Demos continues to highlight the nation’s extraordinary racial wealth gap with Matt Bruenig’s review of the Federal Reserve’s recently released 2013 Survey of Consumer Finances (SCF). While the median white family has a net worth of $134,000, figures drop precipitously for families of color. As of 2013, the median Hispanic family’s worth is $14,000. The median black family has a net worth of $11,000. Research has long singled out wealth accumulation—what families own minus debt—and not income as the key driver of upward mobility for both parents and their children.
“While the economy is picking up steam, income inequality and wage gaps are an alarming trend that must be addressed,” said U.S. Conference of Mayors President Sacramento Mayor Kevin Johnson.
“This Task Force, led by New York City Mayor Bill de Blasio, will recommend both national and local policies that will help to give everyone opportunity. We cannot put our heads in the sand on these issues,” he said.
The report also shows the gap between low and higher income-households is growing and will continue into the foreseeable future. In 2012, the latest year for which figures are available, 261 (73 percent) out of 357 metro cities had a larger share of poorer households (those making less than $35,000 per year), than upper income households of above $75,000.
The wealth gap in the U.S. has been widening since the Great Recession despite the 2008 financial crisis destroying billions of dollars in wealth. The recovery saw the richest restore much of their losses— unlike average Americans, researchers found.
The wealthiest 5 percent of Americans had 24 times the wealth of the average household in 2013, up significantly from 16.5 times as much in 2007, AP said, quoting a study by the University of Michigan.
A large part of the explanation for the yawning gap that now separates the rich from everybody else in America is the collapsed housi
* Hard Work or Hardly Working? How White People Got So Rich Part 1
* Hard Work or Hardly Working? How White People Got So Rich Part 3
* Hard Work or Hardly Working? How White People Got So Rich Part 4
And remember We rescued you from Pharaoh's people, who afflicted you with the worst of penalties, who slew your male children and saved alive your females: in that was a momentous trial from your Lord. —Holy Qur'an, Surah (Chapter) 7, Verse 141
There is nothing mystical or mysterious about how White people established their superior position in America—and it had absolutely nothing to do with either merit or “hard work.” The list of benefits that Whites granted to themselves—mostly by gangster force and wily deception—is the untold reality behind the building of their vast portfolios of plunder. Within this four-part FinalCall.com News series, we see every sector of American society implementing profoundly racist policies and programs that are respected and enforced by every other sector. The executive, judicial, and legislative branches of government, private industry, the media, the labor movement, religious institutions, and the corporate world—ALL have agreed on one thing: White Supremacy must prevail. Here is how they do it: