Why is black wealth so concentrated in sports & entertainment?
- Thread starter BlackJesus
- Start date
saturn7
Politics is an EXCHANGE!!!
Umbrellas Don’t Make it Rain: Why Studying and Working Hard Isn’t Enough for Black Americans
For People of Color, All the Right Choices Don’t Equal All the Right Outcomes America prides itself on a long-standing belief that anyone can make it financially by working hard and tugging on their proverbial boot-straps. According to a 2014 Pew Research survey, 57 percent of Americans disagree with the statement “(s)uccess in life is pretty much determined by forces outside our control.”
But America From the pioneers to the financiers, wealthy Americans are acclaimed as self-made men (and on occasion self-made women), succeeding on pure grit, gumption, and ingenuity. ’s egalitarian promise of opportunity and individual agency remains unfulfilled. An analysis of who holds America’s wealth makes clear how life outcomes can diverge radically, in particular for those subject to systemic historically rooted discrimination, which is not related to the amount of personal effort exerted.
A comprehensive understanding of wealth – the value of what you own minus what you owe – demonstrates how vulnerability to economic calamity like the Great Recession can have vastly different consequences. Differences in wealth accumulation are important to examine because wealth – whether invested in a debt-free education, small business creation, housing or retirement savings – generates opportunity and improves well-being.
In addition, wealth provides the freedom to innovate. Starting a business, inventing a new product, making land productive, attending vocational training, and making investments all beget greater wealth – but they require liquid wealth to get started. In sum, wealth provides people with initial capital to purchase an appreciating asset, which in turn, iteratively generates more wealth. Accumulated wealth can also be passed on to children, begetting yet more wealth and opportunity in an intergenerational manner.
cont...
https://gallery.mailchimp.com/bf2b9b3cf3fdd8861943fca2f/files/Umbrellas_Dont_Make_It_Rain8.pdf
For People of Color, All the Right Choices Don’t Equal All the Right Outcomes America prides itself on a long-standing belief that anyone can make it financially by working hard and tugging on their proverbial boot-straps. According to a 2014 Pew Research survey, 57 percent of Americans disagree with the statement “(s)uccess in life is pretty much determined by forces outside our control.”
But America From the pioneers to the financiers, wealthy Americans are acclaimed as self-made men (and on occasion self-made women), succeeding on pure grit, gumption, and ingenuity. ’s egalitarian promise of opportunity and individual agency remains unfulfilled. An analysis of who holds America’s wealth makes clear how life outcomes can diverge radically, in particular for those subject to systemic historically rooted discrimination, which is not related to the amount of personal effort exerted.
A comprehensive understanding of wealth – the value of what you own minus what you owe – demonstrates how vulnerability to economic calamity like the Great Recession can have vastly different consequences. Differences in wealth accumulation are important to examine because wealth – whether invested in a debt-free education, small business creation, housing or retirement savings – generates opportunity and improves well-being.
In addition, wealth provides the freedom to innovate. Starting a business, inventing a new product, making land productive, attending vocational training, and making investments all beget greater wealth – but they require liquid wealth to get started. In sum, wealth provides people with initial capital to purchase an appreciating asset, which in turn, iteratively generates more wealth. Accumulated wealth can also be passed on to children, begetting yet more wealth and opportunity in an intergenerational manner.
cont...
https://gallery.mailchimp.com/bf2b9b3cf3fdd8861943fca2f/files/Umbrellas_Dont_Make_It_Rain8.pdf