Must be all that reverse racism we suffer from after 40 years of political correctness and affirmative action to blame. If only we had been listening to the Rush Limbaughs and Glenn Becks and FOX News’s of the world all these years, we whites might have ten times the assets of our black counterparts instead of just five! Makes me feel like getting all patriotic and joining the tea party.
A typical white family is now five times richer than its African-American counterpart of the same class, according to a report released today by Brandeis University in Massachusetts.
White families typically have assets worth $100,000 (£69,000), up from $22,000 in the mid-1980s. African-American families’ assets stand at just $5,000, up from around $2,000.
A quarter of black families have no assets at all. The study monitored more than 2,000 families since 1984.
“We walk that through essentially a generation and what we see is that the racial wealth gap has galloped, it’s escalated to $95,000,” said Tom Shapiro, one of the authors of the report by the university’s Institute on Assets and Social Policy.
“That’s primarily because the whites in the sample were able to accumulate financial assets from their $22,000 all the way to $100,000 and the African-Americans’ wealth essentially flatlined.”
The survey does not include housing equity, because it is not readily accessible and is rarely realised as cash. But if property were included it would further widen the wealth divide.
Shapiro says the gap remains wide even between blacks and whites of similar classes and with similar jobs and incomes.
“This represents a broken chain of achievement. In the United States context, when we are thinking about racial equality and the economy we have focused for a long time on equal opportunity.
“The assumption in a democracy is that merit and achievement are going to be rewarded and the rewards here are financial assets. We should see some rough parity and we don’t.”
Read the whole article, it’s important. It’s a scandal.