Where do people get this thinking from?
Making 100,000 and spending it foolishly is much better then having 50,000 and spending it wisely
For one you have more money to do more things second
Second you can buy better stuff
Wealth gap between whites and African Americans has tripled over last 25 years
- Thread starter Street Knowledge
- Start date
Where do people get this thinking from?
Making 100,000 and spending it foolishly is much better then having 50,000 and spending it wisely
For one you have more money to do more things second
Second you can buy better stuff
Keep waiting...
No point in discussing these kind of numbers unless there is a plan attached to it. And begging white folks for mercy isn't a plan...
Black people have had problems building wealth because we started from such a disadvantage, and we continue to operate under said disadvantage.
White people have been building and passing on wealth for over 400 years in America. Blacks folks have bad less than 50 years of somewhat equal footing(still not truly equal, but that's a different thread). It only makes logical sense that we should be behind at this point. In fact it's pretty amazing that we've come as far as we have. We should be 350+ years behind which we clearly aren't.
Real Amercan scenario:
Black family becomes educated, makes a good living, moves out the hood. There's is no help above them, and they are the help to all those below them. When it comes time to buy a house, they pay more in intrest and loan fees, while still supporting their family that hasn't made it out the hood. It comes time to pay for college, but the parents don't have much cash to throw at it because they are still paying for their own school loans, plus home loans, plus they are still paying off grandmas house. So their kids take out loans of their own and the cycle of debt continues.
On the other hand a white family has support from above. They go to school get the same degree make the same amount of money as the black family, but instead of paying for grandmas house, grandma gives them a house, and mom payed for their schooling, so when it's time to put their kids through school the parents have both the cash and credit to afford it. Grandma sends money for books and living expenses, the kid goes to school without taking out any loans, credit cards, etc, and when he grows up he passes those benefits to his kid.
This is the current dynamic in America and in my opinion only time will fix it. We have been on a constant rise since we were freed as slaves, and we just have to continue at it.
Plus the idea of America being the land of opportunity is totaly false. Upward mobility has been pretty much stagnant for EVERYBODY in America the last 25 years. The wealth gap continues to increase and it has little to do with race at this point.
White people have been building and passing on wealth for over 400 years in America. Blacks folks have bad less than 50 years of somewhat equal footing(still not truly equal, but that's a different thread). It only makes logical sense that we should be behind at this point. In fact it's pretty amazing that we've come as far as we have. We should be 350+ years behind which we clearly aren't.
Real Amercan scenario:
Black family becomes educated, makes a good living, moves out the hood. There's is no help above them, and they are the help to all those below them. When it comes time to buy a house, they pay more in intrest and loan fees, while still supporting their family that hasn't made it out the hood. It comes time to pay for college, but the parents don't have much cash to throw at it because they are still paying for their own school loans, plus home loans, plus they are still paying off grandmas house. So their kids take out loans of their own and the cycle of debt continues.
On the other hand a white family has support from above. They go to school get the same degree make the same amount of money as the black family, but instead of paying for grandmas house, grandma gives them a house, and mom payed for their schooling, so when it's time to put their kids through school the parents have both the cash and credit to afford it. Grandma sends money for books and living expenses, the kid goes to school without taking out any loans, credit cards, etc, and when he grows up he passes those benefits to his kid.
This is the current dynamic in America and in my opinion only time will fix it. We have been on a constant rise since we were freed as slaves, and we just have to continue at it.
Plus the idea of America being the land of opportunity is totaly false. Upward mobility has been pretty much stagnant for EVERYBODY in America the last 25 years. The wealth gap continues to increase and it has little to do with race at this point.
If they didnt live in public housing they would be renting... IOW still not building wealth.
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@ all the people looking for a damn handout. Focus on what you can control and everything will flow from that. There are people who come here from mud huts who accumulate wealth they can pass down in one generation, the excuses are wearing thin.
Johnny Kilroy
79 points in 1 quarter
Where do people get this thinking from?
Making 100,000 and spending it foolishly is much better then having 50,000 and spending it wisely
For one you have more money to do more things second
Second you can buy better stuff
Im sorry, Im dont wish to come across as insulting, but your understanding of statistics and central tendencies is remarkably incomplete.
That said, invoking low income housing in the way that you are isnt introducing a side issue, you're making it fundamental to the issue at hand --- as if to say that if low income housing werent offered, then black folk would possess substantially greater wealth as a group. Quite frankly, that's absurd given that the average wealth of black folk centers far below the poverty line.
You're using a well worn conservative canard that seeks to use soft bigotry as an explanation for wealth gaps and the lack of black achievement (blacks are lazy, lack drive, and will settle for a very basic and meager public assistance provided life), rather than the interconnected matrix of economic and social forces, which have persisted for hundreds of years, designed to keep black folk as a permanent underclass. These mechanisms and variables that have worked at the expense of black people, have been discussed throughout this thread.
In other words, public housing is an EFFECT. Not a cause. Get familiar.
If they didnt live in public housing they would be renting... IOW still not building wealth.
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Most people will rent but some will not, i think the market forces should decide that, the point is public housing is a distortion becuase instead of moving where rents and mortgages are cheaper, people are encouraged to live in goverenment housing
and also there are issues of economic freedom and individual freedom and economic development that make renting superior to public housing
Where do people get this thinking from?
Making 100,000 and spending it foolishly is much better then having 50,000 and spending it wisely
For one you have more money to do more things second
Second you can buy better stuff
A fool is a fool, not matter how much he makes.
Black people at any income level cannot afford to spend money foolishy. They just can't. What is "better stuff" going to benefit you from a day to day or even in the long-term? God forbid you save your money.
My man....market forces are "deciding" that black folks lack the ability, financially, to afford basic housing and the cost of living in particular areas. What part of this is so confusing to you? One has to qualify and meet a specific financial standard, in order to become eligible for public housing. For a majority of these families, its either live on the streets or the projects. They are not forgoing obtaining a mortgage, in favor of living in the projects.
I think public housing and government handouts such as food stamps at this point is causing people to stay poor. I think it cripples motivation. If your basic living neccisities are covered ONLY if you make a little amount of money, then people get afraid to make more money.
So overall the effect is negligible. Especially when you consider that of the 8.7 million people living in public housing, 48% are black. Thats 4 million out of about 38 million... and as you said yourself most of that 4 million would be renting anyway. I would go as far as to say they would all be renting. So why you want to make something that affects a little over 10% of black people as a defining issue for all of us is beyond me.
Not true at all. $400 a month isn't making anyone "afraid to make more money"
Studies have shown that all around the world social programs such as food stamps actually help people move from poverty.
If you're afraid to lose your food and housing where is the motivation to work more?
And if food stamps actually help people move from poverty, then why is there still such a large population relying on it? There are generations of families that receive government aid. Are you going to tell me that those people NEVER had an opportunity to move beyond that?
I don't think government assistance works to do anything but keep people poor.
What the fukk are you talking about?
You can't save money and create wealth
What I'm saying is the person making 100k can buy better real estate (asset)
And after necessaties will have more money left over to do whatever then someone spending wisely on 50k?
I'm assuming you mean "if your NOT affraid....."
Let me ask you this. Foodstamps are/were available to you, what motivates you to work hard and do more than just the bare minimum to feed your family?