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View Poll Results: Is the racial wealth gap a problem for government to solve?
Yes 15 13.27%
No 98 86.73%
Voters: 113. You may not vote on this poll

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Old 08-30-2017, 07:03 PM
 
1,639 posts, read 1,098,826 times
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I'm going to talk about a couple of things with this thread. What I want to get at is the overall feeling concerning the equality of race in this nation and why do people feel like we've come a long way since the 60s. We can see when it comes to things like wealth and income, there is a huge gap between white and black families, even more so with wealth. My question to everyone is, and I'll leave this as the poll question, do you care about the racial wealth gap? If yes or no, explain your answer in your comments. Another question I would ask is should the racial wealth gap be a problem for government to solve?

Here's a wealth chart from an article at demos.org showing the wealth of white, latino, and black families. Wealth Inequality by Race | Demos

From the chart, we can see over half of all white families in the US are over 100K in net worth. That kind of money goes a good way in most places in America. Yet for black families, they don't reach 100K in net worth until you get around the top 20%. When you take a harder look at the chart, you can clearly see over 65% of all of Black America has little to no wealth. Now in the same article, the last chart breaks the numbers down even further, showing you exactly the wealth numbers in relation to where families are along their percentage lines of their ethnic category. (If you know your families' net worth, compare it to the chart to see where you are on the percentage line)

Keeping all these numbers in mind, according to https://www.financialsamurai.com/the...-middle-class/ , if your family has a net worth between 100k-2 million, you are apart of the upper middle class. We've already establish for white families, the median net worth is over 100k. So over half would fit into this category or beyond. For black families, over 65% are flirting with the poverty line , and they don't reach the 100k mark until you get into the top 20%. So to review, 100k in white families puts you at the 45th percentile, while with black families puts you at the 80th percentile. That is huge folks! I didn't even mention other factors like the size of individual families and the poverty line. In this article https://www.zanebenefits.com/blog/20...vel-guidelines you see the size of your family determines what your poverty level designation would be. If you're a black family with 4 or 5 children, technically speaking chances are you are living in poverty.

Of course all I've mentioned here is net worth, and not in addition to income. However, again it's worthy to note most black people have little to no net worth. So if you're black, all your hopes and dreams will most likely be locked within your level of income. Is income enough? According to the stats, heck no it isn't! The median income for white families is 72k a year, for black families 43k. So for every black family, you are literally living paycheck to paycheck. However, what happens if you lose your job?

With that, I'll leave you guys with these numbers and let me know what should be done, if anything should be done at all? Do you think this is a problem black people should solve on their own? If so, why? I'll respond further and give my opinions after reading some comments.
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Old 08-30-2017, 07:09 PM
 
3,142 posts, read 4,111,989 times
Reputation: 4157
Quote:
Originally Posted by Heavenese View Post
I'm going to talk about a couple of things with this thread. What I want to get at is the overall feeling concerning the equality of race in this nation and why do people feel like we've come a long way since the 60s. We can see when it comes to things like wealth and income, there is a huge gap between white and black families, even more so with wealth. My question to everyone is, and I'll leave this as the poll question, do you care about the racial wealth gap? If yes or no, explain your answer in your comments. Another question I would ask is should the racial wealth gap be a problem for government to solve?

Here's a wealth chart from an article at demos.org showing the wealth of white, latino, and black families. Wealth Inequality by Race | Demos

From the chart, we can see over half of all white families in the US are over 100K in net worth. That kind of money goes a good way in most places in America. Yet for black families, they don't reach 100K in net worth until you get around the top 20%. When you take a harder look at the chart, you can clearly see over 65% of all of Black America has little to no wealth. Now in the same article, the last chart breaks the numbers down even further, showing you exactly the wealth numbers in relation to where families are along their percentage lines of their ethnic category. (If you know your families' net worth, compare it to the chart to see where you are on the percentage line)

Keeping all these numbers in mind, according to https://www.financialsamurai.com/the...-middle-class/ , if your family has a net worth between 100k-2 million, you are apart of the upper middle class. We've already establish for white families, the median net worth is over 100k. So over half would fit into this category or beyond. For black families, over 65% are flirting with the poverty line , and they don't reach the 100k mark until you get into the top 20%. So to review, 100k in white families puts you at the 45th percentile, while with black families puts you at the 80th percentile. That is huge folks! I didn't even mention other factors like the size of individual families and the poverty line. In this article https://www.zanebenefits.com/blog/20...vel-guidelines you see the size of your family determines what your poverty level designation would be. If you're a black family with 4 or 5 children, technically speaking chances are you are living in poverty.

Of course all I've mentioned here is net worth, and not in addition to income. However, again it's worthy to note most black people have little to no net worth. So if you're black, all your hopes and dreams will most likely be locked within your level of income. Is income enough? According to the stats, heck no it isn't! The median income for white families is 72k a year, for black families 43k. So for every black family, you are literally living paycheck to paycheck. However, what happens if you lose your job?

With that, I'll leave you guys with these numbers and let me know what should be done, if anything should be done at all? Do you think this is a problem black people should solve on their own? If so, why? I'll respond further and give my opinions after reading some comments.
The best way to close the racial wealth gap is through encouraging black entrepenureship, black participation in the stock market and black homeownership. Black people historically have been barred from capital and that's often what makes the difference.
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Old 08-30-2017, 07:11 PM
 
Location: Santa Monica
34,170 posts, read 13,313,094 times
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Government doesn't solve problems. It creates them.
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Old 08-30-2017, 07:17 PM
 
Location: Japan
13,807 posts, read 5,865,138 times
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Black socio-economic underperformance is a worldwide phenomenon. It's silly to describe the various gaps relative to other groups as American problems and try to pin the blame for them on American people and government policies.
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Old 08-30-2017, 07:32 PM
 
Location: Earth
17,444 posts, read 25,610,644 times
Reputation: 7396
Quote:
Originally Posted by Shizzles View Post
The best way to close the racial wealth gap is through encouraging black entrepenureship, black participation in the stock market and black homeownership. Black people historically have been barred from capital and that's often what makes the difference.
Exactly.
And encourage more two parent families and less welfare. (For whites and others as well as blacks)
That would not only take care of the wealth gap it would erase many of the other problems in many black communities.
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Old 08-30-2017, 07:39 PM
miu
 
Location: MA/NH
17,623 posts, read 36,709,363 times
Reputation: 17454
Perhaps if the chronically poor blacks could be encouraged to change their culture and be more like the Asians? Pool all the family resources in order to buy real estate or build a family-run business. If not marrying their partners, at least delay having children until later in life. Also, to consider geekiness cool. Lastly, in pooling their resources and even getting second jobs, it's much better to buy with cash than with credit. Those sub-prime loans were a huge mess to deal with.

There are lots of programs out there right now to teach black and Hispanic teens how to code.

Our government can't solve the problems of urban ghetto culture. That is on the poor communities to realize what a dead end that way of thinking is.
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Old 08-30-2017, 07:42 PM
 
1,639 posts, read 1,098,826 times
Reputation: 363
Quote:
Originally Posted by Shizzles View Post
The best way to close the racial wealth gap is through encouraging black entrepenureship, black participation in the stock market and black homeownership. Black people historically have been barred from capital and that's often what makes the difference.
Most see the main reason for the gap in wealth is because of home ownership, so that would be a good answer to combat the problem. The thing is, most black people don't have the money to buy a house. According to The Median Home Price Is $188,900. Here's What That Actually Buys You. | HuffPost the median cost of a house in the US is $188,900. Putting down 20%, you would have to pay $37,780 up front. Most of Black America don't have that. Now, if you could afford it, its sobering to know houses in black neighborhoods aren't worth as much as houses in white neighborhoods. In some cases, black houses actually depreciate in worth, which is something that is not suppose to happen! Cars depreciate the moment you drive them off the lot, but houses are suppose to increase in worth.

As for the stock market, you will only make a lot of money if you invest in the right companies, those who start out small and end up becoming big. White people as a whole didn't get their net worth through the stock market. Usually those who score big there, already had a good net worth to invest in the rewarding stocks. Finally with entrepreneurship, that would only make a handful of people wealth. In order to effect a general population, you would have to be able to employ people at high numbers. Over 90% of black businesses have no employees. What this says is we have no real money to start meaningful businesses. The average startup cost for businesses is $30,000 according to https://www.sba.gov/blogs/how-estima...siness-scratch I would dare say it would cost much more than that if you want to start businesses that can employ a significant number of black people.

Quote:
Originally Posted by The Dark Enlightenment View Post
Black socio-economic underperformance is a worldwide phenomenon. It's silly to describe the various gaps relative to other groups as American problems and try to pin the blame for them on American people and government policies.
We aren't worried about what countries around the world are doing. You would have to account history and other stats in order to fully explore those things. Here in the US, we know our history and why black people are where they are. I argue it's an American problem because of the history of slavery, Jim Crow, and current day discrimination.
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Old 08-30-2017, 07:43 PM
 
33,961 posts, read 12,430,030 times
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https://www.youtube.com/watch?v=aGooHl2R_Y8
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Old 08-30-2017, 07:47 PM
 
1,639 posts, read 1,098,826 times
Reputation: 363
Quote:
Originally Posted by miu View Post
Perhaps if the chronically poor blacks could be encouraged to change their culture and be more like the Asians? Pool all the family resources in order to buy real estate or build a family-run business. If not marrying their partners, at least delay having children until later in life. Also, to consider geekiness cool. Lastly, in pooling their resources and even getting second jobs, it's much better to buy with cash than with credit. Those sub-prime loans were a huge mess to deal with.

There are lots of programs out there right now to teach black and Hispanic teens how to code.

Our government can't solve the problems of urban ghetto culture. That is on the poor communities to realize what a dead end that way of thinking is.
So how do you explain statistics that say white people without a high school diploma, have more net worth and income than black people with some college under there belt. (at least a 2 year degree)? How do you explain the likelihood of whites with a criminal history, getting jobs before blacks with no criminal history? The truth is, no matter what black people do, the wealth gap is widening. So even if we were to do the things you mentioned, like "changing our culture", it would make no difference at all.
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Old 08-30-2017, 07:52 PM
 
20,975 posts, read 6,461,841 times
Reputation: 13967
Quote:
Originally Posted by No_Recess View Post
Government doesn't solve problems. It creates them.
Tell that to the millions still alive due to certain cures, vaccines, sewer and sanitary systems, fending off of Nazis, warning of storms and hurricanes and innumerable other actions which have saved tens or 100's of millions over the generations.

Tell that to the billions who will be helped by the decoding the Genome - a project started along it's way by the government. Same for the telegraph, the transcontinental rr, the first scheduled air flights (mail) and - again, thousands of other such things.

The easiest thing to do in life is repeat a slogan.
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