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For all statistical novices out there, both the average and median are important measures to be aware of, as is the difference between the two. Especially over time, these three pieces of information can tell you quite a lot about what's happening within a particular set of data.
The study reported in the OP was conducted by the Urban Institute. UI is in many ways similar to GAO or CRS except that those were chartered by Congress to provide independent and impartial information and analysis, whereas the Urban Institute was chartered by the executive (LBJ in 1968) to provide impartial information and analysis. The UI has broadened its customer base over the years to include foundations, universities, and corporations, but more than half of its work is still done at the request of the federal government. UI enjoys a very good reputation and is not in other words some Heritage Foundation partisan laughing-stock operation.
In this particular study, both the average and median confirmed the same trends as have been found in virtually every other study of the matter -- there remain powerful institutional barriers to economic advancement by blacks and to a lesser degree by Hispanics. It is not the case that these populations are lazy or have too many children. It is the case that they are and have long been the subjects of economic discrimination. Grownups accept the obvious and wonder what we could do about it. Children run off and seek to stick their heads in the sand. We seem to have here more of the latter than the former.
Any responsible researcher trying to create a relevant piece would've had the decency to use the median due to the enormous positive skew on the data. The original article is a joke by a journalist whose only goal was to gain viewers, not to create a valuable piece of reporting. The average here is a completely useless figure.
+1
Absolutely. While the average can have some use because charting the change in the skew over time may have some value, I really think in this context the data presented here amounts to pure sensationalism.
Median wealth statistics are also generally better presented by age group, especially in the context of public level journalism. It is just not particularly useful unless you are near the median age. If you "only" have the median wealth level and are 60, you are likely in trouble unless you have a pension (which IS really valuable in certain cases. If you are 25 and are at the median wealth level, there is a strong likelihood you are in excellent financial shape.
These types of statistics are generally not very useful. What is much more useful, in my view, is plotting their change over time since it can really provide further context, or plot them versus some other statistic.
No why......whites have had more time to build wealth. Blacks and other minorities were prevented from living the American dream all the way up until 1964,when the Civil Rights Act came into being.
In this particular study, both the average and median confirmed the same trends as have been found in virtually every other study of the matter -- there remain powerful institutional barriers to economic advancement by blacks and to a lesser degree by Hispanics. It is not the case that these populations are lazy or have too many children. It is the case that they are and have long been the subjects of economic discrimination. Grownups accept the obvious and wonder what we could do about it. Children run off and seek to stick their heads in the sand. We seem to have here more of the latter than the former.
Yes, it's too bad that everyone who really understands problems like this is busy running a restaurant rather than running everybody else's lives.
What you see in the present data set is the result of a dysfunctional Black culture. Senator Moynihan (D, NY) did an early study (1960s) and issued a report on the subject title "The Negro Family," wherein he predicted that the dysfunctional Black culture and family structure would ultimately lead to great economic stagnation. This was followed by Edward Banfield's book "The Un-heavenly City" which formalized the notion that society cannot help people who are either unwilling to plan for the future or incapable of doing so (Banfield held an endowed chair at Harvard). And then liberal extremism and political correctness intervened . . .
Anyone who is curious as to whether this dysfunctional, self-defeating culture persists today would be well informed by looking at the rate of single-parent Black families, no-parent families, illegitimate children, crime statistics, dropout rates, SAT scores, grade-level completions, literacy, addiction, the worship of NBA players and their athletic shoes (and a willingness, in extreme cases, to mug and even kill for these shoes), and a host of other indicators. If you don't understand what I am saying take a trip to inner-city Baltimore one Saturday night and look around. People who make the claims you have made here, oaktonite, are the engines behind keeping this kind of culture going. For some of them, it is a matter of professional self-interest; this is how they make a living.
As to institutional barriers remaining today -- baloney. Every institution I am affiliated with has an aggressive affirmative-action program to the point of being abusive of non-Blacks. We also have head-start, contract set-asides, minority scholarships, after-school care, special mentoring programs, and racial exceptions within the criminal justice system (see, for example, North Carolina's so-called racial justice act, and our so called hate-crime laws). Just one case study relevant to the subject would be the treatment of White lacrosse players at Duke University who were fraudulently accused of sexual assault by a Black call girl circa 2001.
The final irony is that even the most disadvantaged segments of our population live lives in the United States that are vastly better than their counterparts still in Africa. Note that the study posted by OP claimed that American Black families have an average net worth of about $100 thousand.
Last edited by Hamish Forbes; 05-01-2013 at 10:56 AM..
Yes, it's too bad that everyone who really understands problems like this is busy running a restaurant rather than running everybody else's lives....
Why, just see! It's a post of entirely irrelevant blather evidencing nothing more than severe emotional butthurt along with the blatant bigotry of a deep-seated racism. Contemptible through and through, but merely add unsurprised to the earlier unimpressed.
Yes, it's too bad that everyone who really understands problems like this is busy running a restaurant rather than running everybody else's lives.
What you see in the present data set is the result of a dysfunctional Black culture. Senator Moynihan (D, NY) did an early study (1960s) and issued a report on the subject title "The Negro Family," wherein he predicted that the dysfunctional Black culture and family structure would ultimately lead to great economic stagnation. This was followed by Edward Banfield's book "The Un-heavenly City" which formalized the notion that society cannot help people who are either unwilling to plan for the future or incapable of doing so (Banfield held an endowed chair at Harvard). And then liberal extremism and political correctness intervened . . .
Anyone who is curious as to whether this dysfunctional, self-defeating culture persists today would be well informed by looking at the rate of single-parent Black families, no-parent families, illegitimate children, crime statistics, dropout rates, SAT scores, grade-level completions, literacy, addiction, the worship of NBA players and their athletic shoes (and a willingness, in extreme cases, to mug and even kill for these shoes), and a host of other indicators. If you don't understand what I am saying take a trip to inner-city Baltimore one Saturday night and look around. People who make the claims you have made here, oaktonite, are the engines behind keeping this kind of culture going. For some of them, it is a matter of professional self-interest; this is how they make a living.
As to institutional barriers remaining today -- baloney. Every institution I am affiliated with has an aggressive affirmative-action program to the point of being abusive of non-Blacks. We also have head-start, contract set-asides, minority scholarships, after-school care, special mentoring programs, and racial exceptions within the criminal justice system (see, for example, North Carolina's so-called racial justice act, and our so called hate-crime laws). Just one case study relevant to the subject would be the treatment of White lacrosse players at Duke University who were fraudulently accused of sexual assault by a Black call girl circa 2001.
The final irony is that even the most disadvantaged segments of our population live lives in the United States that are vastly better than their counterparts still in Africa. Note that the study posted by OP claimed that American Black families have an average net worth of about $100 thousand.
You sont make any sense.
How can you compare whites,who always had opportunities in this country,with blacks?
Have you read about black wall street?
Blacks have always tried to become successful in this country before 1965,but whites have always made sure to keep them in their place. Think..they only had 48 years,which isn't a long time.
In 1960,blacks weren't even allowed to live in certain neighborhoods,and also weren't even considered a full person.
What does Africa have to do with this?
Seriously? We are talking about America right?
Americans are Americans regardless of color.
You sont make any sense.
How can you compare whites,who always had opportunities in this country,with blacks?
Have you read about black wall street?
Blacks have always tried to become successful in this country before 1965,but whites have always made sure to keep them in their place. Think..they only had 48 years,which isn't a long time.
In 1960,blacks weren't even allowed to live in certain neighborhoods,and also weren't even considered a full person.
What does Africa have to do with this?
Seriously? We are talking about America right?
Americans are Americans regardless of color.
you dont start counting the time someone has by the amount of time people of their own race have had it good in this country. you start counting from that person's birth. most white people i know got nothing from anyone older than them beyond a good upbringing.
To reply to the thread in general. damn.... where is my $600,000? I feel cheated, oh Uncle Tom in the white house, please put $600,00 in my bank account tax free. Thanks.
In regards to Hamish Forbes. As I've said before. Don't feed the trolls. If you've never herd of the term "Uncle Tom," i'll let the late El-Hajj Malik El-Shabazz explain via youtube. Ignore the images.
Here is a good example. My parents are retired and have about $3 million , including their house. I am 30 and have $100,000. My sister is 32 with no assets. So right there the "average" household net worth is $516,000. Is the data accurate, yes. Does it measure reality? Not at all.
But Hamish Forbes does make sense. In fact, he is spot on.
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Dang! Now, that's funny!
