Asset Inequality Research Paper
“The Czar of all the Russias is not more absolute upon his own soil than the New York landlord in his dealings with colored tenants. Where he permits them to live, they go; where he shuts the door, stay out.” (Riis 148). By saying that, Riis said that the landlord has complete control over where the blacks live. The average African-American paid $10 to every white man’s $7.50.
In the article “The 236,000 Dollar Hole in the American Dream” written by Dean Starkman explains, the many reasons of why blacks are so far behind than whites according to wealth, and poverty. The article starts with the bigger contributions that built the wealth gap. Today's differences of household earnings between white and blacks are very different, contributing to the poverty levels. As of now in America 45% of African American kids that are under the age of six live in poverty, and 14% on the white side. One of the biggest reasons for the the wealth gap is household ownership.
Based on this we can conclude that the mere image of being black is shattered and anywhere you go you will be judged as lower class. The fear created by the media make it seem like if you were to rent your home to a black descent, they’ll destroy your home or yet create a hostile environment and make it uncomfortable to other people. Another fear that sticks around with Africans Americans is that they “promote the gang lifestyle or are anti law enforcement” (Glassner 122). Though the realtor shuns African Americans from renting the homes they would not even rent/sale the home to a black family, even if they were well qualified, with higher incomes, and was willing to pay a higher down payment. From the book The Black Image in the White Mind by Andrew Rojecki and Robert Entman, they present us with white beliefs stating “the media conveys “problematic” images of African Americans even after decades of heightened awareness and vigilance to rid the media of stereotypes”.
So, many African Americans are denied jobs and receive much lower wages than people of European descent, and it's most likely due to the roots of slavery and discrimination. A possible solution to reducing the great wealth gap that exists between whites and blacks in the United States is to eliminate the discrimination in the realm of housing
One of the factors upon which Coates bases his argument is discrimination that the African Americans faced in the United States. Africans faced discrimination as they tried to purchase homes from the west side neighbors during 1950s (Coates, 34). Coates gives an example of how the greatest percentage
White Americans have about ten times more net worth than African Americans. Redlining and generational wealth lead us to this inequality. The following items will be covered in this essay ,such as redlining, generational wealth, and inequality to explain why white Americans have more net worth than black Americans. Redlining is the main cause of inequality today because it only gave money to the white population. Well then what is redlining?
The racist legislation that followed after the destruction of Black Wall Street haunted generations of African Americans then and now. It is this legislation, rooted in both fear (from feeling threatened), jealousy, animosity, and racism that has perpetuated the racial wealth gap. These legislations and the threat of violence have led to a decrease in homeownership for African Americans; 49% of African Americans owned homes in contrast to 76% of whites between 1994 and 2017 (Asante-Muhammad, et. al., 2017). Although the black middle class increased greatly during the 1950s and throughout the 1980s—with 4 million African Americans belonging to the middle class between 1960 and 1965—it began to decelerate (Gregg, 1998).
Wealth is one of the factors why residential segregation is an increasing problem. Golash- Boza explains, “Residential segregation happened when different groups of people are sorted into discount neighborhoods” (271). It is because of housing segregation
If a black person wanted to own a house in a white neighborhood, It would be hard because white people would start to move out. “They would put signs up saying pg4 blacks are coming don’t sell to blacks , blacks are bad. African American
Another important aspect in closing the racial wealth gap that exist between African households in comparison to white households is income. According to the article, The Roots of the Widening Racial Wealth Gap: Explaining the Black-White Economic Divide: “national, state, and local levels, including raising the minimum wage, enforcing equal pay provisions, and strengthening employer-based retirement plans and other benefits.”(). Increasing minimum wage allow individuals to increase their disposable income which will also encourage individuals to save more. Also, enforcing employer-based retirement plans and benefits can allow individuals to have an income to sustain themselves when they are exiting the work force. Also, bring back and funding
For bringing the home within the reach of a black purchaser, however, the speculator extracted a considerable price.” (Jamelle Bouie,How we built the ghettos, page 2) This is like when Lena the mother of Walter and beneatha bought a new house and only had to put a small down payment on it in order to buy the
Black Americans often realize they are less financially stable when compared to their White counterparts. The unemployment rate among black communities is often higher, as well as the poverty level within the community. According to Pew Research Center in 2013 the poverty rate within some Black communities were 27.2, as compared to white American communities at it 9.6. Research also showed that in 2014 the gap of wealth seems to be increasing more and more between white and black families.
On the other hand, African Americans, are now twenty times as likely to live in poor community. A large number of African American families, coming from the underprivilaged quarter of comminity an ages ago, continue to live in such community today. Although, for African african families moving out of such community is much more difficult for them. But only a small number of white families who lived in the poor quarter of community an ages ago still do so. This is a clear example of how race can be related to social
Industrial revolution, which took place at the beginning of the twentieth century, has started changing the global society and developing the fundamental principles of working life. First conceptions and rules were created with the appearance of the first corporations and manufactories. Everyone knows that demand determines supply. Therefore, the growth of the demand was resulted in the increasing the number of corporations, and the fact that existed became bigger and bigger. Various machines appeared in order to help to satisfy the increasing demand, to improve working process, to make it more effectiveness with lower delivery time and better customers’ satisfaction as well as to allow avoiding duplicating of the documents and to make a better interaction between different departments, as a result, working life conditions smoothly changed.
Introduction All over the world, there is an obvious contrast between the living standards and lifestyle of the rich and the poor. Moreover, there is a large gap between the populations of poor and wealthy. This is known as the Wealth Gap, and it is caused by Wealth Inequality. Wealth Income/Inequality is defined as “The unequal distribution of assets within a population.” Wealth is defined as more than just the amount of income a person has, but instead the value of a person’s assets.
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