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Wealth Gaps Rise to Record Highs Between Whites, Blacks and Hispanics
Wed, 2011-07-27 14:50
#1
Northern Shoveler
Wealth Gaps Rise to Record Highs Between Whites, Blacks and Hispanics
Wed, 2011-07-27 14:56
#2
Northern Shoveler
Who says the US is not a racist country? In finding the study I ran into a Fox piece that said this has nothing to do with race or ethnicity because education is the biggest determinate. Yeah right and who gets educated?
The median wealth of white households is 20 times that of black households and 18 times that of Hispanic households, according to a Pew Research Center analysis of newly available government data from 2009.
These lopsided wealth ratios are the largest since the government began publishing such data a quarter century ago and roughly twice the size of the ratios that had prevailed between these three groups for the two decades prior to the Great Recession that ended in 2009.
The Pew Research Center analysis finds that, in percentage terms, the bursting of the housing market bubble in 2006 and the recession that followed from late 2007 to mid-2009 took a far greater toll on the wealth of minorities than whites. From 2005 to 2009, inflation-adjusted median wealth fell by 66% among Hispanic households and 53% among black households, compared with just 16% among white households.
http://pewresearch.org/pubs/2069/housing-bubble-subprime-mortgages-hispa...
Thu, 2011-07-28 01:00
#3
At least among Hispanics, the key reason for this is the collapse of housing markets. For the average family, your biggest asset is your home and given that Hispanics are disproportionately living in certain states (Florida, California, Nevada, etc.) where housing prices have completely collapsed, you have a phenomonon of net worth being wiped out very qucikly.
Thu, 2011-07-28 07:31
#4
Northern Shoveler
The sub prime scam caused the collapse. Marginalized (Hispanic and Black) Americans were sold sub prime mortgages and most of them could get access to no other kinds of loans.
There is no AT LEAST the whole thing is systemic racism.