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Wealth in America: Whites leave minorities behind
MSNBC ^ | July 26, 2011 | MIke Brunker

Posted on 07/26/2011 1:20:16 PM PDT by LonelyCon

As Congress and the White House wrestle whether to raise taxes for the wealthiest Americans, a new analysis of Census data shows that the wealth gaps between whites and blacks and Hispanics widened dramatically during the recession.

[Snip]

The declines from the recession left the median black household with $5,677 in wealth (assets minus debts, where assets include items like a car, a home, savings, retirement funds, etc.) and the typical Hispanic household with $6,325. White households, by comparison, had $113,149, the study found.

(Excerpt) Read more at msnbc.msn.com ...


TOPICS: Business/Economy; Culture/Society; Extended News; Front Page News; News/Current Events
KEYWORDS: bhoeconomy; economy; hopeychangey; mediabias; obama; obamadepression; race; racebaiting; wealth
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Frankly, I don't know what to make of this data. All I can say is I'm sorry for people of any race, especially children, who are poor. It can be so soul-crushing. I hope people can find some good opportunities, work hard, and be happy.
1 posted on 07/26/2011 1:20:19 PM PDT by LonelyCon
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To: LonelyCon

Why, because they finished school, got jobs?


2 posted on 07/26/2011 1:24:43 PM PDT by TribalPrincess2U (I pledge allegiance to the flag of the United States of America.. VOTE out the RATS!)
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To: TribalPrincess2U

And affirmative action didn’t even help?


3 posted on 07/26/2011 1:25:25 PM PDT by TribalPrincess2U (I pledge allegiance to the flag of the United States of America.. VOTE out the RATS!)
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To: LonelyCon

The current unemployment rate for Black Americans under Obama’s “stewardship” is now about 16.2 percent. And yet, he will still get 90 percent of their vote.


4 posted on 07/26/2011 1:25:31 PM PDT by Signalman
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To: LonelyCon

Most of the Federal Gov’t and certainly the Federal Reserve, are Robin-Hoods-in-Reverse.

They steal from the poor, in terms of job killing regs and programs, inflation that doesn’t keep up with wages, negative interest for savers, and give to the rich, in the form of bailouts, TARP, asset inflation and QE1 and QE2.


5 posted on 07/26/2011 1:25:38 PM PDT by PGR88 (I'm so open-minded my brains fell out)
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To: LonelyCon

Western civilization/ western man used these basic principles to achieve what they have over the last 2000 years....Its kinda like why do the minorities do so poor at school?

The neat thing is they all have the ability to get off their duffs , get educated and do well fitting into the American dream....


6 posted on 07/26/2011 1:25:38 PM PDT by himno hero
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To: LonelyCon

And the answer is cradle to grave welfare, and the moron president, they are waiting for the free house and gas money.


7 posted on 07/26/2011 1:25:59 PM PDT by boomop1
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To: LonelyCon

Well many white families were poor in the early 1900’s until the middle of the century where they started to thrive and make tons of money. The Blacks have only been “equal” since around 1964 or so, so it will take as long as it did Whites to make a ton of money....I would say that they are on their way. The Hispanics are at the beginning of the climb and will have to go through what the Whites and the Blacks went through until they make a ton of money. It will happen but it takes time. Most groups of people start off poor.


8 posted on 07/26/2011 1:26:12 PM PDT by napscoordinator
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To: LonelyCon
Capitalism/freedom's goal is to raise everyone to their highest potential.

Liberalism/Socialism's goal is to smash everybody down to their lowest potential.

We have succeeded with the blacks, but our job is not yet done.

9 posted on 07/26/2011 1:26:13 PM PDT by E. Pluribus Unum ("A society of sheep must in time beget a government of wolves." - Bertrand de Jouvenel des Ursins)
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To: LonelyCon

The liberal policies of Obama and the democrats caused minorities to suffer greatly. Yeah, I think that just about sums it up.


10 posted on 07/26/2011 1:26:38 PM PDT by ZGuy
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To: Signalman

We are overlaying our worldview on them when we think that high unemployment would be a reason not to vote for 0bama.


11 posted on 07/26/2011 1:27:11 PM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: LonelyCon

How bad is it when the upstart Hispanics are beating you??


12 posted on 07/26/2011 1:27:37 PM PDT by Obadiah (Obama: "Let them eat peas!")
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To: LonelyCon
So, I'm wondering what the wealth of the median hispanic households in Mexico are averaging? Or the wealth of the median African household.

Why are races being compared? Why aren't the Chinese, Japanese, Vietnamese, Cambodians or East Indians compared to blacks and hispanics? This is weird.

13 posted on 07/26/2011 1:27:43 PM PDT by Deb (Beat him, strip him and bring him to my tent!)
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To: PGR88
They steal from the poor,...and give to the rich

Stupid Bitch!

14 posted on 07/26/2011 1:27:48 PM PDT by dfwgator
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To: LonelyCon

Obama has utterly destroyed blacks in a way the democrat party’s KKK could never hope to achieve.


15 posted on 07/26/2011 1:28:20 PM PDT by FormerACLUmember (When the past no longer illuminates the future, the spirit walks in darkness.p)
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To: LonelyCon

And I’m sure Asians are leaving Whites behind. What’s the big deal? Equality of Outcome is NOT mandated by any law or morality.


16 posted on 07/26/2011 1:28:55 PM PDT by Little Ray (Best Conservative in the Primary; AGAINST Obama in the General.)
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To: LonelyCon

Dependence on the government is a highway to poverty.

These “minorities” have never been more dependent on the government.

So how’s all the “hope and change” working out for you?

Meanwhile, there are other “minorities” that are doing very well.

Asians, Eastern Europeans and Brazilians.

Not to mention the Jews, who are among the smallest minorities.

So what differentiates these “minorities” from the ones that ain’t doing so well?

The most common thread is the degree to which they depend on the government.

Now, is that a correlation without a cause? I don’t know, but I would start looking there, because it is a correlation.


17 posted on 07/26/2011 1:29:03 PM PDT by Westbrook
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To: LonelyCon

They can’t become successful if all they are willing to do is wait for someone else to give them what they want. They have to be willing to get off the couch and get an education, then work. If they sacrifice and work hard they can become wealthy and successful. If not then they can at least take pride in the fact they support themselves. If they won’t provide for themselves then they can expect nothing good to ever happen to them or for them.

It has to be earned and not just handed to them. Nobody is entitled to success and wealth.


18 posted on 07/26/2011 1:29:16 PM PDT by RickB444 (Worry about and distrust anyone who fears a lawful person owning a gun.)
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To: LonelyCon

Oftentimes the poor don’t know any better. The poor were poor their entire lives.

I seriously doubt we’re talking about Herman Cain types who started a business from the ground up and then lost everything trying to save it or through bad investments. These people are poor and WANT to live on the dole.

Those who have the will to do better have every opportunity to do so, esp. minorities!

I’m a debt-free white male from a single-parent home and made it from high school through graduate school with no help from anyone but good, old fashioned hard work and determination. There’s a reason why I make good money and live comfortably; it’s called the PURSUIT of happiness.


19 posted on 07/26/2011 1:29:19 PM PDT by rarestia (It's time to water the Tree of Liberty.)
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To: LonelyCon

I just came in from the garden. Today I harvested a couple of pounds of green beans, a handful of carrots, and a few cherry tomatoes. I turned the compost and noticed that it’s ready to go into where I recently harvested garlic, where I will be planting some fall broccoli and cabbage plants. Every time I drive past our various local HUD housing projects, I see trash littering the ground instead of supplemental vegetable gardening. My arms itch from the beans and my back is a little sore because I’m also 34 weeks pregnant. I don’t feel sorry for those people down town because they are poor, I feel sorry for them because they have ignored the free education provided to them and have therefore become slaves on the Democrat plantation. They will never prosper because they are told, and they fully believe, that they are victims. That is truly sorrowful.


20 posted on 07/26/2011 1:29:31 PM PDT by goodwithagun (My gun has killed fewer people than Ted Kennedy's car.)
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To: LonelyCon

Well the Chicago democrat party mobsters who run the country are making big, big bucks, thank you very much.

The blacks, who vote 95% for Obama and the democrat party, are sadly doomed and hopeless.


21 posted on 07/26/2011 1:32:19 PM PDT by FormerACLUmember (When the past no longer illuminates the future, the spirit walks in darkness.)
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To: LonelyCon

Whites left them behind? Is it the whites that the minorities were following all along? I always thought that the minorities were following the Democrats. So, if the minorities got left behind, it was their leaders who left the.


22 posted on 07/26/2011 1:32:28 PM PDT by RavenATB ("Destroy the family and you destroy the country!" ~Vladimir Lenin)
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To: LonelyCon

Americans of EVERY race and background should stay in school at least through high school, develop marketable skills, and refrain from creating babies outside marriage. If all Americans followed these practices, the gap between the races would decrease significantly.


23 posted on 07/26/2011 1:32:46 PM PDT by American Quilter (Take back the White House and Senate in 2012--end the Obama Depression.)
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To: napscoordinator
What about the (black) Haitian boat people who landed in Florida without a dime and are the most prosperous minority group in the state? How about the Vietnamese or Cambodian boat people who also came here without anything, lost most of their families and didn't speak the language? They are extremely high achievers.

Its mentality, character and the DESIRE for an education.

24 posted on 07/26/2011 1:32:52 PM PDT by Deb (Beat him, strip him and bring him to my tent!)
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To: LonelyCon

Why is it that some people are always trying to make the case that some ethnic groups are inferior to others? Always looking to analyze stats to show that some groups just don’t measure up. Despicable.


25 posted on 07/26/2011 1:33:41 PM PDT by all the best
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To: American Quilter
If all Americans followed these practices, the gap between the races would decrease significantly.

But that ain't 'keepin' it real.'

26 posted on 07/26/2011 1:34:01 PM PDT by dfwgator
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To: LonelyCon
These reports are absolutely racist and despicable.

Proverbs 6
16 These six things doth the LORD hate: yea, seven are an abomination unto him: 17 A proud look, a lying tongue, and hands that shed innocent blood,
18 An heart that deviseth wicked imaginations, feet that be swift in running to mischief,
19 A false witness that speaketh lies, and he that soweth discord among brethren.

27 posted on 07/26/2011 1:34:55 PM PDT by Theophilus (Not merely prolife, but prolific)
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To: goodwithagun

bttt


28 posted on 07/26/2011 1:35:01 PM PDT by Liberty Valance (Keep a simple manner for a happy life :o)
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To: goodwithagun
I just came in from the garden. Today I harvested a couple of pounds of green beans, a handful of carrots, and a few cherry tomatoes. I turned the compost and noticed that it’s ready to go into where I recently harvested garlic, where I will be planting some fall broccoli and cabbage plants. Every time I drive past our various local HUD housing projects, I see trash littering the ground instead of supplemental vegetable gardening. My arms itch from the beans and my back is a little sore because I’m also 34 weeks pregnant. I don’t feel sorry for those people down town because they are poor, I feel sorry for them because they have ignored the free education provided to them and have therefore become slaves on the Democrat plantation. They will never prosper because they are told, and they fully believe, that they are victims. That is truly sorrowful.

Exactly.

29 posted on 07/26/2011 1:35:01 PM PDT by denydenydeny (Rage all you want, looters & moochers, but the gods of the copybook headings are your masters now.)
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To: napscoordinator

“I would say that they are on their way. “

Well, their are taking their own sweet time to get there in Africa.


30 posted on 07/26/2011 1:35:17 PM PDT by PetroniusMaximus
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To: LonelyCon

This the average.I’m sure that many white households also are in he lower ranks too.Many who are working in the service industry have seen their jobs evaporate when the tourists quit coming.We know black unemplyment is much higher upwards of 25% IIRC.Obama’s polices are not good for any American but really bad for those who were already in the lower income groups.IMHO this has less to do with skin color than what socio economic class you started out in.Those in the middle class may have already had their homes mostly paid for or like us are paid for.That would give us more in assest like this study says but paying it off had little to do with our color we just decided that until it was no longer the bank’s it wasn’t really ours.


31 posted on 07/26/2011 1:36:00 PM PDT by chris_bdba
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To: LonelyCon

What it is, is making things easier on people to rely on the government. Straight up. Yeah, your bills get paid, you have free cable, internet, phone, food, but you have nothing more because you provide nothing more for yourself.
It is the result of government programs and handouts that is making this wedge.


32 posted on 07/26/2011 1:36:16 PM PDT by vpintheak (Democrats: Robbing humans of their dignity 1 law at a time)
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To: American Quilter

Refraining from having babies outside of marriage would have the biggest effect on the “wealth rate”,

unfortunately, there is an entire party devoted to incentivizing this behavior,

and the really sad thing is, their sheeperal voters FEEL GOOD ABOUT THEMSELVES FOR DOING IT.


33 posted on 07/26/2011 1:37:33 PM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: Theophilus

“These reports are absolutely racist and despicable... These six things doth the LORD hate: “

I wonder who the first five remind me of...


34 posted on 07/26/2011 1:38:16 PM PDT by PetroniusMaximus
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To: LonelyCon
As Congress and the White House wrestle whether to raise taxes for the wealthiest Americans, a new analysis of Census data shows that the wealth gaps between whites and blacks and Hispanics widened dramatically during the recession.

That's what happens when trust is placed in government and individual promotion is dissed.

Give government the finger and go out and earn your own wealth and happiness will follow!

35 posted on 07/26/2011 1:40:30 PM PDT by EGPWS (Trust in God, question everyone else)
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To: all the best

Ah, a good multiculturalist in our midst! All cultures are equal, and all that, right?


36 posted on 07/26/2011 1:43:11 PM PDT by dagogo redux (A whiff of primitive spirits in the air, harbingers of an impending descent into the feral.)
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To: LonelyCon

Guess I stole that money even though i can’t recall doing it.

Exhibit A: How can this be, with all the states, cities and even the country run by liberal democrats, many times minority liberal democrats?

Exhibit B: You really don’t have to go much further than black kids being beat up for “acting white” when they do things like ...READ!

Exhibit C: Guess Welfare programs, etc., don’t really produce wealth!! Who would have imagined?

But no, it has to do with taking money from the “wealthiest Americans” as the article suggests. Yeah, that will solve it.


37 posted on 07/26/2011 1:43:43 PM PDT by Williams (Honey Badger Don't Care)
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To: boomop1

and then once things progress beyond a certain point they turn to the Robert Mugabe solution.


38 posted on 07/26/2011 1:43:56 PM PDT by Buckeye McFrog
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To: goodwithagun
I’m also 34 weeks pregnant.

May God bless you, your little one and the garden that feeds you both!

39 posted on 07/26/2011 1:45:54 PM PDT by Theophilus (Not merely prolife, but prolific)
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To: LonelyCon

11 white People living in a cold flat on Hester St. Lower Manhattan, 2 died young because of the living conditions, eventually 5 of them managed to go to college, and 2 took manual labor jobs at the age of 12 in sweat shops. The parents and 3 children did not speak English, but they managed to get their children educated. The end result was that they all became comfortable in later life. They didn’t know what welfare was, as far as they were concerned, welfare meant “No work, no eat”. Not a bad turnout for a bricklayers family.


40 posted on 07/26/2011 1:46:58 PM PDT by Bringbackthedraft (Liberals fight with smear, Conservatives fight with truth. Palin & West team are 2012's dream)
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To: LonelyCon
The MSM always engineers these articles to induce maximum feelings of envy on the plantation for evil political purposes. An average family with a net worth $113,149 is not worthy of envy. One trip to the hospital could wipe them out. They can't afford to retire. Second, if the payouts from welfare programs were converted into an equivalent one-time lump sum payment, many poor people would be millionaires. Third, many minorities blow their entire paycheck, while many whites sacrifice and save. The whites should not be looted to re-level the playing field. Anyone that wants Cuba's leveled playing field should move there.
41 posted on 07/26/2011 1:47:40 PM PDT by Reeses (Obamacare: do not resuscitate)
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To: LonelyCon

Single white female households with kids makes up most of the numbers.


42 posted on 07/26/2011 1:48:31 PM PDT by TASMANIANRED (We kneel to no prince but the Prince of Peace)
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To: FormerACLUmember

Actually the utter destruction of the black American family began with LBJ and his racist policies.

Nobama is only the latest democratic stooge to continue the policies of breaking down the economic and educational values of blacks.


43 posted on 07/26/2011 1:48:31 PM PDT by Responsibility2nd (The views and opinions expressed in this post are true and correct. Deal with it)
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To: all the best

Excellent comments from all, but no one spoke to the basic flaw in the numbers. In a sense, then, you all fell for the trick. The “study” failed to correct for age. By using that subterfuge the dishonest academic got exactly the result he wanted - and I could have predicted.

You have to see that the white population is much older than the black or Hispanic, the median is also). As an example, how many 22 year olds put a large downpayment on a house compared to the number of 50 year olds who use the proceeds of the sale of their previous residence. Wealth builds over time. Obviously, a 50 year old has had more time to build wealth. College loan obligations subtract from wealth, so even minorities striving to get ahead who are doing all the right things and still have a negative net wealth. I would venture to say that this responsible subgroup among minorities doesn’t reach to the 50th percentile.

The academic and, of course, the media, is trying to conflate income and wealth. Since the economic collapse has also hurt older folks’ income, the lefties can’t rely on old tricks like counting only cash income - and thereby excluding food stamps and housing subsidies to make their standard class warfare argument.


44 posted on 07/26/2011 1:48:34 PM PDT by FirstFlaBn
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To: TribalPrincess2U
Yes, that and other cultural reasons, propensity to save & work are some of them. I would be willing to be that native born Americans of Asian ancestry would have a higher net worth than whites.
45 posted on 07/26/2011 1:49:08 PM PDT by MSF BU (YR'S Please Support our troops: JOIN THEM!)
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To: Little Ray
Equality of Outcome is NOT mandated by any law or morality.

Correct, but you would think that in a society that offers a level playing field, there wouldn't be quite the gap this census data has found. I certainly don't believe any race is inherently superior to any other, so I guess I'd look to cultural, government, institutional or historical reasons for the different outcomes.

I know that there are many other countries with similar inequality among racial groups. Ethnic Japanese tend to be much better off than the minority populations of other Asian groups in Japan. Same thing in China. Don't know much about South America, but I do know that Native Americans and Australian Aboriginal people have had a very tough time keeping up with the societies that surround them.

So again, my original point: I'm sorry for folks who have to suffer in poverty, whatever the reason (like my grandparents certainly did). I hope they can keep their chins up and make a go of it.
46 posted on 07/26/2011 1:49:46 PM PDT by LonelyCon
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To: RickB444

“They have to be willing to get off the couch and get an education, then work...”

For decades. And see to it that your kids get educated. And then replicate the feat in the next generation. Do that for two or three generations and then see.


47 posted on 07/26/2011 1:49:56 PM PDT by swain_forkbeard (Rationality may not be sufficient, but it is necessary.)
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To: LonelyCon

The average black IQ in America is only 85... Some 15 points lower than the average for whites.
Black high school graduation rates are below 50% in many communities.

This problem is never going away and it is not whitey’s fault because blacks in Africa fare far worse...

http://en.wikipedia.org/wiki/IQ_and_the_Wealth_of_Nations


48 posted on 07/26/2011 1:50:10 PM PDT by Bon mots ("When seconds count, the police are just minutes away...")
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To: napscoordinator

Eh, if that were true Americans of Asian ancestry would be around where blacks are. It is the culture overall and attitudes toward work, education, savings, etc. specifically.


49 posted on 07/26/2011 1:50:41 PM PDT by MSF BU (YR'S Please Support our troops: JOIN THEM!)
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To: napscoordinator

Thomas Sowell and Walter E Williams have written about that.
blacks in the late 50’s, had already arrived.
and they had a LOWER rate of out-of-wedlock marriage than whites.
the Civil rights act, destroyed the growing black middle class.
just as the report by Moynihan predicted, in DETAIL.

affirmative action, the EITC, etc., also work, to destroy.


50 posted on 07/26/2011 1:50:55 PM PDT by Elendur (the hope and change i need: Sarah / Colonel West in 2012)
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