Skip to comments.Wealth in America: Whites leave minorities behind
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.
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 ...
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....
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.
Kurt Vonnegut, Jr had a solution for this problem in a short story called “Harrison Bergeron”.
Thank you for sharing this story.
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.
Ping to this...
The email I sent you yesterday fits right in with this article too......it appears. :-)
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.
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 ...
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.
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.
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.
How about his headline: Workers Outpace Leeches. Government Fails to Change Reality With Billions of Dollars
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.
Very nice life accounting. Thanks!
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.
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.
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.
This is what happens to you when you allow yourself to become dependent on the government.
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