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#1 Downturn widens racial wealth gap07-26-2011, 12:29 PMThe wealth gap between white Americans and minorities has grown wider during the recession, according to an analysis of US Census data.
It found the median wealth of white US households in 2009 was $113,149 (£69,000), compared with $6,325 for Hispanics and $5,677 for blacks.
This left whites with about 20 times the net worth of blacks and 18 times that of Hispanics.
Those ratios compared with 7:1 for both groups back in 1995.
The study, compiled by the Pew Research Center from 2009 data, found the wealth gap was the widest it has been since the government began publishing such statistics by ethnicity in 1984, when the white-black ratio was roughly 12:1.
Asians lose ranking
The data analysis demonstrates that the economic recession, which plunged housing values and caused widespread unemployment, widened an existing racial wealth gap significantly.
In other findings:
Asians lost their top ranking to whites in median household wealth, more than halving from $168,103 in 2005 to $78,066 in 2009
About 35% of black households and 31% of Hispanic households had zero or negative net worth in 2009, compared with 15% of white households
The share of wealth held by the top 10% of American households increased from 49% in 2005 to 56% in 2009
"What's pushing the wealth of whites is the rebound in the stock market and corporate savings, while younger Hispanics and African-Americans who bought homes in the last decade... are seeing big declines," Timothy Smeeding, a University of Wisconsin-Madison professor who specialises in income inequality, told the Associated Press news agency.
Between 2005 and 2009, the median net worth of Hispanic households dropped by 66% and that of black households by 53%, according to the report.
That contrasted with the median net worth of white households, which dropped by 16%. ...
07-26-2011, 04:44 PMThe Obama Administration: Deny. Deflect. Blame.
07-26-2011, 05:32 PM
- Join Date
- May 2008
I got all teary eyed when I read this. Not. Life is such a bitch and then you die. :p
07-26-2011, 08:38 PM
i have the feeling its not counting unemployment chucks and food stamps :pIf you want to see my political views, check out my profile. i have them on my wall because there wasn't enough room in the info section.
Sic Hacer Pace, Para Bellum.
Before you can do things for people, you must be the kind of man who can get things done. But to get things done, you must love the doing, not the people!
08-08-2011, 06:55 PM
- Join Date
- Nov 2010
- Peoples Democratic Socialist Republic of Michiganistanovia
Just think how much more wealth many of those people would have had Barney Franks and the rest of the congresscritters not talked them into believing they could buy houses that anyone in their right mind knew they could not afford.
Democrats have been screwing over minorities since before the Civil War. The greatest con ob they have ever pulled is getting the minorities to believe they have stopped.
08-08-2011, 08:01 PM
- Join Date
- Mar 2010
People who are trying to make something look worse compare "median" rather than "average" and in this case it's teemed up with the nebulous term "wealth".
Sure, white people are more likely to live in white neighborhoods which are more likely to be worth more than black or hispanic neighborhoods in any given market (with some fairly rare exceptions). And whites are probably more likely to be homeowners both for economic reasons and because the white population is older than the black or hispanic populations, meaning more blacks and hispanics rent, ie have a net worth of their car and clothes.
And as always, "hispanics" is used to mean nonwhite. Tell that to Americans of Cuban ancestry who live in the once Anglo Saxon and Jewish strongholds of Florida and wield considerable (If not directly taxable) wealth.
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