100 White People Have More Money Than All African Americans Combined
The Institute for Policy Studies recently released a report on wealth in America. The survey looked at a number of statistical breakdowns of our countries wealth from simple dollars in the bank to overall net worth to land holdings. To give some perspective to the numbers, let's start with some basic understandings:
The United States currently has a population of just under 320 million people.
There are approximately 120 million American households
One percent of America's population is 3.2 million people.
One percent of Americas households equates to 1.2 million households.
There are about 42 million blacks in the United States.
Of the 1.2 million households, 83 million are white and about 14 million are black.
When thinking of these numbers, consider that the top 5 landowners in the United States are white and own more land than all of the African Americans in the country combined. In addition, the top 100 of the wealthy white Americans have more net worth than all blacks combined. The top 186 have more than all Latinos combined. Granted, that same
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The author pointed to the main source of wealth derivation among the top households, which is inheritance. While there are those such as Bill Gates, Steve Jobs, and Mark Zuckerberg who built their companies from the ground up and did not come from wealth, they also did not come from abject poverty or substandard inner-city schools. They had opportunities that were not afforded to many of the black and Latino youth of their generation. Of those who inherited their wealth, black families did not have that opportunity either, as "practices of enslavement, violence, Jim Crow, discrimination and dispossession of property have kept generations of African Americans from accruing the type of wealth that whites in the top 1 percent have
African American Studies is a very complex subject. To confuse African American studies with black history is a common occurrence. African American studies is much deeper and more profound than just Black history alone. There are many unanswered and unasked questions among the Black American culture which causes confusion and misunderstanding in modern day society. In unit one there were many themes, concepts, and significant issues in the discipline of Africana studies. Both W.E.B Du Bois and Vivian V. Gordan touched on many concerns.
As African Americans, we came along way from abolishing slavery, to obtaining equal rights like other citizens of the United States. As we all know Abraham Lincoln granted us the Emancipation Proclamation and the Constitution gives all equal rights no matter our race, sex, or religion and same with the right to vote. But it seems like no Constitutional papers will get us to get treated equally: we still get treated indifferently and are deprived of such things that we are entitled to just because we happen to be of the Negro race. We can all make a change though, you the younger generation of African Americans can help improve the conditions of our community. One way is if we all improve ourselves, instead of putting our hands to do labor work, we put skill and brains into the common occupations of life. We could prove we are a big part of this society and deserve to be treated with dignity and respect.
America has a lengthy history on how it became the powerful country it is today, and although its history can be interrupted in many ways (depending who you ask) one thing that is for certain is that wealth has yet to be distributed equally amongst minorities. According to the article “Income inequality matter; Extreme gap in wealth makes society unstable.” Philip Meyer claims that the wealth gap between whites and minorities has existed since Ronald Reagans’ term of presidency (A9). Although Ronald Reagans’ term ended many years ago the mistakes that caused this imbalance of wealth (and its aftermath) while he was in office remains almost if not exactly the same as when the problem initially began (Meyer A9). The wealth gap continues to target minorities and is affecting our communities at an alarming rate, however, many attempts have been made to reduce its existence but the factors of income inequality, unemployment rates and discrimination before and after our recent 2007 recession prevents our country from eliminating such a toxic problem.
1 . What issues most concerned black political leaders during Reconstruction? Reconstruction brought important social changes to former slaves. Families that had been separated before and during the Civil War were reunited, and slave marriages were formalized through legally recognized ceremonies. Families also took advantage of the schools established by the Freedmen's Bureau and the expansion of public education, albeit segregated, under the Reconstruction legislatures. New opportunities for higher education also became available with the founding soon after the Civil War of black colleges, such as Howard University in Washington, D.C., and Fisk University in Nashville,
Nationally, 20.5 percent of African American girls of ages 2-11 were obese compared with 15.6% of White girls and 19.9% of African American boys 2-11 were when compared with White boys.
actually are. The median wealth of white households in 2013 were a baffling $141,900 after the
Bowles, M. (2011). A history of the United States since 1865. San Diego, CA: Bridgepoint Education, Inc.
There are a few reasons why home value rises a lot more for whites than African-Americans on the grounds that whites are significantly more ready to give family monetary help, bigger in advance installments by white property holders lower interest rates and loaning expenses. As anyone might expect, increments in pay are a noteworthy wellspring of riches amassing for some US families. However,income picks up for whites and African-Americans have an altogether different effect on riches. At the individual riches medians, each dollar increment in normal wage over the 25-year study period included $5.19 riches for white families, while the same salary increase just included 69 pennies of riches for African American families. Most Americans inherit next to nothing or no cash at all. in view of college a normal
The unemployment rate in the African American community is higher than any other group in American society. Institutionalized racism and unequal education opportunities have contributed to the unemployment rate. There are various reasons why the unemployment rate is greater in the African American communities. Consequently, Blacks are attaining higher education at a rate lower than other groups in society, and lack opportunities in the workforce. These are just two of the elements that cause the wealth gap between Blacks and Whites in America’s financial system. African men and women were brought to America for slavery. Once the slaves were freed, they had to find work and enter into the American workforce with little or no education. Therefore, countless Blacks were forced to take lower level jobs in American society. As a result, racism and inequality became institutionalized injustices that widen the wealth gap. Scores of Blacks were denied the opportunity to purchase properties and to attain assets and wealth. The majority of Whites do not know Black people’s reality and financial obstacles because White people do not face housing discrimination or scrutiny in the workplace. White people have benefited from the inequality that minorities face in the United States financial system. According to Hilary Shelton Deputy Director, Washington Bureau, National Association for the Advancement of Colored People “because of affirmative action, fairness is
Those who were born into a wealthy family were considerably more likely to go to college and succeed in attaining a good job than someone who was born into a poverty stricken family. Similarly, looking at the percentages of people’s education based on their race was startling. Only 9 percent of White people in the labor force have less than a high school diploma compared to 30 percent of Hispanics. Why did these percentages vary so much? Why are White people more than three times more likely to have a high school diploma? For another example in 2012, the average weekly earnings of White men working full time in management, professional, and related occupations, was $1,339; whereas Hispanic men in the same occupation made $985. America was not giving the same opportunities to all people and that can be clearly seen in the vastly different education and pay rates that exist between races. How could America possibly claim to give opportunities to all people when so many of their own citizens lacked those very
Many believe that the United States doesn’t have a racial divide, but there are facts and statistics that prove otherwise. For instance, there is the divide within education that states that African Americans are twice as likely as whites not to finish high school. Not only in academics are they divided but also in disciplinary within the school in where it shows that black students are suspended or expelled roughly three times more than their white companions. Statistics show that 21% of white students end up completing a college degree, while only 13% of blacks complete the same goal, leading to the next issue being wealth. Whereas even if they both obtain the same college degree the payoff is nowhere near the same. For example a white family
Caucasians are dominating civilization economically. In terms of economics, Whites are notorious for their stunning outperformance of other races. Unemployment rates in America are a fine demonstration, as Whites have an unemployment rate of 4.3%, while African and Hispanics have unemployment rates well over 5% ("Unemployment Demographics”). In median household incomes, Whites earn 6000$ more annually than all other races, aside from Asians, who are overrepresented high-income areas, while earning 15,000$ more than Hispanic and African Americans (Perlberg; Austin). An even
Crash. It is the perfect analogy of how we as a human race deal with life, people and our own experiences. Physical characteristics and racial differences may be interpreted as two distinguishing traits that separate us. I think it’s what keeps us apart. That leaves several abstract questions that the film Crash illustrates. What are the origins of personal prejudice? Do individual experiences fuel standing stereotypes? Is it easier to perpetuate existing stereotypes because “things will never change?” Can people battle internal struggles within their own ethnic group? What prohibits us from overcoming these prejudices? The writers of the Crash managed to extend my viewing experience beyond the 90 minute film, thus forcing me to analyze my
For answering the statement of wealth inequality, I offer a metaphor. Imagine a marathon race and the runner with the blue shirt is ahead but losing ground to the red shirt. If one were watching this marathon race and wanted to know how the current positions came to be, one would begin at the start of the race. The same is just as applicable for a different race, one where there isn’t a finish line but has racers; this race is one about the difference of the accumulation of wealth in the 21st century. In this wealth race no mile is more or less relevant to the overall success of the race. As we’ll see, the 18th, 19th, and 20th centuries all play a part in how wealth is accumulated. Political Economists might call these economic and social terrains of the track and desire of winning the race, as Social Structuctures of Accumulations (SSA). As the United States progresses from its infancy to the technological revolution each step of the way blacks not only are at a disadvantage compared to their white counterparts, they are also exploited “ethically” through each SSA to excel the wealth of whites or those in power.
I agree with the interactionist perspective. Certain races or ethnicities are advantageous when obtaining power and privilege. For example, White households have a higher income than non-White Hispanics or Blacks. The data provided on page 82 illustrates the income gap, “Black household had the lowest median income in 2013 ($34,598), non- Hispanic White households ($58,270). Median income for Hispanic households was $40,963” (Leon-Guerrero 2016). This data obtained from the U.S. Census reveals there are differences in income and wealth depending on race. Employment is also important when discussing wealth. According to the textbook, “Blacks and Hispanics have not been able to achieve the same earnings of level of wealth as White Americans have” (Leon-Guerrero 2016). One of the consequences of wealth disparity is lower access of home ownership. As a result of race or ethnicity people have limited housing options. Leon- Guerrero says, “Minority groups have been denied similar access because of structural barriers such as discrimination, low income, and lack of credit access” (2016). This results in a large home ownership gap which allows Whites to own their home as opposed to the minorities who are denied credit and cannot purchase a home of their choice.