Wealth Disparities Among African Americans
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For this week 's current events I an article read on the Huffington post that talks about the vast wealth gap between Black and White America. According to the post the gap got a bit smaller in the years leading upto the Great Recession but in the past 30 years has exploded as the black and Latino communities have been hit by foreclosures and job cuts. There 's a lot of reasons why there are enormous wealth gaps between minorities and whites in America. The most simple answer is, it takes money to make money. Part of the reason that there 's this enormous gap is because whites have long had higher wages and wealth to pass on from generation to generation.
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Education, wealth and assets, and labor and market opportunities has always been unequally divided between Caucasian and African Americans. African Americans do not amass huge sums of money, they own less property and receive unequal educational opportunities. These disparities have landed African Americans in the low socio-economic class. Trying to narrow the economic gap between White and Black Americans, policies such as the Elementary and Secondary Education Act and Welfare Policies were implemented. This essay will highlight how education, wealth and assets and labor market opportunities contribute to the economic gap in America.
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This social class categorizes the rich, the poor and the “one percent “on a wide spectrum. In the United States, the blacks and whites are at both ends of the distributed wealth throughout the country. Caucasians remain at the “rich, privileged” side of the spectrum while the blacks remain at the “poor, unprivileged” end. In between both groups lies the latinos, which seem to fall closer to African American side of the spectrum. It is believed that this wealth gap had been formed due to the saying “it takes money to make money” (Conley).
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However, wealth is inherited and relates to property. Sadly, there is a huge number of black families that are in debt. In the article, “Reparations Would Help Close Wealth Gap in America” by Eric Cooper, Cooper gives facts from Pews Research Center stating that Blacks are not able to earn wealth than whites. “Approximately 35 percent of African American households have a zero or negative net worth, according to Pew. A few months
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Racial equalities are when people of tied to poverty and tied to race, possibly even more than in other Eastern North Carolina rural communities where blacks and Latinos typically experience higher rates of poverty than their white counterparts. Overall, black and Latino residents of North Carolina are much more likely to live in poverty than white North Carolinians. In the state, 27.7 percent of African-Americans live in poverty, while 34 percent of Latinos do, according to an analysis by the N.C. Budget and Tax Center. Less than 12 percent of the state’s white population lives in poverty. Those rates go up even higher for children
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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
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“The greatest predictor of whether Americans are poor is not geography, however; the greatest predictors are race-ethnicity, education, and the sex of the person who heads the family.” (Henslin, 2013, p. 212). Race-ethnicity is one of the strongest factors of poverty. There is a common stereotype that Latinos and African Americans are the most poor; however, the Caucasians in America are the most poor. There are a smaller percentage of poor Caucasians, but there are a larger total number of Caucasians as a collective ethnic race within America causing them to have a lower percentage than other races, but they have the poorest people in America.
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A problem I would like to solve is the prevalent racial inequality in the United States today. African Americans and Hispanics are the most underserved racial groups in American society. About 45% of African Americans and 46% of Hispanics live in episodic poverty (defined as poverty lasting less than three years). Over 15% of African Americans are unemployed, and they make up 40% of the prison population in America. This is a shocking statistic, as only 13% of the United States ' population is African American.
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