Is that right? Our problem are due only to ourselves? You don't provide any evidence *****. You are a joke.
50 years after the Kerner Commission: African Americans are better off in many ways but are still disadvantaged by racial inequality
- African Americans today are much better educated than they were in 1968 but still lag behind whites in overall educational attainment. More than 90 percent of younger African Americans (ages 25 to 29) have graduated from high school, compared with just over half in 1968—which means they’ve nearly closed the gap with white high school graduation rates. They are also more than twice as likely to have a college degree as in 1968 but are still half as likely as young whites to have a college degree.
You provide all the evidence needed, scum-sucking racist liar. You can go to any over-paid government agency and find all the shiftless do-nothing employees are black. You just had a shiftless do-nothing black president. You have Pell grants, Loans. Anyone can get a highschool or college degree that WANTS ONE-- -- -- that is, unless they are TOO STUPID to pass the minimum entrance exams! All your problems are you're own doing. Quit trying to blame "******," get off your lazy welfare-collecting ass and get an education, go out and compete!
Really? ****** has nothing to do with it?
The racial wealth gap: How African-Americans have been shortchanged out of the materials to build wealth
Wealth is a crucially important measure of economic health. Wealth allows families to transfer income earned in the past to meet spending demands in the future, such as by building up savings to finance a child’s college education. Wealth also provides a buffer of economic security against periods of unemployment, or risk-taking, like starting a business. And wealth is needed to finance a comfortable retirement or provide an inheritance to children. In order to construct wealth, a number of building blocks are required. Steady well-paid employment during one’s working life is important, as it allows for a decent standard of living plus the ability to save. Also, access to well-functioning financial markets that provide a healthy rate of return on savings without undue risks is crucial.
Failures in the provision of these building blocks to the African-American population have led to an enormous racial wealth gap. The racial wealth gap is
much larger than the wage or income gap by race. Average wealth for white families is seven times higher than average wealth for black families. Worse still, median white wealth (wealth for the family in the exact middle of the overall distribution—wealthier than half of all families and less-wealthy than half) is
twelve times higher than median black wealth. More than one in four black households have zero or negative net worth, compared to less than one in ten white families without wealth, which explains the large differences in the racial wealth gap at the mean and median. These raw differences persist, and are growing, even after taking
age, household structure, education level, income, or occupation into account.
Overall, housing equity makes up about two-thirds of all wealth for the typical (median) household. In short, for median families, the racial wealth gap is primarily a housing wealth gap. This is no accident. Besides facing discrimination in employment and wage-setting, for generations even those African-American families that did manage to earn decent incomes were barred from accessing the most important financial market for typical families: the housing market. Housing policies that prevented blacks from acquiring land, created redlining and restrictive covenants, and encouraged lending discrimination reinforced the racial wealth gap for decades. Richard Rothstein’s forthcoming book The Color of Law documents exactly how such policies at all levels of government robbed black families and communities of wealth.
Even as much de jure discrimination in housing was dismantled by public policy, de facto segregation and the legacy of wealth non-accumulation kept the racial wealth gap from closing. During the housing bubble that was the disastrous run-up to the Great Recession, the exposure to predatory, high-interest, and high-leverage mortgages led to an absolute wealth disaster for African-American families when the bubble burst. In the aftermath of the bubble’s burst, black unemployment rates rose to levels twice as high as white unemployment, leading to higher rates of delinquency and foreclosure for black families. And the sluggish recovery has only made matters worse, as
home values recover at different rates across racial lines.
The role of policy in creating and maintaining the racial wealth gap makes it clear just how difficult it will be to close the gap through the individual choices and behaviors of African-Americans. Educational attainment, the right occupation, and full-time employment are necessary, but not sufficient conditions for building wealth (and even equalizing these between races would be nothing short of miraculous). The typical black family with a head of household working full time has
less wealth than the typical white family whose head of household is unemployed. This outcome holds for black families regardless of the time and money spent on educational upgrading. Median wealth for black families whose head has a college degree, for example, has only one-eighth the wealth of the median white family whose head has a college degree. Even the typical black family with a graduate or professional degree had more than $200,000 less wealth than a comparable white family. This is not surprising given that my previous research with John Schmitt has found
a college degree really is no guarantee.
Malign social policy has created and maintained the racial wealth gap, and only a progressive reorientation of this policy can close it. In an upcoming post, I will look at ways to close, or at least shrink, the growing disparity in wealth between blacks and whites.
The racial wealth gap: How African-Americans have been shortchanged out of the materials to build wealth
Stop reading marvel comics and get an education. ****** made the policies. I have a masters degree. I am better educated than your trailer park, welfare collecting, food stamp hoarding, white ass.