Discussion – Startling Wealth Gap Between Whites and Minorities

Posted on 27. Jul, 2011 by in Politics / Current Events

There's a big difference between how whites and minorities make and hold on to their paper. (Photo credit unknown)

The Pew Research Center released some startling 2009 information about the wealth gap between whites and minorities in the U.S.

Here are some quick facts for you to chew on:

  • The median wealth of whites is 20 times that of African-Americans.
  • The median wealth of whites is 18 times that of Hispanics/Latinos.
  • These are the largest wealth gaps in 25 years … and double the size of the gaps of the last 20 years.

When you really sit down and think about it, this is some sad stuff. I’m not going to act brand new like there has never been a wealth disparity before. But, since the numbers are from 2009 … you can factor a RECESSION and bad housing market in the mix as well. That means it has been extra rough for people!

**I want you to discuss this in the comment section below.**

Do you see this wealth gap in your own life? What can be done about it? Let’s start talking about some solutions from regular people like ourselves.

Tags: , , , , ,

8 Responses to “Discussion – Startling Wealth Gap Between Whites and Minorities”

  1. CTexas

    08. Sep, 2011

    First I want to say that AtkinsonIV, i have read other comments posted by you that shape you as borderline racist, but after this post and some critical thinking, you seem genuinely comparable to an opened minded pro-white reader. Stay White and stay proud. :)

    As far as the topic I venture to say that the deplorable gap is a direct correlation to the education and value of the cultures. We envision and idolize the spoils of wealth and being rich but we over look the hustle, sacrifice, dedication, and financial savvy that is needed to obtain and maintain these glittery vices. Financial classes should be a core requirement in school. Credit is the most known unknown right now. People, in general, need to see that work is the precedent to all that is fun and/or great. We want the wants and skimp on the needs for the wants.

    Reply to this comment

  2. atkinsoniv

    31. Jul, 2011

    I am heartened that this hasn’t degenerated into a racial accusatory forum. However, as a white man, I’ll say that minorities are doing fairly well…under the circumstances.

    The civil rights act wasn’t passed until 1969. That gives you just forty-two years to build businesses and will the wealth to your heirs. Given the fact that most black families owns little to nothing when afforded their civil rights it’s pretty amazing when we see hugely successful black legacies this early in this country.

    The reason the Hispanics are faring better is because they don’t teach their children that they must be better than a different race but to be the best they can and to work hard at everything. When children are introduced to racism they are confused. An anecdote: My grandmother grew up on a farm in Shelbyville, KY. They had hands that were both white and black. One day when the workers came in for lunch my grandmother noticed that the black men ate on the back porch and the white men ate in the house. When she asked about it she was told that’s just the way it was. The idea seemed wrong to her then and she carries that conviction to this day. In my life, I can honestly say I’ve never competed with a race academically, athleticly or professionally because of the ethics my grandmother instilled in my father.

    The lesson here is, as stated above, a redefinition of what success is. Are we going to say it is the collection of material things and wealth? Or is it the aspiration to be the best in one’s field? This includes parentally, professionally or spiritually. Give it your all and don’t try to measure yourself against another. We only have one shot at this so it’s a waste of time to worry about how we stack up against someone else and have to deal with that disappointment.

    Reply to this comment

  3. Stevie

    28. Jul, 2011

    These are some great responses everyone! Keep it up. I'll try to pose these discussion topics every now and then. You're giving some well thought out answers. :-)

    Reply to this comment

  4. YBL

    28. Jul, 2011

    Good point. Yes, my investments and savings are what have allowed me to dig myself out of large mistakes. My car is just that, and I don’t own a home because that really isn’t a source of wealth, investments and savings are. As well as making more money and doing the right things by them. I realized that the American dream is a nightmare and before I buy into anymore lies, I’ve layed out my own course and path that will benefit ME and my offspring. The whole spouse, 2.5 kids, dog, house, car and pickett fence is a lie from the devil’s layer, and I refuse to buy into the madness!

    Reply to this comment

  5. Summer

    27. Jul, 2011

    I definitely agree that there is a misconception of what wealth is in the black community. There’s such a push to possess the things that others have from homes and cars to clothes and vacations. Meanwhile the income, after taxes, does not cover the amount of money being spent, and in some cases wasted. I’ve seen plenty of this now among my own friends and family. For example, around tax return time there was an increase in spending on what I believe were all the wrong things. If you’re just scraping by with rent and utilities, why would you buy a car? If you owe student loans why are you buying this vacation?
    A lot of it has to do with how your parents/guardians handled their money. My mom is terrible with managing money. I have some bad traits as well but there were elders in my family who talked to me about C.D.s and I.R.A.s and interest so that even when I make mistakes financially I’m not completely sunk.
    I’d love to see economics courses that focus on money management taught in areas where they’re really needed. Not out in the ‘burbs helping the rich get richer. Then again, that would require people that need them taking these courses. In situations like these it’s always a “preaching to the choir” kinda thing.

    Reply to this comment

  6. Diggame

    27. Jul, 2011

    I will say the biggest underlying issue is that we have never learned how to build wealth for ourselves in our community. We have only been able to build wealth for OTHERS! When we are able to show some stabilization of economy in our community things will change. Until then things won’t change a dammy

    Reply to this comment

  7. Stevie

    27. Jul, 2011

    Good point Reggie!

    One of the major reasons, as listed by Jack & Jill Politics, for the wealth gap is because blacks hold far less investments than whites. For many blacks, their homes are their greatest investment. So, when the housing crisis came along .. it hit that much harder.

    Love that "Advice of the day!"

    Reply to this comment

  8. Reggie L

    27. Jul, 2011

    We have put so much emphasis on houses and cars as a sign of prosperity that when we can't make the payments we are back where we started. We need to learn how to invest!

    Advice of the day: If you are still paying a note, you don't own it. The bank does.

    It always cracks me up when people say I am a homeowner, when they owe 15 to 30 years of payments.

    Reply to this comment

Leave a Reply

UA-16008178-1