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Worsening wealth inequality by race
CNN Money ^ | June 21, 2012 | Tami Lubhy

Posted on 06/21/2012 5:24:13 AM PDT by rightwingintelligentsia

NEW YORK (CNNMoney) -- White Americans have 22 times more wealth than blacks -- a gap that nearly doubled during the Great Recession.

The median household net worth for whites was $110,729 in 2010, versus $4,995 for blacks, according to recently released Census Bureau figures.

The difference is similarly notable when it comes to Hispanics, who had a median household net worth of $7,424. The ratio between white and Hispanic wealth expanded to 15 to 1.

The gap between the races widened considerably during the recent economic downturn, which whites weathered better than blacks, Hispanics and Asians.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy
KEYWORDS: race; wealth
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1 posted on 06/21/2012 5:24:19 AM PDT by rightwingintelligentsia
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Comment #2 Removed by Moderator

To: rightwingintelligentsia

Wealth inequality by education,skills and hard work.

Fixed


3 posted on 06/21/2012 5:30:28 AM PDT by Vaduz
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To: rightwingintelligentsia

I would like to see these results refined for married couples vs single parent households

also control these results for age

I am guessing that single parents of illegitimate children fare much worse than stable families

I also am guessing that baby boomers whose ranks have begun to grow have accumulated more assets (that they WORKED to earn and save) than others


4 posted on 06/21/2012 5:30:59 AM PDT by silverleaf (Every human spent about half an hour as a single cell)
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To: rightwingintelligentsia

Something tells me these stats are not telling the whole story. Close to 50% of Black and Hispanic Americans own their homes. The average income of Black and Hispanic Americans is over thirty K per year with Hispanic closer to 40K. Someone at CNN has an agenda.


5 posted on 06/21/2012 5:32:16 AM PDT by driftless2
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To: Vaduz

Wealth inequality by CULTURE.

Where’s the outrage about Asians being wealthier than “whites”?

Do Asians have some sort of political or other power that is keeping “whitey” down?

No, it’s absurd to try to imply this “inequality” (loaded word) is due to “racism”.


6 posted on 06/21/2012 5:34:11 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: rightwingintelligentsia

Wealth is familial and is created through investment and action. The strength of a population’s financial posture is an outgrowth of its commitments to strong family ties and rule of law.

If you want racial leveling applied to wealth disparities the above considerations should direct the subsequent action steps.


7 posted on 06/21/2012 5:34:36 AM PDT by Robert Teesdale
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To: rightwingintelligentsia

They way I read this that Whites, Asians & Hispanics all work harder than Entitlement-Minded Blacks.


8 posted on 06/21/2012 5:35:47 AM PDT by TexasCajun
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To: rightwingintelligentsia

Project the net present value of government benefits forward, and it changes the equation in favor of blacks and hispanics.

It’s hard to quantify the opportunity cost of affirmative action for blacks and hispanics, and of course, the lost opportunity cost for whites and asians.


9 posted on 06/21/2012 5:36:33 AM PDT by RFEngineer
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To: driftless2
Someone at CNN has an agenda

Ya think?!

The entire network is driven by an agenda: state ownership of the means of production EXCEPT when it comes to Ted Turner, who of course "owns" millions of acres of land (2+ million last I hear), but wants the rest of us to live in government owned squalor.

10 posted on 06/21/2012 5:36:39 AM PDT by Regulator
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To: Vaduz
NOW, 40% graduate from high school in my old old town.

In the 50's, 1 out of 1000 didn't graduate.

Now, ask my what the demographics were during each period.

11 posted on 06/21/2012 5:36:48 AM PDT by Sacajaweau
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To: Vaduz

Yep.


12 posted on 06/21/2012 5:37:49 AM PDT by Dead Corpse (Steampunk- Yesterday's Tomorrow, Today)
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To: rightwingintelligentsia
Am I supposed to be outraged by this information? When will people realize that hard work equals success most of the time and when at first you don't succeed, try and try again?

These jealous people better not watch Million Dollar Rooms!

13 posted on 06/21/2012 5:39:19 AM PDT by New Jersey Realist (America: home of the free because of the brave)
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To: rightwingintelligentsia
Comment #X Removed by Moderator

I think a lot of people will have this same comment.

14 posted on 06/21/2012 5:40:02 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: rightwingintelligentsia
The gap between the races widened considerably during the recent economic downturn since Democrats Nancy Pelosi and Harry Reid won control of Congress in 2006, after which whites weathered better than blacks, Hispanics and Asians.
15 posted on 06/21/2012 5:45:23 AM PDT by Sooth2222 ("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
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To: Vaduz

Add immigration. When you bring in 1.2 million LEGAL immigrants a year with 25% of the adults lacking even a high school degree, you contribute to the wealth gap. 57% of all immigrant headed households with children are on at least one welfare program.


16 posted on 06/21/2012 5:45:39 AM PDT by kabar
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To: TexasCajun

too much truth is “offensive”, donchaknow.


17 posted on 06/21/2012 5:45:39 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: Robert Teesdale

Gee, I thought Obummer narrowed the gap between rich and poor. I guess Socialism is not working.


18 posted on 06/21/2012 5:45:45 AM PDT by RightLady (Throw the Traitors out)
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To: rightwingintelligentsia

I’ve noticed a lot of work ethic disparity too.


19 posted on 06/21/2012 5:46:17 AM PDT by SampleMan (Feral Humans are the refuse of socialism.)
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To: rightwingintelligentsia

Sure sounds like black America has really gotten the short end of the bad economy stick. Has it forever been this horrible? $5000 a year you say? That’s worse than poverty.

It can’t help, of course, that the modern white liberal welfare state has for decades sapped many a black family of its coherence and dignity with its bribes to be dysfunctional.


20 posted on 06/21/2012 5:48:28 AM PDT by HiTech RedNeck (Let me ABOs run loose Lou!)
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To: Vaduz
I fully expect this bogus and misleading analysis to become the next big “talking point” for the OWS whack-jobs.
21 posted on 06/21/2012 5:48:55 AM PDT by Awgie (truth is always stranger than fiction)
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To: rightwingintelligentsia

There has always been a delta between whites and others in terms of wealth. Since the trend is that it’s “worsening,” should that not light little clue fires in the brains of the ethnic set that Obama’s economic policies are NOT working?

Oh, what am I thinking...


22 posted on 06/21/2012 5:49:51 AM PDT by ScottinVA (Buying Drain-O requires photo I.D... yet voting doesn't???)
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To: rightwingintelligentsia
"Wealth" is basically money that you have earned that you haven't spent.

People who spend every cent they get their hands on the minute they get their hands on it will never acquire any "wealth," by definition.

Just go to Walmart on the day EBT cards get refilled and you will see who those people are.

I guess people who don't spend all their money as soon as they get their hands on it are racists.

23 posted on 06/21/2012 5:52:25 AM PDT by E. Pluribus Unum (Government is the religion of the sociopath.)
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To: E. Pluribus Unum

Even when the studies are normalized for income, the net worth of the various cultures is still “disparate”, showing more of a pattern of spending habits than of income inequality.


24 posted on 06/21/2012 5:58:38 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: rightwingintelligentsia

The unsaid and hidden fact of this is, since the early days of the welfare rush, liberal ideology has espoused the idea that wealth accumulated by whites is plundered from the sweat of the non-whites.

The libs’ idea of a panacea to this perceived problem amounts to outright theft of that wealth through redistribution, the result of which is an entrenched entitlement mentality of redistribution’s beneficiaries. Breaking that mindset and instilling an appreciation for the value of work will be gargantuan, if not impossible, task.

Rather than being the bridge over waters of destitution, welfare has become a substitute for the more politically radioactive concept of “reparations.”


25 posted on 06/21/2012 6:00:45 AM PDT by ScottinVA (Buying Drain-O requires photo I.D... yet voting doesn't???)
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To: ScottinVA

I have a little hunch that the material wealth of Negros has followed in close lockstep with the well being of their families. This was fast approaching that of white families even before Jim Crow met its belated and unlamented end. Then the ever so well meant, white liberal backed Great Society welfare schemes sapped the dignity of the poor making them poorer and miring them in the pickle and conundrum of today. These schemes were a lousy, faceless, dysfunction-bribing substitute for what was previously known as private charity.


26 posted on 06/21/2012 6:01:17 AM PDT by HiTech RedNeck (Let me ABOs run loose Lou!)
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To: E. Pluribus Unum

I believe these figures include real property, which represents money that you HAVE spent — on very long lived items that you are using now.


27 posted on 06/21/2012 6:04:04 AM PDT by HiTech RedNeck (Let me ABOs run loose Lou!)
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To: MrB
Where’s the outrage about Asians being wealthier than “whites”? Do Asians have some sort of political or other power that is keeping “whitey” down?

LOL. And if you further parse through what "white" and "black" and "Hispanic" mean in these surveys, you will see other ethnic distinctions. Some Hispanic groups have much higher incomes than some "white" groups. And some Asian groups have much lower incomes than "whites" or "Hispanics." These types of inconvenient facts muddle the storyline of the racist White Man victimizing all other cultures.

28 posted on 06/21/2012 6:04:20 AM PDT by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: rightwingintelligentsia
I had a conversation with my grandson over the weekend. I let him know in unequivocal terms that he has no excuse for not excelling in life:

1. Both of his parents live with him, and provide a warm and loving household.

2. He's never had to spend a day of his life in day care, as his grandparents are always available. Most of his care has been provided by his paternal grandmother, while his maternal grandparents have changed their work schedules to be available every Monday.

He's the first and only grandchild on both sides of the family, so there's never a lack of attention and affection.

Sadly, it went in one ear and out the other...I should have expected that, as he's 21 months old. lol

29 posted on 06/21/2012 6:05:54 AM PDT by Night Hides Not (My dream ticket for 2012 is John Galt & Dagny Taggart!)
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To: Opinionated Blowhard

Yes! Oriental peoples generally have feeling sorry for themselves very low on their list of faults. As do some segments of Hispanic peoples. They could not give a hoot about scores to settle with “white exploits.” They see open doors, whatever the color of the doormen, and they walk through them.


30 posted on 06/21/2012 6:09:34 AM PDT by HiTech RedNeck (Let me ABOs run loose Lou!)
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To: Night Hides Not

LOL, never too young for those speeches...


31 posted on 06/21/2012 6:14:48 AM PDT by Abathar (Proudly posting without reading the article carefully since 2004)
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To: Night Hides Not

Kids these days just won’t listen to proper instruction from their elders...


32 posted on 06/21/2012 6:17:32 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: HiTech RedNeck

This is a second hand observation at best, but I’ve been told by “people of color” who hang out with both blacks and whites that in the black gatherings, they spend an inordinate amount of time and energy discussing “what white people do”.


33 posted on 06/21/2012 6:19:30 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: HiTech RedNeck
I believe these figures include real property, which represents money that you HAVE spent — on very long lived items that you are using now.

Spent wealth is destroyed in the process, like government spending on union hirelings. Buying real property is not 100% spending, and in some cases is investing. The reason blacks have less retained wealth is because they destroy more of their income on wealth signals, to display to their peers they're somebody. Vanity drives this.


34 posted on 06/21/2012 6:20:47 AM PDT by Reeses
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To: Sacajaweau

Re your post #11, OK, what were they? I’m sitting down, preparing to be shocked.


35 posted on 06/21/2012 6:24:24 AM PDT by OldPossum ( "it's" is the contraction of either "it is" or "it has"; "its" is the possessive pronoun)
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To: rightwingintelligentsia
Having less wealth and home equity means it will be more difficult for blacks and Hispanics to send their children to college, which gives them a leg up on landing good jobs, said Roderick Harrison, senior research scientist at Howard University. That will further extend the wealth gap.

Not really, they'll continue to get free rides while poor white folks like myself serve 10 years in the military and work two jobs to pay for college.
36 posted on 06/21/2012 6:26:31 AM PDT by TSgt (The only reason I have one in the chamber at all times, is because it is impossible to have two in.)
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To: Abathar; MrB
In his defense, he responded appropriately when I asked him, "Where's my 'D-Rex'?"

RAHHHRRR!!!

He's not speaking much yet, but boy oh boy does he know what you're saying to him.

A few months back, I overheard my daughter saying that when he returns from a stay with us, it takes him a few days to "get back on schedule."

I called her the next day, giving her a friendly reminder that's the price they pay for free baby sitting on a moment's notice. We love spending time with him, and the feeling's mutual.

I'm re-reading Bill Bennett's book, "The Educated Child". So far, so good.

BTW, the first bib I bought for him bore the words: "I Am John Galt."

37 posted on 06/21/2012 6:29:05 AM PDT by Night Hides Not (My dream ticket for 2012 is John Galt & Dagny Taggart!)
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To: Night Hides Not

I have a boy of about the same age, and, indeed, he does understand everything I say to him (he can “yes” and “no” with his head to any question).

He loves to repeat things that he is able to vocalize, like the “tool man grunt”... urrh urrh urrh...


38 posted on 06/21/2012 6:35:42 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: Reeses
An average net worth of $4,995 -- which wouldn't buy a decent used Toyota -- should, frankly, be embarrassing. Considering that POTUS, the AG and innumerable 1% and 0.1% sports and entertainment figures are included in the average. I don't think I was that bad off decades ago when I was a student and earning a small fraction of today's minimum wage. My first car cost $180. It looked like a Rat Rod long before that became fashionable, but a nice car was desirable but still pretty low on my list of priorities.
39 posted on 06/21/2012 6:38:14 AM PDT by Sooth2222 ("Suppose you were an idiot. And suppose you were a member of congress. But I repeat myself." M.Twain)
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To: HiTech RedNeck
"I believe these figures include real property, which represents money that you HAVE spent — on very long lived items that you are using now."

There is a difference between "spending" and "investing."

Liberals are the only people who think they are the same thing.

40 posted on 06/21/2012 6:40:15 AM PDT by E. Pluribus Unum (Government is the religion of the sociopath.)
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To: rightwingintelligentsia
Here is a question that will be asked of government leaders that is an excellent example of what is wrong with this country:

"Mr (add politicians name) what are you doing to correct the wealth disparity between Blacks and Whites?"

NOTHING.
(Should be the correct answer)

41 posted on 06/21/2012 6:41:36 AM PDT by blam
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To: rightwingintelligentsia

Whites are older than Hispanics and Blacks and they have been saving for retirement. Most of the wealth is savings for retirement. Black wealth that is not counted in this mix is retirement from government jobs. When you have a government retirement package, you do not need to pack away savings for retirement.

Liberals want to take that money from the white middle class and redistribute it.

Liberals can’t have it both ways with blacks. On one hand they do everything they can to keep blacks on welfare, in broken families, school drop outs, and nurtue a rap racist and criminal culture - conditions which promise poverty. On the other hand they whine about the poverty of blacks being the white middle class’ fault.

Hispanics are new immigrants and often not committed to life in the US as Americans. They and much younger as a group than whites. Liberals are encouraging young latinos to identify with Blacks in criminal culture and welfare dependence waiting for a hand out. Many are invaders which limits their opportunity. They have higher crime rates and drop out rates than Whites.

This who discussion of unfair wealth by race is dishonest and disgusting.


42 posted on 06/21/2012 6:52:03 AM PDT by SaraJohnson
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To: rightwingintelligentsia

Simple answer: the underclass among the black population is outbreeding the productive class by a factor of three or four. More poor, fewer productive is the only possible result.


43 posted on 06/21/2012 6:59:24 AM PDT by JimRed (Excising a cancer before it kills us waters the Tree of Liberty! TERM LIMITS, NOW AND FOREVER!)
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To: rightwingintelligentsia

HEY! Tami Luhby! Yeah YOU!

When you write: “ - - - White Americans have 22 times more wealth than blacks — a gap that nearly doubled during the Great Recession.” do you realize that you are being sucked into the CLASS WARFARE of Obamanation?

America is based on the freedom of OPPORTUNITY, not the equality of a cradle to grave political safety net.

BTW Tami, there will be NO wealth disparity when The US Feudal Federal Government ‘ takes from each, according to their ability, and gives to each, according to their need. ‘


44 posted on 06/21/2012 7:01:56 AM PDT by Graewoulf ((Dictator Baby-Doc Barack's obama"care" violates Sherman Anti-Trust Law, AND U.S. Constitution.))
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To: rightwingintelligentsia
This only is of interest if you're of the school that thinks wealth is distributed not earned - ie a democrat or a liberal republican. The American philosophy used to be put everyone at the same starting line. The current liberal philosophy that permeates the government, most church hierarchies, and the MSM is that everyone should be the same at the finish line.

This basically says that simply by existing, some government dependent slug has a claim to the fruits of my labors (and anyone else who labors). This is the past was called slavery. Frankly this headline says to me that blacks just don't work as hard on average as other races.

45 posted on 06/21/2012 7:01:56 AM PDT by from occupied ga (Your government is your most dangerous enemy)
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To: driftless2
“Someone at CNN has an agenda.”

That's an understatement! Furthermore, I suspect these stats weren't just manipulated; they're outright FABRICATED! Anyone who owns a car has more net worth than $5000; let alone homeowners (even if the house is a dump, the land it sits on is most likely over $5K!)

Perhaps I'm overreacting, maybe someone just accidentally moved the decimal point two places to the left for the blacks and latinos...

46 posted on 06/21/2012 7:49:55 AM PDT by ROLF of the HILL COUNTRY
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To: rightwingintelligentsia

For once, I’d like to see someone in the news media give a factual report, using relevant statistics!

By Age; Marital status; Education; Region; Occupation; etc.

And use the MODAL average (that is, the number that occurs most often) when referring “average” income or net worth!

BTW: the 15% figure they used is curious—it’s the same bogus figure they used when they falsely asserted that the rich got richer and the poor poorer during the Reagan years!


47 posted on 06/21/2012 8:00:12 AM PDT by ROLF of the HILL COUNTRY
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To: rightwingintelligentsia

“Melting Pot to Sorting Bin”...How the left has used the tactics of multiculturalism to steal the American dream from those who need it most

Title and summary of a book needing research whose point is proven in this article.


48 posted on 06/21/2012 8:23:41 AM PDT by prov1813man (While the one you despise and ridicule works to protect you, those you embrace work to destroy you)
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To: silverleaf
a couple earning just over $100,000 a year means probably two people working, working hard, and living frugally...

it means paying health premiums, car insurances, and mortgage/home insurance.. they pay full price for their kids education.....they pay SS, and property tax and income tax....

IOWS.....they support all those not working....by force....

those called "poor" in this article probably get food stamps, free phones, free or greatly reduced housing, earned income credits, free health care, and free college...IOWS....they make out better than the working couple....

49 posted on 06/21/2012 8:59:10 AM PDT by cherry
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To: ROLF of the HILL COUNTRY
Anyone who owns a car has more net worth than $5000

That's assuming the car is wholly or partially paid off. Some people owe more on their car (even if they bought it used) than it is worth.

Still, I also wonder how they obtained these stats.
50 posted on 06/21/2012 9:29:05 AM PDT by rightwingintelligentsia (Be careful of believing something just because you want it to be true.)
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