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Does anyone really believe that the median income for married, white couples with children is over $160k? Use your brains people. One more racist site making up numbers to push their hate.
It's states "median wealth" not income. No mention of debt load.
True, there is the "advanced" category above "proficient". Still, these labels are arbitrary and evidence does not support the claim that the American education system is poor. Adjusted for demographics Americans do well on international tests.
True, there is the "advanced" category above "proficient". Still, these labels are arbitrary and evidence does not support the claim that the American education system is poor. Adjusted for demographics Americans do well on international tests.
Mathematical and Reading proficiency/literacy is not "arbitrary". Lack of either or both absolutely creates income/wealth gaps.
FYI - I know the difference between wealth and income.
The reason why 2 parent black households have less wealth than single parent white families is because of the remnants of housing discrimination.
Two parent black homeowners, even those who have an income that is equal or greater than a white family, if they live in a predominantly black neighborhood, they will automatically have less equity (wealth) in their home because black neighborhoods are valued less than majority white neighborhoods.
This is a remnant of redlining from the 20th century that valued black neighborhoods as less than predominantly white, no matter any other statistics.
The whole credit spiel you stated above has nothing to do with the facts that due to institutional racism via redlining - something that occurred due to FHA loans (that black families could not take advantage of for many years as well BTW post WW2) the legacy of that racism lives on in our homes being valued less.
FWIW, I have a higher net worth than the OP chart as a 2 parent lead, college educated black family. However, that is only because I own 6 homes. Our first home that we purchased in Atlanta was not worth much money because it is in a majority black neighborhood. Even safe, good school having, majority black suburban communities in Atlanta are not worth as much as a majority white district with the same types of homes. This is because of the legacy of racism in America. My equity on my first home was only $20k when we first bought it and that was easily eaten up due to the housing crisis. Due to that crisis and due to having some other investments we purchased other homes in majority black neighborhoods with cash which we rent out and have full equity (wealth). We still only have about $20k on that original home which I still own. The other houses are in much more dilapidated neighborhoods but due to buying in cash we have $60-$100k in equity/wealth for each of those homes and they provide a source of income due to being rented out.
Black families have to buy 3 homes to equal the equity of a white family's home. It doesn't matter if we have good credit or not or if we have a good job and make a good income. Only if we move around predominantly white people can we have an equitable amount of wealth as white families and if "too many" of us move to those areas, white families will leave and that will decrease the wealth of the black families who remain. White flight is still very much occurring in America today.
This is a free country. People CHOOSE to live in a black neighborhood. Nothing stops blacks from selling their home and moving to a better neighborhood. I bought my first home in a "bad" neighborhood because it was cheap. As I earned more money I sold it and moved to a better zip code.
There goes the neighborhood. When a neighborhood gets revitalized, they biotch because values/taxes increase. You cannot win. Enough of the stupid "race" threads.
You would think that people living in a "cheaper" neighborhood would be socking away their cash because they were not blowing all their income on housing. Instead, they bought expensive cars and clothing which are not wealth.
The solution is basically for blacks to do what our grandmothers and grandfathers always tell us to do - you have to be 3 times better and have 3 times as much wealth as the average white person.
This was sage advice from my great grandmother and she was right. For us to even be equal to the average white person, we have to be 3 times better.
Also, careers have nothing to do with wealth. See above. Will also note that educational achievement for blacks has grown substantially over the past 30 years and even Asians and specific African immigrants with their superior educations do not get better job opportunities in regards to executive level and senior management positions versus white Americans.
"Who you know" i.e. one's network is much more important in income and career opportunities than your qualifications. Average white people have a wider network of people in higher positions who will put in a good word for them versus the average black person or hispanic or Asian.
Will also note that Asian Americans have the fastest growing poverty rates in America and not all Asian Americans are the same. Specific ethnic groups of Asian Americans have worse educational, wealth, and career statistics than black Americans.
How conveniently you ignored the South Asian immigrants? Many of them are first generation and they earn in six figures.
Guess what do most of them do here upon their arrival in United States?
****** PUT A HIGH VALUE ON GETTING EDUCATION ******
And then they work hard instead of living a thug life style in the hoods, and cry about having their fore fathers being slaves.
As I said, this may not be a perfect social setup, but on a very large scale, it's a fair game.
You work hard with determination, and most probably, you will get it. Look at Collin Powell.
This shows that perhaps the wealth gap between Hispanics /blacks and whites isn't solely due to family structure.
Of course, this is not surprising because "wealth" is an inheritable asset....which means that much of the wealth that exist was created in the past in terms of ownership of land. We all know that the past was not fair to black people, in regards to the monopoly game. Black people were really not allowed to fully participate in the monopoly game until the game was well underway and most of the "squares" were already owned by whites. By the time we were allowed in the game, each time we rolled the dice we landed on squares already owned by whites, then had to pay them, increasing their income and wealth. If we were not landed on their squares, we were going strait to jail with no get out of jail free card. So...yeah....this is not surprising because wealth is passed down from generation to generations and whites, collectively, had a huge head start in the game.
The wealth gap reflects the racist history of this nation, more than it reflects whats going on now with race in the nation. If all racism were eradicated from institutions and people today, in 20 years there would still exist about the same wealth gap because its a legacy from the past.
Like Newton said, an object in motion will continue in the same direction of that motion until or unless acted upon by on opposing force. The racism of the past moved America into the motion of racial inequality. America will continue to move in that direction, without having to fuel it with contemporary racism, as long as America does not apply an equal and opposite opposing force to counter the impact and displacement created by past racism. This is not rocket science. However, the problem is that racism is still alive and well and whilst it might not be as strong as a force as it used to be in moving the nation in the direction of racial inequality.......its a strong force in preventing the equal and opposite force being applied to undo the displacement created by past racism....logically speaking.
Logically, what needs to be done is elementary. The problem is that what gets done is not governed by logic, but rather, emotions.
Have people on here never heard of generational wealth and what policies have historically affected that for many minority's over the years?
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I bought my first home in a "bad" neighborhood because it was cheap. As I earned more money I sold it and moved to a better zip code.