeownership: for every $1 in wealth that accrues to median Black households as a result of homeownership, median white households accrue $1.34; meanwhile for every $1 in wealth that accrues to median Latino households as a result of homeownership, median white households accrue $1.54.

3 Obvious Reasons for the Racial Wealth Gap in America It s Time to Fix Them Alternet

And the root cause for this is?
I find it interesting that Asians, who have median income much higher than Whites, are not mentioned.
 

HereWeGoAgain

Diamond Member
Joined
Dec 15, 2010
Messages
66,397
Reaction score
15,926
Points
2,210
Location
Fuck Y'all I'm From Texas!
You have to be able to make the payments to own a house.
And in order to achieve that you have to put in some effort,where not talking a mickyD type effort either.
It's really not a mystery.
 

ClosedCaption

Diamond Member
Joined
Sep 15, 2010
Messages
53,238
Reaction score
6,694
Points
1,830
Part of it comes from the fact that black soldiers who fought for this country we're allowed to use the GI bill to purchase a home. Owning a home is a huge thing to be able to pass down or leverage for more money.

http://www.nytimes.com/2005/08/28/books/review/28KOTZL.html?pagewanted=all&_r=0

Katznelson reserves his harshest criticism for the unfair application of the Servicemen's Readjustment Act, known as the G.I. Bill of Rights, a series of programs that poured $95 billion into expanding opportunity for soldiers returning from World War II. Over all, the G.I. Bill was a dramatic success, helping 16 million veterans attend college, receive job training, start businesses and purchase their first homes. Half a century later, President Clinton praised the G.I. Bill as ''the best deal ever made by Uncle Sam,'' and said it ''helped to unleash a prosperity never before known.''

But Katznelson demonstrates that African-American veterans received significantly less help from the G.I. Bill than their white counterparts. ''Written under Southern auspices,'' he reports, ''the law was deliberately designed to accommodate Jim Crow.'' He cites one 1940's study that concluded it was ''as though the G.I. Bill had been earmarked 'For White Veterans Only.' '' Southern Congressional leaders made certain that the programs were directed not by Washington but by local white officials, businessmen, bankers and college administrators who would honor past practices. As a result, thousands of black veterans in the South -- and the North as well -- were denied housing and business loans, as well as admission to whites-only colleges and universities. They were also excluded from job-training programs for careers in promising new fields like radio and electrical work, commercial photography and mechanics. Instead, most African-Americans were channeled toward traditional, low-paying ''black jobs'' and small black colleges, which were pitifully underfinanced and ill equipped to meet the needs of a surging enrollment of returning soldiers.

The statistics on disparate treatment are staggering. By October 1946, 6,500 former soldiers had been placed in nonfarm jobs by the employment service in Mississippi; 86 percent of the skilled and semiskilled jobs were filled by whites, 92 percent of the unskilled ones by blacks. In New York and northern New Jersey, ''fewer than 100 of the 67,000 mortgages insured by the G.I. Bill supported home purchases by nonwhites.'' Discrimination continued as well in elite Northern colleges. The University of Pennsylvania, along with Columbia the least discriminatory of the Ivy League colleges, enrolled only 46 black students in its student body of 9,000 in 1946. The traditional black colleges did not have places for an estimated 70,000 black veterans in 1947. At the same time, white univer
sities were doubling their enrollments and prospering with the infusion of public and private funds, and of students with their G.I. benefits.
 

ClosedCaption

Diamond Member
Joined
Sep 15, 2010
Messages
53,238
Reaction score
6,694
Points
1,830
You have to be able to make the payments to own a house.
And in order to achieve that you have to put in some effort,where not talking a mickyD type effort either.
It's really not a mystery.
The people who put in the same effort in wars and serving overseas would disagree with you
 

HereWeGoAgain

Diamond Member
Joined
Dec 15, 2010
Messages
66,397
Reaction score
15,926
Points
2,210
Location
Fuck Y'all I'm From Texas!
You have to be able to make the payments to own a house.
And in order to achieve that you have to put in some effort,where not talking a mickyD type effort either.
It's really not a mystery.
The people who put in the same effort in wars and serving overseas would disagree with you
Since we have an all volunteer military and they have the GI bill,which I know many veterans have used,I dont get your point.
 

Meathead

Platinum Member
Joined
Jan 6, 2012
Messages
33,012
Reaction score
6,820
Points
1,130
Location
Prague, Czech Republic
If this were not a global situation, then arguing the income gap in domestic terms would make sense. You have to go far deeper than that into the very make up of people and races.
 

ClosedCaption

Diamond Member
Joined
Sep 15, 2010
Messages
53,238
Reaction score
6,694
Points
1,830
You have to be able to make the payments to own a house.
And in order to achieve that you have to put in some effort,where not talking a mickyD type effort either.
It's really not a mystery.
The people who put in the same effort in wars and serving overseas would disagree with you
Since we have an all volunteer military and they have the GI bill,which I know many veterans have used,I dont get your point.
Of course you dont get it because I mention the GI bill not being extended to black soldiers and your response is "Gi Bill? Many Veterans used..."
 

iamwhatiseem

Platinum Member
Joined
Aug 19, 2010
Messages
25,501
Reaction score
7,733
Points
350
Location
On a hill
70% single parenting
Black females have the highest high school drop out rates, by race, in America.
Black males have the 2nd highest drop out rates, by race, in America.
 

ClosedCaption

Diamond Member
Joined
Sep 15, 2010
Messages
53,238
Reaction score
6,694
Points
1,830
70% single parenting
Black females have the highest high school drop out rates, by race, in America.
Black males have the 2nd highest drop out rates, by race, in America.

Wealth dude....Generational. This didnt happen in 20 years
 

HereWeGoAgain

Diamond Member
Joined
Dec 15, 2010
Messages
66,397
Reaction score
15,926
Points
2,210
Location
Fuck Y'all I'm From Texas!
You have to be able to make the payments to own a house.
And in order to achieve that you have to put in some effort,where not talking a mickyD type effort either.
It's really not a mystery.
The people who put in the same effort in wars and serving overseas would disagree with you
Since we have an all volunteer military and they have the GI bill,which I know many veterans have used,I dont get your point.
Of course you dont get it because I mention the GI bill not being extended to black soldiers and your response is "Gi Bill? Many Veterans used..."
So your telling me these particular black people were denied because of race,or is it more likely they couldnt afford the loan payments?
The GI bill is great,but it aint free.
 

ClosedCaption

Diamond Member
Joined
Sep 15, 2010
Messages
53,238
Reaction score
6,694
Points
1,830
You have to be able to make the payments to own a house.
And in order to achieve that you have to put in some effort,where not talking a mickyD type effort either.
It's really not a mystery.
The people who put in the same effort in wars and serving overseas would disagree with you
Since we have an all volunteer military and they have the GI bill,which I know many veterans have used,I dont get your point.
Of course you dont get it because I mention the GI bill not being extended to black soldiers and your response is "Gi Bill? Many Veterans used..."
So your telling me these particular black people were denied because of race,or is it more likely they couldnt afford the loan payments?
The GI bill is great,but it aint free.
I'm not telling you anything...History tell you. And if you want to believe that every black soldier was denied because of down payments that every white soldier had then you're too far gone on the retard scale to explain anything

The statistics on disparate treatment are staggering. By October 1946, 6,500 former soldiers had been placed in nonfarm jobs by the employment service in Mississippi; 86 percent of the skilled and semiskilled jobs were filled by whites, 92 percent of the unskilled ones by blacks. In New York and northern New Jersey, ''fewer than 100 of the 67,000 mortgages insured by the G.I. Bill supported home purchases by nonwhites.'' Discrimination continued as well in elite Northern colleges. The University of Pennsylvania, along with Columbia the least discriminatory of the Ivy League colleges, enrolled only 46 black students in its student body of 9,000 in 1946. The traditional black colleges did not have places for an estimated 70,000 black veterans in 1947. At the same time, white universities were doubling their enrollments and prospering with the infusion of public and private funds, and of students with their G.I. benefits.


 

pinqy

Gold Member
Joined
Jun 8, 2009
Messages
6,074
Reaction score
708
Points
200
Location
Northern Virginia
You have to be able to make the payments to own a house.
And in order to achieve that you have to put in some effort,where not talking a mickyD type effort either.
It's really not a mystery.
The people who put in the same effort in wars and serving overseas would disagree with you
Since we have an all volunteer military and they have the GI bill,which I know many veterans have used,I dont get your point.
Of course you dont get it because I mention the GI bill not being extended to black soldiers and your response is "Gi Bill? Many Veterans used..."
Your article was about many of the things the GI Bill was meant to cover not being offered to, or inequally offered to, African Americans, NOT that the GI BILL itself is or ever was denied to African Americans.
And do you really think a time when the military was just startin to desgregate, Jim Crow laws were in full effect, and much racism was taken for granted is directly comparable to today?
 

HereWeGoAgain

Diamond Member
Joined
Dec 15, 2010
Messages
66,397
Reaction score
15,926
Points
2,210
Location
Fuck Y'all I'm From Texas!
You have to be able to make the payments to own a house.
And in order to achieve that you have to put in some effort,where not talking a mickyD type effort either.
It's really not a mystery.
The people who put in the same effort in wars and serving overseas would disagree with you
Since we have an all volunteer military and they have the GI bill,which I know many veterans have used,I dont get your point.
Of course you dont get it because I mention the GI bill not being extended to black soldiers and your response is "Gi Bill? Many Veterans used..."
So your telling me these particular black people were denied because of race,or is it more likely they couldnt afford the loan payments?
The GI bill is great,but it aint free.
I'm not telling you anything...History tell you. And if you want to believe that every black soldier was denied because of down payments that every white soldier had then you're too far gone on the retard scale to explain anything

The statistics on disparate treatment are staggering. By October 1946, 6,500 former soldiers had been placed in nonfarm jobs by the employment service in Mississippi; 86 percent of the skilled and semiskilled jobs were filled by whites, 92 percent of the unskilled ones by blacks. In New York and northern New Jersey, ''fewer than 100 of the 67,000 mortgages insured by the G.I. Bill supported home purchases by nonwhites.'' Discrimination continued as well in elite Northern colleges. The University of Pennsylvania, along with Columbia the least discriminatory of the Ivy League colleges, enrolled only 46 black students in its student body of 9,000 in 1946. The traditional black colleges did not have places for an estimated 70,000 black veterans in 1947. At the same time, white universities were doubling their enrollments and prospering with the infusion of public and private funds, and of students with their G.I. benefits.
How about something a little more current.
 

ClosedCaption

Diamond Member
Joined
Sep 15, 2010
Messages
53,238
Reaction score
6,694
Points
1,830
You have to be able to make the payments to own a house.
And in order to achieve that you have to put in some effort,where not talking a mickyD type effort either.
It's really not a mystery.
The people who put in the same effort in wars and serving overseas would disagree with you
Since we have an all volunteer military and they have the GI bill,which I know many veterans have used,I dont get your point.
Of course you dont get it because I mention the GI bill not being extended to black soldiers and your response is "Gi Bill? Many Veterans used..."
Your article was about many of the things the GI Bill was meant to cover not being offered to, or inequally offered to, African Americans, NOT that the GI BILL itself is or ever was denied to African Americans.
Uhhh Ok, they offered it to them and then denied them...I guess thats better in your eyes or something important

And do you really think a time when the military was just startin to desgregate, Jim Crow laws were in full effect, and much racism was taken for granted is directly comparable to today?
I dont answer "do you really think" questions. I just posted facts...deal with them or dont
 

ClosedCaption

Diamond Member
Joined
Sep 15, 2010
Messages
53,238
Reaction score
6,694
Points
1,830
The people who put in the same effort in wars and serving overseas would disagree with you
Since we have an all volunteer military and they have the GI bill,which I know many veterans have used,I dont get your point.
Of course you dont get it because I mention the GI bill not being extended to black soldiers and your response is "Gi Bill? Many Veterans used..."
So your telling me these particular black people were denied because of race,or is it more likely they couldnt afford the loan payments?
The GI bill is great,but it aint free.
I'm not telling you anything...History tell you. And if you want to believe that every black soldier was denied because of down payments that every white soldier had then you're too far gone on the retard scale to explain anything

The statistics on disparate treatment are staggering. By October 1946, 6,500 former soldiers had been placed in nonfarm jobs by the employment service in Mississippi; 86 percent of the skilled and semiskilled jobs were filled by whites, 92 percent of the unskilled ones by blacks. In New York and northern New Jersey, ''fewer than 100 of the 67,000 mortgages insured by the G.I. Bill supported home purchases by nonwhites.'' Discrimination continued as well in elite Northern colleges. The University of Pennsylvania, along with Columbia the least discriminatory of the Ivy League colleges, enrolled only 46 black students in its student body of 9,000 in 1946. The traditional black colleges did not have places for an estimated 70,000 black veterans in 1947. At the same time, white universities were doubling their enrollments and prospering with the infusion of public and private funds, and of students with their G.I. benefits.
How about something a little more current.
Why?
 

pinqy

Gold Member
Joined
Jun 8, 2009
Messages
6,074
Reaction score
708
Points
200
Location
Northern Virginia
You have to be able to make the payments to own a house.
And in order to achieve that you have to put in some effort,where not talking a mickyD type effort either.
It's really not a mystery.
The people who put in the same effort in wars and serving overseas would disagree with you
Since we have an all volunteer military and they have the GI bill,which I know many veterans have used,I dont get your point.
Of course you dont get it because I mention the GI bill not being extended to black soldiers and your response is "Gi Bill? Many Veterans used..."
Your article was about many of the things the GI Bill was meant to cover not being offered to, or inequally offered to, African Americans, NOT that the GI BILL itself is or ever was denied to African Americans.
Uhhh Ok, they offered it to them and then denied them...I guess thats better in your eyes or something important
who are "they" and "them?" The various benefits were available to all servicemembers equally. However, to use the GI Bill, you had to be accepted into a school. To use the VA loan for housing, you must be accepted by a lender. There was not and has never been an obligation to accept anyone attempting to use the govt benefits.

That African Americans were not able to use the GI Bill because they weren't being accepted into college (often for racist reasons) is not a problem or issue with the GI Bill.

And do you really think a time when the military was just startin to desgregate, Jim Crow laws were in full effect, and much racism was taken for granted is directly comparable to today?
I dont answer "do you really think" questions. I just posted facts...deal with them or dont
I'll rephrase: Is it your belief that there is no difference between the conditions facing African Americans in the late 1940's through the 1960's and the current condiditons?
 

ClosedCaption

Diamond Member
Joined
Sep 15, 2010
Messages
53,238
Reaction score
6,694
Points
1,830
The people who put in the same effort in wars and serving overseas would disagree with you
Since we have an all volunteer military and they have the GI bill,which I know many veterans have used,I dont get your point.
Of course you dont get it because I mention the GI bill not being extended to black soldiers and your response is "Gi Bill? Many Veterans used..."
Your article was about many of the things the GI Bill was meant to cover not being offered to, or inequally offered to, African Americans, NOT that the GI BILL itself is or ever was denied to African Americans.
Uhhh Ok, they offered it to them and then denied them...I guess thats better in your eyes or something important
who are "they" and "them?" The various benefits were available to all servicemembers equally. However, to use the GI Bill, you had to be accepted into a school. To use the VA loan for housing, you must be accepted by a lender. There was not and has never been an obligation to accept anyone attempting to use the govt benefits.

That African Americans were not able to use the GI Bill because they weren't being accepted into college (often for racist reasons) is not a problem or issue with the GI Bill.

And do you really think a time when the military was just startin to desgregate, Jim Crow laws were in full effect, and much racism was taken for granted is directly comparable to today?
I dont answer "do you really think" questions. I just posted facts...deal with them or dont
I'll rephrase: Is it your belief that there is no difference between the conditions facing African Americans in the late 1940's through the 1960's and the current condiditons?
Whether its the fault of the GI bill or not it was a problem for black Americans across the board

Ahhh the obligatory "arent things better?" question. Yes they are but this thread is about accumulating wealth and I've addressed a couple of ways that it was stifled for blacks only. Next I'm prepping for the other obligatory question wondering from white people if it was really racism or anything else but racism that just so happened to occur to a majority of blacks
 

New Topics

Most reactions - Past 7 days

Forum List

Top