The Race Wealth Gap Is Even Worse Than You Think

[xchrom]

http://www.alternet.org/race-wealth-gap-even-worse-you-think



The preoccupation with Donald Sterling, the wealthy Los Angeles Clippers owner who was slapped with an NBA ban after a recorded conversation revealed that he didn’t want his female companion associated with black people, confirms that professional sports has replaced religion as the opiate of the masses.

In the same week the NBA handed down its verdict, a new study released by the Center for Global Policy Solutions and the Network on Race and Ethnic Inequality at Duke University reported that African American households are beyond broke, owning only six cents for every dollar of wealth owned by the typical white household and possessing an average liquid wealth of only $200, a figure that includes the value of African American retirement savings.

If people actually cared, these findings would have gotten at least the same level of outrage and attention that Donald Sterling’s racist rant received. Yet the nation remains passive in the face of facts that show that African Americans continue to experience a stunning level of economic segregation and isolation a full 50 years after the Civil Rights Act of 1964.

The sports analogy helps bring the depth of the racial wealth gap into focus. For just as the collective net worth of the predominantly black and highly paid NBA players is a drop in the bucket compared to that of their predominantly white male team owners, the combined assets of every African American household in the U.S. — including wealthy athletes, entertainers, and businesspeople — is not enough to lift the average net worth of African Americans beyond a little more than a nickel for every dollar held by whites.

[littlemissmartypants]

1. In my neighborhood

People are selling their cars, mothers go without food to feed their babies and we have a thriving sex worker lobby. I'm not trying to be cute. I am seriously trying not to be sad. When will we realize when one is lifted up we all are?

Love, Peace and Shelter.

[Earth_First]

2. "...$200, a figure that includes the value of African American retirement savings"

Incredible.

[marmar]

3. K/R

[Supersedeas]

4. comparison that most would rather ignore

[LittleBlue]

5. Most probably supected this. The question is what to do about it

The brightest minds have been working on trying to solve this since the Great Society in the mid-60s. It's a problem with no apparent solution.

[Supersedeas]

6. there will be no answers until the problem is recognized, studied, and confronted

[RainDog]

7. k&r n/t

[KitSileya]

8. K&R

But you know, we need to focus on poverty rather than race - because apparently race has nothing to do with poverty. The fact that an African American is much, much more likely to be poor than a white person, has nothing to do with skin color, and if we don't focus on white poverty, we're playing into the hands of the 1%, and, and, and Sasha, Malia and Oprah!!!!

[Donald Ian Rankin]

9. That last paragraph is either miswritten or insane.

I'm not sure what it's meant to say.

If it's claiming that distributing the wealth of all African Americans among them equally wouldn't raise the average much, then I'll go further and point out that it wouldn't change the (mean) average at all.

[Chathamization]

10. I think you missed the end of the sentence

For just as the collective net worth of the predominantly black and highly paid NBA players is a drop in the bucket compared to that of their predominantly white male team owners, the combined assets of every African American household in the U.S. — including wealthy athletes, entertainers, and businesspeople — is not enough to lift the average net worth of African Americans beyond a little more than a nickel for every dollar held by whites.

It's saying that a few wealthy individuals haven't kept the average from being so low.

[jwirr]

11. This race was never on an even starting line. Whites have a huge headstart and if nothing is done

about that then this is not a race it is a farce.

[maced666]

12. If true, then there is a crisis within the Democratic Party and black relationship.

No base demographic has been as loyal or worked as hard for the Democratic Party than black people in this country in the last 50 years.
After half a century, the election of President Barack Obama-a reflective black America is hit in the face with 'African Americans continue to experience a stunning level of economic segregation and isolation a full 50 years after the Civil Rights Act of 1964'.

If we aren't going to passive then we must look at this hip-to-hip marriage between party and race. 50 years, really - 'not better than 1964'. Well, for many of these 50 years we have had a Democratic congress, Senate and are in a second term of Barack Obama.
Still - failure.
One side or the other would have to be a colossal fuck up should any of this is to be believed. Hint to answer - it isn't millions of hard working, loyal-to-party pissed on African Americans.
Problem identified.
Is it being addressed?
LOL!
Not even whispered about, and if you try - get ready to be railroaded out of existence by the establishment in power.

[RedCappedBandit]

13. but.. but.. it's not about race!