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A new report calculates that median wealth for black Americans will fall to $0 by 2053, if current trends continue. Latino-Americans, who are also experiencing a sustained downward wealth slide, will hit $0 about two decades later, according to the study by Prosperity Now and the Institute for Policy Studies.
“By 2020, median black and Latino households stand to lose nearly 18% and 12% of the wealth they held in 2013 respectively, while median white household wealth increases by 3%,” the report states. “At that point – just three years from now – white households are projected to own 86 times more wealth than black households, and 68 times more wealth than Latino households.”
If that alarming study doesn’t make you want to give up on the left, I don’t know what does. People of color are clearly hitching their hope and supprt on a sinking ship.
The only real solution now is for people of color to start depending on themselves for social progress and upward mobility. Real change must come from within. No politician or government program is going to save us, just look at the horrible job they’ve done so far.
OP and OP's link are being disingenuous, and are forced to do so because they are both dancing around the biggest elephant in the room.
The link doesn't mention that it's not race that is driving this, but IQ. In fact, most whites will also have wealth approaching zero in 30 years, because most whites aren't intelligent enough to thrive in an automated economy. The elephant in the room is that race group IQ differences vary. Just plot the IQ distribution of each group, using race as the group identifier if you are concerned with race, on an IQ axis, then slowly move the employment threshold rightward over time. Wealth will be concentrated among those to the right of the threshold, and more and more people will have nothing.
The OP is disingenuous in implying that a different sort of political allegiance or program will make any noticeable difference in this trend.
OP and OP's link are being disingenuous, and are forced to do so because they are both dancing around the biggest elephant in the room.
The link doesn't mention that it's not race that is driving this, but IQ. In fact, most whites will also have wealth approaching zero in 30 years, because most whites aren't intelligent enough to thrive in an automated economy. The elephant in the room is that race group IQ differences vary. Just plot the IQ distribution of each group, using race as the group identifier if you are concerned with race, on an IQ axis, then slowly move the employment threshold rightward over time. Wealth will be concentrated among those to the right of the threshold, and more and more people will have nothing.
The OP is disingenuous in implying that a different sort of political allegiance or program will make any noticeable difference in this trend.
It's about growing up in a two parent family. That is the biggest indicator of success.
If that alarming study doesn’t make you want to give up on the left, I don’t know what does. People of color are clearly hitching their hope and supprt on a sinking ship.
The only real solution now is for people of color to start depending on themselves for social progress and upward mobility. Real change must come from within. No politician or government program is going to save us, just look at the horrible job they’ve done so far.
Not sure how the "left" figures into this little story, but if it makes you feel better...……….
It's about growing up in a two parent family. That is the biggest indicator of success.
Exactly. The out-of-wedlock birth rate is almost 3 out of 4 in the black community. Cut that rate in half, and watch the black poverty rate decline substantially.
There also needs to be a reward system tied to welfare. Mothers with at least one child over 12 (I started babysitting at 11) must work, or their welfare payments drop by 20%. On the flip side, mothers who work not only get their full welfare paymeny, but a 20% "work incentive" added to it. That is a total reward payment of 40%, bringing the $10/hr MCJob up to an effective $14/hr, or an extra $28,000 a year for her efforts. (And then add in the balance of the welfare, meaning she has a decent income).
Exactly. The out-of-wedlock birth rate is almost 3 out of 4 in the black community. Cut that rate in half, and watch the black poverty rate decline substantially.
There also needs to be a reward system tied to welfare. Mothers with at least one child over 12 (I started babysitting at 11) must work, or their welfare payments drop by 20%. On the flip side, mothers who work not only get their full welfare paymeny, but a 20% "work incentive" added to it. That is a total reward payment of 40%, bringing the $10/hr MCJob up to an effective $14/hr, or an extra $28,000 a year for her efforts. (And then add in the balance of the welfare, meaning she has a decent income).
Stop with the common sense already! Liberalism thrives on rewarding bad decisions and dependence on the government. Encouraging minorities to help themselves goes completely against their modus operandi.
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