Skip to comments.Worsening wealth inequality by race
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 ...
Wealth inequality by education,skills and hard work.
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
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.
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”.
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.
They way I read this that Whites, Asians & Hispanics all work harder than Entitlement-Minded Blacks.
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.
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.
In the 50's, 1 out of 1000 didn't graduate.
Now, ask my what the demographics were during each period.
These jealous people better not watch Million Dollar Rooms!
I think a lot of people will have this same comment.
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.
too much truth is “offensive”, donchaknow.
Gee, I thought Obummer narrowed the gap between rich and poor. I guess Socialism is not working.
I’ve noticed a lot of work ethic disparity too.
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.
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...
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.
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.
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.”
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.
I believe these figures include real property, which represents money that you HAVE spent — on very long lived items that you are using now.
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.
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
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.
LOL, never too young for those speeches...
Kids these days just won’t listen to proper instruction from their elders...
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”.
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.
Re your post #11, OK, what were they? I’m sitting down, preparing to be shocked.
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."
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...
There is a difference between "spending" and "investing."
Liberals are the only people who think they are the same thing.
"Mr (add politicians name) what are you doing to correct the wealth disparity between Blacks and Whites?"
(Should be the correct answer)
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.
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.
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. ‘
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.
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...
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!
“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.
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....