Even in the best of economic times, the unemployment rate for black college graduates is more than twice that of white college graduates. An August study released by the Federal Reserve of St. Louis found that a college degree did little to protect black wealth — the median net worth of black college graduates dropped nearly 56 percent from 1992 to 2013, while it rose 86 percent for white college graduates during that same period. The average black family has managed to accumulate about $7,000 in wealth, compared with $111,000 for the average white household, making it difficult for historically black colleges to find parents and grandparents affluent enough to write big checks for buildings, programs and scholarships. Alumni do give, Francis said, but the donations are often small.
Jesus christ how's this even possible....
These are just my opinions
1. Most black adults are not married. Married couples have much higher net worths than singles. Median wealth in 2007: single black woman - $100, single black man $7,900, couple $31,500.
2. Some blacks have a near-mystical view about loans and how they are signs of "favor". During the housing boom black women were 5 times as likely to receive a subprime loan. Banks and mortgage companies hired blacks to go into black churches to sign up customers. Some black women with paid-for homes got subprime loans to make repairs (?) and lost their homes.
3. Black women use their income to take care of family members.
4. Since the beginning of the 20th century federal, state, and local governments have created ghettos by refusing FHA loans, redlining, enforcing racial covenants, not providing adequate municipal services to black neighborhoods, etc. After WWII a home only cost 2 times average income, but black couldn't buy. Now the same house may be 7 times average income -- blacks lost intergenerational wealth.
http://www.thecoli.com/threads/how-the-federal-government-built-white-suburbia.353254/
5. Weak K-12 education, less selective college, major not in demand, few graduate and professional degrees. Black children with parent who graduated college perform the same academically as the white children of high school dropouts.
6. Lack of saving and investing. Own the latest gadgets.
7. Tend to own homes in black neighborhoods where homes don't appreciate much due to potential buyers having low incomes and low net worth.
8. Involvement with the legal system - child support, court fees, fines, etc.
9. Lack of adequate social network to find employment.
