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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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To: freedomfiter2

As you can see , the government is CREATING the two classes in society. Doers and slackers. Clearly the family is under assault by many elements.

People are going to have to get educated and make choices....God created man, gave him philosophy and the tools to work with. The family, codified in the bible is one of those success tools with its own spokes, all which are necessary for the successful continuity of man and his religion. That wheel is time proven, if you remove any of the spokes, it loses support and fails....


101 posted on 07/26/2011 3:41:12 PM PDT by himno hero
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To: Westbrook

And those Eastern Europeans really, really appreciate being here.


102 posted on 07/26/2011 3:41:40 PM PDT by Fledermaus (I'm done with political parties. The GOP is useless. Anarchy is perferable to this CRAP!)
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To: LonelyCon

Serial baby-daddies do not earn much. Work, marry, save, succeed.


103 posted on 07/26/2011 3:42:42 PM PDT by ExpatGator (I hate Illinois Nazis!)
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To: tcrlaf
No Magic Unicorns arriving on rainbows for AA’s from Obama, with Free Mortgage Checks and Free Gas?

That was supposed to come from Obama's stash.

He seems to have given his stash away, or maybe he didn't have a stash. :)

104 posted on 07/26/2011 3:44:03 PM PDT by Ole Okie (!!)
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To: TribalPrincess2U
Why, because they finished school, got jobs?

Instead of moaning about how every bad thing that happened to them was proof that "Da man" was keeping them down?

Yes. Absolutely.

105 posted on 07/26/2011 3:44:44 PM PDT by HKMk23 (YHVH NEVER PLAYS DEFENSE! WHICH MEANS; IF YOU'RE ON DEFENSE, YOU'RE DOING SOMETHING WRONG.)
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To: LonelyCon
Whites leave minorities behind


106 posted on 07/26/2011 3:47:04 PM PDT by Jeff Chandler (Just once I'd like someone to call me 'Sir' without adding 'You're making a scene.' - Homer Simpson)
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To: LonelyCon

>>White households, by comparison, had $113,149, the study found.

You mean...I’m not WHITE anymore?!?


107 posted on 07/26/2011 3:47:26 PM PDT by Bryanw92 (We don't need to win elections. We need to win a revolution.)
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To: PGR88

Yes, Opportunity Cost, high taxes(and more regulation) are taking the job opportunities out of the market


108 posted on 07/26/2011 3:54:05 PM PDT by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: RickB444

Yep, if you think the world owes you something, you ain’t seen nothing yet.


109 posted on 07/26/2011 3:57:51 PM PDT by Son House (The Economic Boom Heard Around The World => TEA Party 2012)
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To: LonelyCon

I know what to make of the data.

During the housing bubble, a lot of poor blacks and Hispanics got free houses with no down payment liar loans.

The housing bubble made them think they were rich homeowners on their way to the American dream but their bubble house equity was just temporary funny money.

The housing crash put them back to poor again, the way they should be since they have done nothing to create or generate wealth for themselves.

So the article points out all the money they lost from 2006 to now, without mentioning it was all imaginary funny money from 2000 to 2006.

The fact is poor people had a paper gain followed by a paper loss and therefore lost nothing. By cherry-picking to start at the beginning of the housing crash rather than the beginning of the housing bubble, they pretend that poor blacks and Hispanics lost money.

In fact, poor blacks and Hispanics AND whites only lost money they never had, so really they in fact gained and lost nothing. But you can manipulate anything, and that is what they did.


110 posted on 07/26/2011 4:00:52 PM PDT by Freedom_Is_Not_Free (SP12: They called Reagan "unelectable", too.)
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To: LonelyCon; JoeGar

“A paramount issue for this nation for the 21st century is to ensure the narrowing and closing of the racial wealth gap,”

Didn’t the government do enough harm in the 70’s by using welfare checks to subsidize out of wedlock babies in black ghettos? Fifteen years later we had the biggest violent crime wave since Atilla the Hun. When that didn’t finish off Western Civilization, they had to come up with “affordable housing”, which has brought the ratio of wealth for whites to blacks to 20 to 1, compared to 7 to 1 in 1995 .

How about the government making it a paramount issue to stay out of the business of “closing of the racial wealth gap” ?


111 posted on 07/26/2011 4:01:49 PM PDT by haroldeveryman
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To: all the best

It is not possible for one ethnic group to be inferior to another.

On culture can be inferior to another. Ghetto culture is inferior because the people are lazy and don’t work or try. Some ethnic groups dominate the percentages of people in that lazy ghetto culture.

So it is not that certain ethnic groups are inferior, but without doubt, some entire inferior sub-cultures are filled with people from some ethnic groups.

That is the fact to the matter. We are talking about that, not an inherent inferiority among certain ethnic groups.

I lived in San Francisco for 12 years. I saw fresh-off-boat black immigrants from Nigeria, Cameroon, Somalia, Ivory Coast who became successful professionals. Nearby were many thousand of people born and raised and “educated” in Oakland and Richmond that are lazy, undisciplined, uneducated failures.

It is culture, not ethnicity. It is the ACLU and Jesse Jackson and Jerry Brown insuring that these black people remain lazy, uneducated, undisciplined failures.


112 posted on 07/26/2011 4:09:03 PM PDT by Freedom_Is_Not_Free (SP12: They called Reagan "unelectable", too.)
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To: LonelyCon

Clearly these disparities is due to the tremendous amounts of government transfer payment made to whites. NOT


113 posted on 07/26/2011 4:16:22 PM PDT by School of Rational Thought ("The proposition that the government is always right is manifested either in corruption or benefits)
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To: Signalman

“And yet, he will still get 90 percent of their vote.”

Ahh, you stumbled upon it.

Obama is out to revenge slavery by destroying the American experiment and deep down in the heart of 90% of the black population, they hope this happens.


114 posted on 07/26/2011 4:19:45 PM PDT by Eddie01
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To: Signalman

“And yet, he will still get 90 percent of their vote.”

Ahh, you stumbled upon it.

Obama is out to revenge slavery by destroying the American experiment and deep down in the heart of 90% of the black population, they hope this happens.


115 posted on 07/26/2011 4:19:51 PM PDT by Eddie01
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To: LonelyCon

IF this data is real... then IT IS ALL THE dims FAULT... THEY PLANNED IT... CREATED IT and THEY FINANCED IT!

LLS


116 posted on 07/26/2011 4:23:22 PM PDT by LibLieSlayer ("GIVE ME LIBERTY OR GIVE ME DEATH"! I choose LIBERTY and PALIN!)
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To: Freedom_Is_Not_Free
My experience exactly. Jamaicans who come here just can't comprehend the lack of work ethic in our own black-American population. Jamaica has no welfare system to speak of, so you either work, or starve.

2 things come to mind. One, blacks are discouraged from acting "white", therefore being uneducated is the "norm" in some inner city circles. Chris Rock's routine about, "if you want your money to be safe during a break-in, hide it in books. Because n-----s don't READ!"

Bill Cosby was lambasted for suggesting that black parents buy "Hooked on Phonics" instead of $150 tennis shoes. What Cosby said applies to ALL ethnic groups. The groups that prize education, like Jews and Asians do very well in our society. And in 1 or 2 more generations, Hispanics will be doing well based on hard work and saving. I know from personal experience that education is not really "prized" in that community, but WORK is. Blacks will be left even farther behind if they don't get it together and reject the "ghetto" mentality.

117 posted on 07/26/2011 4:34:04 PM PDT by boop ("Let's just say they'll be satisfied with LESS"... Ming the Merciless)
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To: LonelyCon
"Wealth in America: Whites leave minorities behind"

Obamanomics puts the screws to everyone, especially minorities...........there, fixed........

8:}

118 posted on 07/26/2011 4:37:19 PM PDT by AwesomePossum (I have never looked this forward to a November II........)
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To: himno hero

You said the “I” word! The “individual”! That’s the key. Too many people in the lower rungs of society (of any race) believe in the collective. If we could convince them to believe in themselves as individuals, the poverty situation would get a hellova lot closer to being cured.

Work = greater chance at success

Dependency on handouts = severe limitations on a good future


119 posted on 07/26/2011 4:39:11 PM PDT by Two Kids' Dad ((((( )))))
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To: Fledermaus

> And those Eastern Europeans really, really appreciate being here.

You’d better believe it!

I know some Brazilians who bankrolled while they were here and then went back to Brazil when their time was up to live large on the benefits of their hard-earned American dollars.

They had the best of both worlds while they were here. They had the Brazilian community and the North American lifestyle. They miss it, and they’ll probably be back as soon as they can get the work visas to do it.

Their son was born here, so they may have an advantage. I mean, he can come and go as he pleases, since he’s a dual citizen. He’s about 5 now.


120 posted on 07/26/2011 4:52:25 PM PDT by Westbrook
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Boop Carefully! Mind the Steam!

Baby Dragon Will Be Flying
Sooner Than You Think
Donate!


A Sponsoring FReeper
Will contribute $10 for each New Monthly Donor

121 posted on 07/26/2011 5:30:51 PM PDT by TheOldLady (FReepmail me to get ON or OFF the ZOT LIGHTNING ping list.)
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To: goodwithagun; All
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.

GWG....

Thoughtful post, it raises the question is poverty, poverty of the mind and by extension of the soul and spirit?

Many of all colors and backgrounds were financially poor in the 30's, 40's and 50's etc. but carried themselves with dignity and so many more positive character traits, and never gave up the fight.

Their is more than dollars and cents going on here....

122 posted on 07/26/2011 5:47:24 PM PDT by taildragger (( Palin / Mulally 2012 ))
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To: Westbrook

What kills me is how we white people are ALL thought to be “rich.” What a funny joke.

I wish they’d knew about MY life as a white person in the U.S. growing up since 1963. Was born to lower middle class white parents who couldn’t be bothered to keep their marriage together, so I would up living w/ a very abusive stepfather. At one point we lived in a cramped mobile home in one of the poorest states in the nation. I felt the day we moved into a “brick” house was a BIG deal. I was often embarassed for kids at school to know where I lived.

I knew that after high school, without an education, I was going to live under that rotten man’s roof and never go anywhere in life. I then did everything I could humanly do at that point in my life to GET THE HELL OUT of that house, that family, that neighborhood, and that lifestyle and get a college education — and was the first in my family to do so. But I had to work my way through.

For the next five years it took me to work my way through I worked, showed up, groveled, kissed ass, ate crow, took crap off the worst of jerks, scrubbed toilets, took orders, ran errands, did all the typing, made the copies, made the coffee, worked the holidays, kept my mouth shut, got sweaty and dirty, swallowed my pride, smiled when I felt like crying, got up early, set goals, and saved every penny. That’s while I was WORKING. The other half of the time, I was in class, writing papers, taking tests, studying hard, sweating it out during finals weeks, and living on coffee and cigarettes.

By the greatest luck, I met a young ROTC cadet in college, married him, had 3 great kids, and am now, finally, almost 50 years old and working on a masters degree.

One of the 3 kids is now working in NYC for a very “well known” banking firm after graduating from one of our nation’s finest universities. (she was homeschooled and sent to Catholic schools).

So, in ONE generation — we have gone from the trailer park to working on Wall Street! Turns out I was kind of the “bridge” for our family to advance. I didn’t quite reach MY dreams, but my daughter will surpass what I EVER could have even dreamed was possible for any of us.

I had NOTHING given to me EVER. My own dad was a deadbeat. My grandparents were deadbeats. My parents left me NOTHING when they died. I have average looks and average intelligence ...but enough to know that MY destiny is half luck and the other half is what I MAKE OF IT.(as well as blessings from the Lord above).

So, a lot of us “white folk” have to struggle as well — for many, if not most of us, it wasn’t just handed to us. That’s what I DESPISE about all this race baiting and divisiveness. Everyone’s story is unique and the playing field in this country, in reality, REALLY is equal and is as good as it gets compared to any other place in this world.

People who don’t take advantage of it are just plain LAZY in spirit and in mind.


123 posted on 07/26/2011 6:01:41 PM PDT by LibsRJerks
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To: LonelyCon

Kurt Vonnegut, Jr had a solution for this problem in a short story called “Harrison Bergeron”.


124 posted on 07/26/2011 6:03:25 PM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: LibsRJerks

Thank you for sharing this story.


125 posted on 07/26/2011 6:04:33 PM PDT by thecodont
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To: thecodont

Mine is only likely one of many. I’m sure many freepers here have their own stories, and I hope they share them. It would be my hope that perhaps one “minority” kid might read them and realize that not all white people have been born with silver spoons in their mouths.

And neither did we own any slaves.


126 posted on 07/26/2011 6:09:10 PM PDT by LibsRJerks
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To: del4hope

Ping to this...
The email I sent you yesterday fits right in with this article too......it appears. :-)
Victimology abounds...


127 posted on 07/26/2011 6:11:16 PM PDT by LadyPilgrim ((Lifted up was He to die; It is finished was His cry; Hallelujah what a Savior!!!!!! ))
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To: Little Ray
And I’m sure Asians are leaving Whites behind,

I sure would like to see the actual numbers on "wealth" in Asian families in the US. They get educated. They marry. They work hard and save. They invest. They stay married. They own businesses. They take care of each other. They stay out of trouble. They stay drug-free.....Easy to understand.

128 posted on 07/26/2011 6:11:16 PM PDT by Rapscallion (Consider what is really at stake in the 2012 election? Hint: It's your republic.)
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To: Rapscallion

I was in the mall today and overhearing a group of young asians sitting in an ice cream shop. They were chatting excitedly about what degrees they were going to get NEXT — which masters program, which school, etc. ... to some they may have sounded a little nerdy, but have no doubt they all will be very successful. To most of them, it is their life’s mission.

The other groups of kids, by contrast, are walking around in gangbangwear, pants a’ saggin’, combs out ‘da the ‘fros, looking like they were about to flashmob Macy’s ...


129 posted on 07/26/2011 6:22:45 PM PDT by LibsRJerks
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To: LonelyCon

To be poor in America is an indulgence. There is no reason to be poor in America if one is willing to work and a thousand excuses to pretend to be.


130 posted on 07/26/2011 6:23:10 PM PDT by jmacusa (Political correctness is cultural Marxism. I'm not a Marxist.)
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To: LonelyCon

The ethnic cultures and individuals, in America who value hard work and education end up living very comfortably. Those who turn their back on education and don’t work hard are left behind. It’s that simple.

A strong work ethic and being able to delay gratification for a higher goal are the two traits that separate the men from the boys.

Black and Hispanic teens who work hard in school are often ridiculed by their own ethnic peers. They are made fun of for “buying into the system” and being “schoolboys.” It’s a big problem for these two minority groups.


131 posted on 07/26/2011 6:25:40 PM PDT by Melian ("I can't spare this [wo]man; [s]he fights!" (Apologies to Abe Lincoln) Go, Sarah!)
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To: LibsRJerks

Nobody has said it better than you.

Yours is the American Story, dear sister.

My parents were Italian immigrants and came to America when they were still young. They were from different parts of Italy, and they met here in the States when they were adults.

My dad worked his tail off, some times seven days a week.

In high school, I worked 7 days a week, 6 days in the family businesses and Sundays at the car wash in order to save the money I was going to need to go to college.

My folks helped when they could.

There is NO EXCUSE in this country. Only laziness and a bad attitude can keep you from achieving your dreams here.


132 posted on 07/26/2011 6:36:03 PM PDT by Westbrook
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To: LonelyCon

How about his headline: Workers Outpace Leeches. Government Fails to Change Reality With Billions of Dollars


133 posted on 07/26/2011 6:41:33 PM PDT by Feckless (I was trained by the US Government to Kill Commies and Radical Moo-slims. Now ain't that irOnic?)
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To: ScreamingFist

LOL! A white small business owner told me 20 years ago that a small business was “a license to steal”>>>>>

The business has to deal in cash all or part of the time. I once heard about a very busy bar that had five cash registers. One of them was unknown to the taxmen. these days its prolly more like 2 or 3 are unknown to the taxmen.


134 posted on 07/26/2011 6:47:32 PM PDT by dennisw (NZT -- works better if you're already smart)
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To: LibsRJerks

Very nice life accounting. Thanks!


135 posted on 07/26/2011 6:51:22 PM PDT by dennisw (NZT -- works better if you're already smart)
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To: FirstFlaBn

Good catch!


136 posted on 07/26/2011 7:09:42 PM PDT by annie laurie (All that is gold does not glitter, not all those who wander are lost)
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To: napscoordinator
Most groups of people start off poor.

Ain't that the truth! I came from a family that was dirt poor, yet I didn't lie around and complain. I served in the military, saved enough money to pay for my first year of college, then worked part-time (heck, sometimes I was working 40 hours a week) while going to school.

Upshot was that I graduated, got a good job, married, and invested our money during the marriage. We're doing all right in retirement.

We're white, by the way.

137 posted on 07/26/2011 7:12:08 PM PDT by OldPossum
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To: taildragger

I can thank my parents for so many things, and I am so fortunate that my parents were raised by those who were really poor before the Depression. I have an audio recording of my maternal grandmother, God rest her soul, talking about how they didn’t know there was a Depression because they were already so poor. But because they already had to keep gardens and preserve food, they were able to survive. They never stood in bread lines. Meat, milk, and eggs might have been scarce, but they survived. Think about the HUD housing people I referenced. If things get bad, which could very easily happen, what will happen to them? They better not come knocking on my door. I can tell you one thing, seeds aren’t the only thing this mama has stocked up on.


138 posted on 07/26/2011 7:18:21 PM PDT by goodwithagun (My gun has killed fewer people than Ted Kennedy's car.)
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To: LonelyCon

The gap is growing?

In Obama’s America?

I’m sure it’s because of the Tea Parties.

I hope you and your little tax cuts are happy.

/sarc


139 posted on 07/26/2011 7:36:08 PM PDT by Tzimisce (Never forget that the American Revolution began when the British tried to disarm the colonists.)
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To: LonelyCon

This is what happens to you when you allow yourself to become dependent on the government.


140 posted on 07/26/2011 8:10:26 PM PDT by FlingWingFlyer (Hey Barry! Compromise this!!!)
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To: LonelyCon

For Heaven’s sake! Get a clue. The gap widened because the American taxpayer had less to fork over to them! Less taxpayers with jobs, less money for Government “Programs”.


141 posted on 07/26/2011 8:38:32 PM PDT by Aleya2Fairlie
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To: chris_bdba

Warren Buffett and Bill Gates are making the Whites look good.


142 posted on 07/26/2011 9:20:02 PM PDT by Almondjoy
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To: LonelyCon

err.. which minorities? Last I heard, the Jewish-Americans, Indian-Americans, Chinese-Americans, Japanese-Americans, Korean-Americans were doing better than whites....


143 posted on 07/26/2011 10:51:47 PM PDT by Cronos ( W Szczebrzeszynie chrzaszcz brzmi w trzcinie I Szczebrzeszyn z tego slynie.)
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To: LonelyCon
Also, I would like to see the data for educated blacks and hispanics. Compare say a family led by a black Phd in Chemistry from a good university with one led by a white Phd in Chemistry from an equivalent or same university

The problem is that for the past few decades, as Bill Crosby made a point about, much of the black community has denigrated education. Blacks are capable of generating wealth as much as anyone -- Herman Cain as an example. It's when the hard work and educated is denigrated as "whitey's game", that's when the loss occurs

Ditto for hispanics (the comparison I mean)

144 posted on 07/26/2011 10:55:37 PM PDT by Cronos ( W Szczebrzeszynie chrzaszcz brzmi w trzcinie I Szczebrzeszyn z tego slynie.)
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To: cherry
gee isn't it funny that staying married, raising children within marriage, and living within your means, and living a moral, upstanding life can do wonders for a person's personal wealth

No coincidence that you're more likely to be successful and prosperous when you live closer to the way God reveals in His Word that we're meant to live.

145 posted on 07/27/2011 5:37:31 AM PDT by MrB (The difference between a Humanist and a Satanist - the latter knows whom he's working for)
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To: Rapscallion

And you can probably say the same about whites relative to blacks and “Hispanics.”
I bet if we could sort for “culture” we’d find that “people who get educated, married, work hard, save, invest, look out after each other, and stay drug-free” have an even more significant wealth gap with groups who don’t practice such things, regardless of race.


146 posted on 07/27/2011 7:19:17 AM PDT by Little Ray (Best Conservative in the Primary; AGAINST Obama in the General.)
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To: Little Ray

What is wrong with you? That is the point I was making.


147 posted on 07/27/2011 8:27:33 AM PDT by Rapscallion (Consider what is really at stake in the 2012 election? Hint: It's your republic.)
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To: dennisw

The Greeks were cutting the till receipt three hours early in the diners back in the 50s/60s. Outsmarting Uncle Sap is not something I get too upset about. :)


148 posted on 07/27/2011 10:19:26 PM PDT by Clemenza (Remember our Korean War Veterans)
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To: FirstFlaBn
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.

Looked back over your old comments - some really nice logic involved in some of this...

149 posted on 08/11/2011 1:00:40 PM PDT by GOPJ (England.... From Royal fairytale to banana republic in one summer. - - Allister Heath)
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