Bloomberg: Why Black Americans Stay Poor Despite College, Employment & Marriage (ARTICLE)

[⠝⠕⠏⠑]

I kinda wonder where IR marriage fits in with giving even more generational wealth to half-blk children who maybe even likelier to give wealth to non-blk partners themselves...
Not that the numbers are on a large scale but it kinda makes u wonder.

 

[EndDomination]

It's not impossible if black folks started worrying about themselves instead of being used by every other group. You would think a community would prioritize it's own survival ahead of the so called liberal/ progressive agenda(Gay rights/ immigrant rights etc..). A major presidential candidate (Jill Stein) ran on a pro reparations platform last year. Black folks hated on her heavy even on this site...

Even republicans when trying to make a point of democrats using blacks for votes have echoed that ONLY blacks are due reparations instead of dems supporting govt programs for all "minorities" and groups (Ann Coulter and even Trump when diggin at hiliary have said such statements).. Black folks let Obama get away with calling reparations politically infeasible while trump is at least pushing to build a politically "infeasible" mexico border wall.

Those gay rights and immigrant rights definitely stood in the way of Black people's economic progress
I regret it now that my friend can get married, because I've made myself permanently underclass to do it

 

[EndDomination]

Question, is this taking into account all white poeple? Just because Bill Gates has a fukking ton of money and brings up the average doesn't mean the average white person is doing better than me necessarily.

Yeah, I was wondering if they were accounting for the obscene number of White billionaires, or if they controlled for excess wealth.

 

[Reno89]

The only reason they come out with these shytty articles is only to slick say whites are better than blacks. That's it

 

[saturn7]

I was looking for a thread I made and found this.

It's still relevant especially in this ADOS era of using data to get an honest picture of black wealth or lack of and the reasons why.

The article in the OP mentions a lot of the things listed in the What We Get Wrong About Closing the Racial Wealth Gap report.

https://socialequity.duke.edu/sites.../files/site-images/FINAL COMPLETE REPORT_.pdf

From OP:
Using data from the Federal Reserve’s Survey of Consumer Finances, the researchers found that, as of 2013, none of that seemed to matter: Whether they were college-educated, married with kids, employed full-time or prudent savers, black families’ net worth was invariably many times lower than that of white families with the same characteristics.

The result was so striking that I decided to take another look: If a 2013 snapshot suggested that all those factors had no effect, would the same be true over time? That is, how had the education, family structure, employment and savings patterns of black families changed, and had that helped them close the wealth gap at all?

The chronological picture is depressingly similar. In many areas -- college education, two-parent families, employment -- black families made progress toward closing the gap with whites from 1989 to 2013 (the earliest and latest data available). But the wealth gap ended up larger than ever.

 

[CarmelBarbie]

One word: Reparations.

 

[Secure Da Bag]

U.S. ECONOMY

https://www.bloomberg.com/view/artic...americans-poor

Why Black Americans Stay Poor

1038
FEB 13, 2017 6:00 AM EST

ByMark Whitehouse


Over the past few decades, black Americans have gained on whites in a lot of areas, including education, two-parent families and employment. Sadly, that doesn’t appear to have helped them erase what may be the most important disparity: wealth.

My Bloomberg colleague Peter Coy reported last week on a study exploring the idea that racial wealth inequality stems from life choices and personal achievement -- that is, that blacks would be as rich as whites if only they got good educations, formed stronger families, worked hard and saved money.

Using data from the Federal Reserve’s Survey of Consumer Finances, the researchers found that, as of 2013, none of that seemed to matter: Whether they were college-educated, married with kids, employed full-time or prudent savers, black families’ net worth was invariably many times lower than that of white families with the same characteristics.

...

This fits with the explanations Coy offers in his piece. For one, whites start out with an advantage: They tend to get more and larger inheritances. Also, generations of discrimination -- including redlining, mass incarceration and predatory finance -- have prevented blacks from building up wealth. Note, for example, how the wealth gap widened following the subprime-mortgage crisis of 2007, a debacle that involved a lot of bad lending focused on black neighborhoods.

Even Bloomberg is advocating for reparations.

 

[TRFG]

mom and dad passing down 10 million in land, shares and money for my sister and I not bad for Caribbean people

 

[Dameon Farrow]

Nah for the most part once you hit 18 folks want you gone. I see nothing wrong with helping your kids out but in our community starting ar level.0 over and over seems to be some kind of virtue. Everybody can't start from level.0 over and over again and gain wealth. Inflation leaving pay in the dust has made it that way. And I know folks who can help their kids but won't. I got mine you get yours.

 

[filial_piety]

THe info is interesting but a little misleading...the difference in the wealth gap doesn't equate to poverty automatically for black families who have these traits. Most of those black families that they're refering to live above the poverty threashhold. So there is a lot of value there.

My GF and I make roughly 400k combined. Both sides of our parents were married, HS educated and employed (now retired tho) and made less than a quarter of what the two of us make together. We both have master's degrees, neither of us has children, we both have investments, and we will both inherit our parents homes when that time comes (i'll inherit 2 houses myself). It takes time to build wealth but I'd say we're on the right path.

What I don't like about articles like this, is that they come off as if we're inherently doomed and that there is nothing that we can do to get ahead, when they is far from true