Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

Wealth Gaps Rise to Record Highs Between Whites, Blacks, Hispanics
Pew Research ^ | July 26, 2011 | Pew Research

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 ...


TOPICS: Weird Stuff
KEYWORDS: blacks
Basically looking for critiques. I really have a hard time buying this research. White Americans have 20 times the assets of black American households? How can that even be true?
1 posted on 04/19/2012 3:05:13 PM PDT by Sam Gamgee
[ Post Reply | Private Reply | View Replies]

To: Sam Gamgee

“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?


2 posted on 04/19/2012 3:06:51 PM PDT by Magic Fingers (Political correctness mutates in order to remain virulent.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sam Gamgee

where’s the “That’s RACIST!” kid?


3 posted on 04/19/2012 3:07:44 PM PDT by max americana
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sam Gamgee

I’d like to see these stats compared to welfare stats. There may be a lesson in all this.


4 posted on 04/19/2012 3:11:12 PM PDT by JoSixChip (We had an opportunity to get Newt, but you blew it and now we get mitt.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sam Gamgee
. . .the bursting of the housing market bubble in 2006 and the recession that followed from late 2007 to mid-2009 took a far greater toll on the wealth of minorities than whites.

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!!!!!

5 posted on 04/19/2012 3:18:22 PM PDT by RatRipper (I'll ride a turtle to work every day before I buy anything from Government Motors.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sam Gamgee

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.


6 posted on 04/19/2012 3:19:12 PM PDT by rightly_dividing (Newt 2012)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sam Gamgee

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.


7 posted on 04/19/2012 3:22:33 PM PDT by Sequoyah101
[ Post Reply | Private Reply | To 1 | View Replies]

To: JoSixChip

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!


8 posted on 04/19/2012 3:22:41 PM PDT by boop (I hate hippies and dopeheads. Just hate them. ...Ernest Borgnine)
[ Post Reply | Private Reply | To 4 | View Replies]

To: boop

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.


9 posted on 04/19/2012 3:27:53 PM PDT by rovenstinez
[ Post Reply | Private Reply | To 8 | View Replies]

To: Sam Gamgee

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?


10 posted on 04/19/2012 3:31:46 PM PDT by kabar
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sam Gamgee

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.......


11 posted on 04/19/2012 3:33:02 PM PDT by ansel12 ( Romney is a Mormon Bishop, as was his father, his uncle was in line to be the Mormon Prophet/Pope)
[ Post Reply | Private Reply | To 1 | View Replies]

To: boop

If you take the time to read the article and the full study, you would find that your question has been answered.

12 posted on 04/19/2012 3:34:58 PM PDT by kabar
[ Post Reply | Private Reply | To 8 | View Replies]

To: RatRipper
Good point. Still the figure of over $100,000 even for whites I have a hard time believing. Seems to me most Americans live paycheck to paycheck.
13 posted on 04/19/2012 3:36:45 PM PDT by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Sam Gamgee
It's Pew. Take it with a boulder-sized grain of salt.
14 posted on 04/19/2012 3:39:17 PM PDT by Major Matt Mason ("Journalism is dead. All news is suspect." - Noamie)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sam Gamgee

Communist propaganda


15 posted on 04/19/2012 3:40:30 PM PDT by TexasRepublic (Socialism is the gospel of envy and the religion of thieves)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sam Gamgee

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.


16 posted on 04/19/2012 3:42:51 PM PDT by livius
[ Post Reply | Private Reply | To 1 | View Replies]

To: kabar

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.


17 posted on 04/19/2012 3:45:27 PM PDT by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
[ Post Reply | Private Reply | To 12 | View Replies]

To: ansel12

The information for Asians is in the report. Yoyu are correct. Asians are doing better than everyone else in terms of mean net worth.


18 posted on 04/19/2012 3:45:36 PM PDT by kabar
[ Post Reply | Private Reply | To 11 | View Replies]

To: Major Matt Mason

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.


19 posted on 04/19/2012 3:47:04 PM PDT by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
[ Post Reply | Private Reply | To 14 | View Replies]

To: Sam Gamgee

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.


20 posted on 04/19/2012 3:47:37 PM PDT by crosshairs (As long as there is evil, "Coexist" is impossible.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sam Gamgee

Did you read the full report, i.e., the PDF? The report describes the methodology and how the data were collected.


21 posted on 04/19/2012 3:47:37 PM PDT by kabar
[ Post Reply | Private Reply | To 17 | View Replies]

To: Sam Gamgee

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.


22 posted on 04/19/2012 3:50:05 PM PDT by bk1000 (A clear conscience is a sure sign of a poor memory)
[ Post Reply | Private Reply | To 1 | View Replies]

To: livius

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.


23 posted on 04/19/2012 3:50:13 PM PDT by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
[ Post Reply | Private Reply | To 16 | View Replies]

To: Sam Gamgee

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...


24 posted on 04/19/2012 3:53:19 PM PDT by ATOMIC_PUNK (Any man may make a mistake ; none but a fool will persist in it . { Latin proverb })
[ Post Reply | Private Reply | To 1 | View Replies]

To: Major Matt Mason

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.


25 posted on 04/19/2012 4:06:15 PM PDT by relictele (We are officially OUT of other people's money!)
[ Post Reply | Private Reply | To 14 | View Replies]

To: kabar
I'm reading, but since they want to play the race game, maybe blacks exaggerate their poverty and whites exaggerate their wealth?

Maybe blacks have a larger percentage of youth, which would explain lack of assets.

26 posted on 04/19/2012 4:07:02 PM PDT by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
[ Post Reply | Private Reply | To 21 | View Replies]

To: Sam Gamgee

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


27 posted on 04/19/2012 4:10:17 PM PDT by ATOMIC_PUNK (Any man may make a mistake ; none but a fool will persist in it . { Latin proverb })
[ Post Reply | Private Reply | To 1 | View Replies]

To: bk1000
Yes, so true.

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.

28 posted on 04/19/2012 4:12:22 PM PDT by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
[ Post Reply | Private Reply | To 22 | View Replies]

To: Sam Gamgee

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?


29 posted on 04/19/2012 4:17:16 PM PDT by goodnesswins (2012..."We mutually pledge our Lives, our Fortunes, and our Sacred Honor")
[ Post Reply | Private Reply | To 1 | View Replies]

To: Magic Fingers

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?


30 posted on 04/19/2012 4:18:50 PM PDT by Ouderkirk (Democrats...the party of Slavery, Segregation, Sodomy, and Sedition)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Sam Gamgee
I really have a hard time buying this research

Don't get out much, huh?

31 posted on 04/19/2012 4:20:48 PM PDT by Jim Noble ("The Germans: At your feet, or at your throat" - Winston Churchill)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sam Gamgee
More whites than blacks own their homes. Equity is counted as wealth.

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.

32 posted on 04/19/2012 4:22:35 PM PDT by PapaBear3625 (In a time of universal deceit, telling the truth is a revolutionary act. - George Orwell)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sam Gamgee

“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....


33 posted on 04/19/2012 4:25:06 PM PDT by EyeGuy (2012: When the Levee Breaks)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sam Gamgee

It couldn’t be from Intellectual Capacity, could it?


34 posted on 04/19/2012 4:37:03 PM PDT by traditional1 (Don't gotsta worry 'bout no mo'gage, don't gotsta worry 'bout no gas; Obama gonna take care o' me!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: EyeGuy

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.


35 posted on 04/19/2012 4:37:44 PM PDT by mamelukesabre
[ Post Reply | Private Reply | To 33 | View Replies]

To: PapaBear3625

ding ding ding

winner winner chicken dinner


36 posted on 04/19/2012 4:40:20 PM PDT by mamelukesabre
[ Post Reply | Private Reply | To 32 | View Replies]

To: rovenstinez
My daughter and I got into a fight over school lunches. She said that when she taught in Atlanta most of the kids were getting Breakfast, Lunch, and in some cases Dinner. I asked her how many of the Parents where drunks or drug addicts. She said most.

She used to take kids into her home at times to protect them from their parents.

37 posted on 04/19/2012 5:04:40 PM PDT by Little Bill (Sorry)
[ Post Reply | Private Reply | To 9 | View Replies]

To: Sam Gamgee
Three people collect a paycheck of $3000 a month.

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.

38 posted on 04/19/2012 5:07:03 PM PDT by E. Pluribus Unum (For every black person murdered by a white, thirty-nine white people are murdered by blacks.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: PapaBear3625
Neither is the income stream from welfare.

The cash equivalent value of the total benefits a welfare family will receive is about $2 million. They are virtual millionaires.

39 posted on 04/19/2012 5:38:37 PM PDT by Reeses
[ Post Reply | Private Reply | To 32 | View Replies]

To: Sam Gamgee
The answer is painfully obvious to anyone with half a brain. Generally, education is what determines the degree of wealth and net worth. Blacks and Hispanics have the highest school dropout rates along with the highest out of wedlock birthrates. Single parent households and lack of education are the pathologies for failure in our society. Simple as that.

Asians and non-Hispanic whites do better materially than blacks and Hispanics because they are better educated.

40 posted on 04/19/2012 6:19:57 PM PDT by kabar
[ Post Reply | Private Reply | To 26 | View Replies]

To: Sam Gamgee
How can that even be true?

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.

41 posted on 04/19/2012 6:22:44 PM PDT by dr_lew
[ Post Reply | Private Reply | To 1 | View Replies]

To: mamelukesabre
... why does the gap fluctuate so much from one year to the next? The answer is the economy.

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.

42 posted on 04/19/2012 6:49:20 PM PDT by dr_lew
[ Post Reply | Private Reply | To 35 | View Replies]

To: kabar
Thank you for the info. It seems as though democrats are not very good for people of color.

But they vote for the donkey anyway.

43 posted on 04/19/2012 8:11:07 PM PDT by boop (I hate hippies and dopeheads. Just hate them. ...Ernest Borgnine)
[ Post Reply | Private Reply | To 12 | View Replies]

To: PapaBear3625

Great point on the Defined benefit plan.


44 posted on 04/19/2012 10:34:14 PM PDT by Sam Gamgee (May God have mercy upon my enemies, because I won't. - Patton)
[ Post Reply | Private Reply | To 32 | View Replies]

To: mamelukesabre

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.


45 posted on 04/20/2012 5:40:28 AM PDT by EyeGuy (2012: When the Levee Breaks)
[ Post Reply | Private Reply | To 35 | View Replies]

To: Sam Gamgee
Who to believe...the grocery industry who has razor thin margins and depends on the accuracy of the information or the politician? http://www.progressivegrocer.com/top-stories/headlines/consumer-insights/id34512/african-american-purchasing-behavior-examined-in-nielsen-report
46 posted on 04/20/2012 8:34:21 AM PDT by willyd (your credibility deficit is screwing up my bs meter...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Sam Gamgee

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.


47 posted on 04/20/2012 9:29:28 AM PDT by SaraJohnson
[ Post Reply | Private Reply | To 1 | View Replies]

To: SaraJohnson

agreed.

age has more to do with it than anything else.


48 posted on 04/20/2012 12:16:39 PM PDT by TurboZamboni (Looting the future to bribe the present)
[ Post Reply | Private Reply | To 47 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson