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Keyword: wealthgap

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  • The Racial Wealth Gap: Why A Typical White Household Has 16 Times The Wealth Of A Black One

    03/26/2015 7:56:02 AM PDT · by Responsibility2nd · 126 replies
    Forbes ^ | 03/26/2015 | Laura Shin
    The United States is becoming much more racially and ethnically diverse. At the same time, it’s becoming more unequal in terms of wealth and income. These two trends are combining in an uncomfortable way: the wealth and income divide is happening along racial and ethnic lines.The typical black household now has just 6% of the wealth of the typical white household; the typical Latino household had just 8%, according to The Racial Wealth Gap: Why Policy Matters, by Demos, a public policy organization promoting democracy and equality, and the Institute on Assets and Social Policy.In absolute terms, the median white...
  • School spending by affluent is widening wealth gap

    09/30/2014 1:14:20 PM PDT · by Olog-hai · 31 replies
    Associated Press ^ | Sep 30, 2014 1:00 PM EDT | Josh Boak
    Education is supposed to help bridge the gap between the wealthiest people and everyone else. […] Wealthier parents have been stepping up education spending so aggressively that they’re widening the nation’s wealth gap. When the Great Recession struck in late 2007 and squeezed most family budgets, the top 10 percent of earners—with incomes averaging $253,146—went in a different direction: They doubled down on their kids’ futures. Their average education spending per child jumped 35 percent to $5,210 a year during the recession compared with the two preceding years—and they sustained that faster pace through the recovery. For the remaining 90...
  • Pope attacks mega-salaries and wealth gap in peace message

    12/12/2013 7:11:26 AM PST · by what's up · 206 replies
    Reuters ^ | Dec 12, 2014 | By Philip Pullella
    Pope Francis said in the first peace message of his pontificate that huge salaries and bonuses are symptoms of an economy based on greed and inequality and called again for nations to narrow the wealth gap.He attacked the "widening gap between those who have more and those who must be content with the crumbs", calling on governments to implement "effective policies" to guarantee people's fundamental rights, including access to capital, services, educational resources, healthcare and technology.
  • Wealth Gap Among Races Has Widened Since Recession [blacks were hurt worst of all races under Obama]

    04/30/2013 6:43:45 AM PDT · by grundle · 24 replies
    New York Times ^ | April 28, 2013 | ANNIE LOWREY
    the last half-decade has proved far worse for black and Hispanic families than for white families when it comes to wealth — as measured by assets, like cash savings, homes and retirement accounts, minus debts, like mortgages and credit card balances — white families have far outpaced black and Hispanic ones. Before the recession, non-Hispanic white families, on average, were about four times as wealthy as nonwhite families, according to the Urban Institute’s analysis of Federal Reserve data. By 2010, whites were about six times as wealthy. The dollar value of that gap has grown, as well. By the most...
  • Urban League chief: Wealth gap a 'wake-up call'

    07/26/2011 12:37:41 PM PDT · by Free ThinkerNY · 41 replies
    Associated Press ^ | July 26, 2011 | RUSSELL CONTRERAS
    BOSTON (AP) -- The widening wealth gap between whites and minorities has wiped out gains made over the last 30 years and could foreshadow even more inequality if something isn't done to address it, National Urban League President and CEO Marc Morial told the Associated Press on Tuesday. Speaking a day before the National Urban League begins its annual convention, Morial said new census data analyzed by the Pew Research Center shows that blacks and Latinos have especially been hit hard by the economic meltdown.
  • White-Minority Wealth Gulf Widens

    07/26/2011 7:45:23 AM PDT · by reaganaut1 · 47 replies
    Wall Street Journal ^ | July 26, 2011 | MIRIAM JORDAN
    <p>The wealth gap between whites and each of the nation's two largest minorities—Hispanics and blacks—has widened to unprecedented levels amid the housing crisis and the recession, according to new research.</p> <p>The median net worth of white households is 20 times greater than that of black households and 18 times greater than that of Hispanic households, according to an analysis of newly available 2009 government data by the Pew Research Center, an independent think tank.</p>
  • Why don’t blacks save more?

    04/16/2011 4:54:34 AM PDT · by reaganaut1 · 55 replies
    Reuters ^ | April 12, 2011
    Yet another survey confirms what we already know: Blacks don’t save as much as their white counterparts. According to Prudential’s new study — the African American Financial Experience — 60 percent of African-Americans have less than $50,000 in company retirement plans and only 23 percent have more than $100,000. They’re also three times more likely to raid their 401(k) or other retirement plans to meet immediate financial needs, the study says. Prudential’s findings echo research by Ariel Investments, which looks at middle class blacks. (According to Ariel’s July 2010 study, the median assets blacks have retirement plans is about half...
  • Study finds median wealth for single black women at $5

    03/11/2010 7:05:19 AM PST · by wac3rd · 146 replies · 2,753+ views
    Pittsburgh Post-Gazette ^ | March 10, 2010 | Tim Grant
    Women of all races bring home less income and own fewer assets, on average, than men of the same race, but for single black women the disparities are so overwhelmingly great that even in their prime working years their median wealth amounts to only $5. In a groundbreaking report released Monday by a leading economic research group, social scientists turned a spotlight on the grave financial challenges facing an often overlooked group of women, many of whom could not take an unpaid sick day or repair a major appliance without going into debt. "It's rather shocking," said Meizhu Lui, director...
  • More Wealth Gap Myths

    02/11/2008 5:25:13 PM PST · by SeekAndFind · 2 replies · 63+ views
    New York Times ^ | Feb 11, 2008 | W. MICHAEL COX and RICHARD ALM
    WITH markets swinging widely, the Federal Reserve slashing interest rates and the word “recession” on everybody’s lips, renewed attention is being given to the gap between the haves and have-nots in America. Most of this debate, however, is focused on the wrong measurement of financial well-being. It’s true that the share of national income going to the richest 20 percent of households rose from 43.6 percent in 1975 to 49.6 percent in 2006, the most recent year for which the Bureau of Labor Statistics has complete data. Meanwhile, families in the lowest fifth saw their piece of the pie fall...