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Showing Original Post only (View all)Wealth inequality has widened along racial, ethnic lines since end of Great Recession [View all]
The Great Recession, fueled by the crises in the housing and financial markets, was universally hard on the net worth of American families. But even as the economic recovery has begun to mend asset prices, not all households have benefited alike, and wealth inequality has widened along racial and ethnic lines.
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The wealth of white households was 13 times the median wealth of black households in 2013, compared with eight times the wealth in 2010, according to a new Pew Research Center analysis of data from the Federal Reserves Survey of Consumer Finances. Likewise, the wealth of white households is now more than 10 times the wealth of Hispanic households, compared with nine times the wealth in 2010.
Wealth Gaps by RaceThe current gap between blacks and whites has reached its highest point since 1989, when whites had 17 times the wealth of black households. The current white-to-Hispanic wealth ratio has reached a level not seen since 2001. (Asians and other racial groups are not separately identified in the public-use versions of the Feds survey.)
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Leaving aside race and ethnicity, the net worth of American families overall the difference between the values of their assets and liabilities held steady during the economic recovery. The typical household had a net worth of $81,400 in 2013, according to the Feds survey almost the same as what it was in 2010, when the median net worth of U.S. households was $82,300 (values expressed in 2013 dollars).
[center][/center]
The wealth of white households was 13 times the median wealth of black households in 2013, compared with eight times the wealth in 2010, according to a new Pew Research Center analysis of data from the Federal Reserves Survey of Consumer Finances. Likewise, the wealth of white households is now more than 10 times the wealth of Hispanic households, compared with nine times the wealth in 2010.
Wealth Gaps by RaceThe current gap between blacks and whites has reached its highest point since 1989, when whites had 17 times the wealth of black households. The current white-to-Hispanic wealth ratio has reached a level not seen since 2001. (Asians and other racial groups are not separately identified in the public-use versions of the Feds survey.)
[center][/center]
Leaving aside race and ethnicity, the net worth of American families overall the difference between the values of their assets and liabilities held steady during the economic recovery. The typical household had a net worth of $81,400 in 2013, according to the Feds survey almost the same as what it was in 2010, when the median net worth of U.S. households was $82,300 (values expressed in 2013 dollars).
Source.
Check how your state ranks.
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Behind these statistics are people's lives under stress, people losing homes, jobs, savings and stability. The collapse of middle class wealth has touched people of all races, but has been more severe in communities of color. What are we going to do about this, we need to do better.
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Wealth inequality has widened along racial, ethnic lines since end of Great Recession [View all]
Agschmid
Jun 2015
OP
Yes, home ownership is seen by many economists as a surefire way for many to rise from poverty
Number23
Jun 2015
#19
And it certainly doesnt help when some people stonewall new low income housing because of
cstanleytech
Jun 2015
#44
Exactly. And gentrification in formerly low income neighborhoods has been a huge issue for decades
Number23
Jun 2015
#49
In some markets, however, bad loans were a way to further screw that very same demographic.
NYC_SKP
Jun 2015
#13
You are absolutely right, African Americans were hit harder by this than others and ended up worse..
NYC_SKP
Jun 2015
#26
Putting families first, she has said this from day one of her announcemet (speaking of middle class)
William769
Jun 2015
#12
Historically in the US and in progressive countries now, better income/wealth equality was achieved
pampango
Jun 2015
#68
Economics is not an upper class, white hobby but real and life and death for the disadvantaged.
TheKentuckian
Jun 2015
#71