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The wealth gaps between whites and minorities have grown to their widest levels in a quarter-century. The recession and uneven recovery have erased decades of minority gains, leaving whites on average with 20 times the net worth of blacks and 18 times that of Hispanics, according to an analysis of new Census data.
Quote:
The median wealth of white U.S. households in 2009 was $113,149, compared with $6,325 for Hispanics and $5,677 for blacks, according to the analysis released Tuesday by the Pew Research Center. Those ratios, roughly 20 to 1 for blacks and 18 to 1 for Hispanics, far exceed the low mark of 7 to 1 for both groups reached in 1995, when the nation's economic expansion lifted many low-income groups to the middle class.
The white-black wealth gap is also the widest since the census began tracking such data in 1984, when the ratio was roughly 12 to 1.
"I am afraid that this pushes us back to what the Kerner Commission characterized as 'two societies, separate and unequal,'" said Roderick Harrison, a former chief of racial statistics at the Census Bureau, referring to the 1960s presidential commission that examined U.S. race relations. "The great difference is that the second society has now become both black and Hispanic."
There's no obligation to our nation to "close the wealth gaps" ... if people want to make more money they need to go to school and look for a job. End of story.
There's no obligation to our nation to "close the wealth gaps" ... if people want to make more money they need to go to school and look for a job. End of story.
That's the attitude of the rich, the people who have benefit from the status quo.
J.P. Morgan was once asked by reporters about his secret to success and he replied: " I'm a firm believer in luck, and I find that the harder I work, the luckier I get".
J.P. Morgan was once asked by reporters about his secret to success and he replied: " I'm a firm believer in luck, and I find that the harder I work, the luckier I get".
Yeah, but if JP Morgan had grown up with a cell phone in his hand and full access to Facebook, he never would have said that.
Yeah, but if JP Morgan had grown up with a cell phone in his hand and full access to Facebook, he never would have said that.
Probably. He wouldn't have been perceptive enough to say it, or successful enough.
That'll look great on a resume though. Professional tweeter!
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Wealth gap widens between whites and minorities.
Professional tweeter!
