Skip to comments.Wealth Gaps Rise to Record Highs Between Whites, Blacks, Hispanics
Posted on 04/19/2012 3:05:09 PM PDT by Sam Gamgee
The median wealth of white households is 20 times that of black households and 18 times that of Hispanic households, according to a Pew Research Center analysis of newly available government data from 2009....
(Excerpt) Read more at pewsocialtrends.org ...
“White Americans have 20 times the assets of black American households? How can that even be true?”
Maybe they didn’t put all their faith in Obama’s stash?
where’s the “That’s RACIST!” kid?
I’d like to see these stats compared to welfare stats. There may be a lesson in all this.
Should be interpreted as:
The ostensibly noble intentions of government to encourage home ownership among minorities by pressuring banks and mortgage companies to make home loans that would not pay back ended up hurting minorities instead of helping them.
Imagine that. . . our know-it-all federal government screwed it up again. Oh well, what is a few more minorities on government assistance? . . . Votes!!!!!
A few years ago when I watched BOR, he had a stat that he threw out that said of black households that had a man and woman in the house, that black familys were only 2% short of what the white families made.
That is what happens when they sit on their butts waiting for whatever the poverty pimps give them to live on.
As time waits for no man you either move forward or you will fall back, you will never stay the same because the world will pass you by.
What I’d REALLY like to see is how these numbers have changed from GWbush vs. under Obama. Since we know Obama has roughly doubled black unemployment, it wouldn’t surprise me if this was true. <p.
And this time it IS Obama’s fault!
Wonder if they compared how many DAD´S were at home with the momma being the principle bread winner...statistic. I´ve always heard that the number ONE cause of poverty is Single Mom households, then Divorce, then Alcoholism, and then Drugs. Would there be MORE black males on drugs than white males. It´s a genuine question. How about whites that finish H.S compared to blacks. Lack of education leads to lower wages.
What do they expect when they bring in thru immigration millions of high school dropouts who displace blacks and other Hispanics from low paying jobs?
In all race questions. from this to incarceration, to profiling, always ask, “give me the numbers for the Asians”.
In almost all cases it always “proves” that America is structured as a racist society which is racist in favor of Asians over whites, blacks, and Hispanics, etc, shocking, but.......
If you take the time to read the article and the full study, you would find that your question has been answered.
It’s probably true. Blacks are a very small percentage of the US population (although you’d never know it, since 99% of our attention is devoted to them) but even so have the highest rates of single mothers, welfare, imprisonment, etc., so averaging it out just between the two groups, the figure is probably correct.
I’m not sure where Hispanics - a group that is so broad it is almost meaningless - fall in the numbers game, but I think there are more Hispanics than blacks in the US, and therefore you have a bigger sample. However, their position is basically that of any immigrants, that is, arriving poor and working their way up, so the wealth gap isn’t that meaningful.
I don’t know what blacks are going to do unless they get that chip off their collective shoulder and start really working to get ahead, like everybody else. When they do, they progress just like everybody else, because there is no reason they shouldn’t. Unfortunately, the current government is encouraging just the reverse, and they feel as if they shouldn’t have to make any effort at all and that their project is something separate from that of the rest of their fellow-citizens.
I know. I did read the article. It lists what are included in assets and liabilities. I am just doubtful of the way they obtained this data. It was obtained not objectively but subjectively by a survey. I just don’t know how accurate information can be when you just ask people about their finances. Maybe white are bigger liars?
The article, you are right, does explain that between dates, the housing bubble hurt blacks more than whites. So blacks took riskier terms on their mortgages.
What it doesn’t explain is the presumption that in 1982, whites started by having 12 times the net assets of blacks. I just find that absurdly hard to believe.
The information for Asians is in the report. Yoyu are correct. Asians are doing better than everyone else in terms of mean net worth.
That’s what I am wondering. It was sent to me by a person who said class warfare IS race warfare, and this article was his proof.
I’ll bet the wealth gap has widened. What with the NBA and NFL almost exclusively black, it’s no doubt that the gap would widen.
Did you read the full report, i.e., the PDF? The report describes the methodology and how the data were collected.
Here in Atlanta, you see a high end Mercedes, Bentley, or Italian exotic sports car it is being driven by a ‘person of color’ 9 out of 10 times.
You make some great points. Single motherhood is rampant in urban black communities as is generational welfare, and most reliable economic studies show single motherhood is one of the chief indicators of decline in wealth for women.
Which means this is not so much an economic problem but a moral or social problem within the black community itself.
If a white man has more than a black or Hispanic man it could be just that the Democrat party has kept the Black and Hispanic man on the handout line so much they have unwittingly become slaves of their own making through Generations of handouts ...
It ain’t got a darn thing to do with color it’s got to do with how your raised and what type of work ethic you were raised with ...
Of course you cant tell them that or a emocrat thet for that matter because the white man that works is unfair and racist because the party says so ...
Are they all that way ? of course not ! blacks , whites and Hispanics can all be racist but i don’t have to explain that to anyone here if you have ever been out in the world you have seen it from all races and in all cases in races racism is a usless evil tool used by the weak to justify their own lack of courage and willpower...
I’m going to go out on a limb and guess that ‘wealth gap’ and ‘at least one person in household employed gap’ are tightly correlated. I’m also going to guess that ‘wealth gap’ and ‘father in home gap’ are also closely linked.
Maybe blacks have a larger percentage of youth, which would explain lack of assets.
The SCF has been conducted triennially by the Federal Reserve Board since 1989. However, wealth data from these surveys are broken down into only two broad racial and ethnic groups: non-Hispanic white households and all other nonwhite or Hispanic households.
From the PDF
It also shows that blacks depended 65% of the time on their home as their financial asset of choice vs 44% of white. Other words blacks put more eggs in that rotten basket.
In which case one could make a couple conclusions:
One, blacks are the victims of misfortune of not being prepared for the bad lending practices of the US market.
Two, the push for home ownership by Clinton and Bush was misguided generally, and since it was pushed even harder on blacks, both Administrations, share some blame.
Let’s see a line chart with Black women having multiple babies out of wedlock, and counting on government as their support, and I’ll bet it would match these stats....what did they expect?
Of course they do. If you spend you life on welfare, you have nothing.
Better to look at blacks who whent to college and then have worked consistantly since graduation to one who has done the same thing, and who is white and hispanic and compare them.
To compare the 10+ years of hard work in factories and night school, and then a 20+ year professional career against 30+ years of welfare collection. To somehow suggest that there is a statistical difference, belies that fact that hard work produces results and wealth and welfare leaves the recipient poor.
Does anyone remember Apostle Paul’s admonition about teaching a man to fish?
Don't get out much, huh?
More whites have 401K plans, which are counted as wealth. More blacks work for government, and the net present value of a government pension is not counted as wealth. Neither is the income stream from welfare.
“Wealth Gaps Rise to Record Highs Between Whites, Blacks, Hispanics”
I guess wealth is a reasonable metric of effort, ability, perseverance, stability of family, respect for the law and fiscal responsibility after all....
It couldn’t be from Intellectual Capacity, could it?
Not so much, I think. If you were correct, then why does the gap fluctuate so much from one year to the next? The answer is the economy. When the economy goes down the shitter, the bottom half suffers the most. Those with less education tend to be in the bottom half. Immigrants and ghetto dwellers have much less education.
ding ding ding
winner winner chicken dinner
She used to take kids into her home at times to protect them from their parents.
Bubba Rednecks pays for his food, clothing, shelter and kids' home schooling for the month and has enough left over to sock away $1000 a month in the bank.
Juan Valdez pays for his food, clothing and shelter for the month and has enough left over to send $1000 a month to his family back in Cartagena.
Eric Holder's person spends it all the first day on cornrows, a four-pack of 24-ounce Colt 45 malt liquor and a street-corner game of craps.
At the end of a year Juan Valdez and Eric Holder's person have spent all their money and have nothing to eat and plead with pResident Obama to help them.
Barack Obama has the FBI check everyone's bank accounts and discovers that Bubba Redneck has been hording money and, in the name of "fairness," has it transferred to the federal government, where a fourth of it is distributed among the two poor families of Juan Valdez and Eric Holder's person, and the rest is used to cover federal overhead expenditures, Las Vegas junkets for various federal agencies, and golf memberships for the entire White House staff at Augusta National.
The cash equivalent value of the total benefits a welfare family will receive is about $2 million. They are virtual millionaires.
Asians and non-Hispanic whites do better materially than blacks and Hispanics because they are better educated.
My reaction as well. Note it's the median white wealth vs. the median black wealth, not income, and wealth can be negative I presume. Could be a case where a much larger fraction of nonwhite households are "underwater", so that the median wealth is positive, but very low. Thus by shifting upward from zero, or break-even, the median white wealth could be a large multiple of the median nonwhite wealth, even though modest. E.g. could be $10,000 vs. $500, or something like that.
Yes, I think so. But I don't think it's because "the bottom half suffers most". I think it's because the bottom swells with newfound sufferers, pulling the medians in each category closer to zero where the ratios can swing wildly.
But they vote for the donkey anyway.
Great point on the Defined benefit plan.
You answered your own question. With economic fluctuations the ability of the diligent and constructive to increase their net worth also varies.
The fundamental character attributes I cited are bedrock fundamentals for wealth accumulation, and like it or not, are often starkly different in a juxtapostion of the groups cited.
These stats don’t mean anything without a lot more information. School drop out rates, single family homes with no dad, violent and property crime rates, illegal immigrants in included in the survey who can not legally work in the US... The number of white people close to retirement who have saved retirement nest egg - age of people in survey matters as young have less assets than the old, etc. Whites as a group are older than are Hispanics and Blacks. White population is older and been saving longer. So you have to compare assets of young blacks and young hispanics to young whites.
The short cut solution to this kind of mindless race baiting will be to discriminate against young whites in opportunity and jobs and other socialist racist oppression. The Dems are dreaming of taking retirement funds from white retirees and pooling it to be spread out to bring racial equality in outcome of retirement income. They want to deny Social Security payments to whites who have an unequal race outcome in their retirement funds with minorities.
The “rich” whites are older people with retirement nest eggs and houses they have worked to pay off for retirement.
Young whites compared to young blacks and hispanics wealth is not as drastic. Compare people of equal age, family make-up, education, equal crime rates and exclude illegal aliens and immigrants.
age has more to do with it than anything else.
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