Research: Racial Differences in Household Wealth in The United States

James Madison once stated inequality of the rich and poor predicament to be “evil” and believed that the government should avoid an “immoderate, and especially unmerited, accumulation of riches” (Johnston, 2016). As one of the founding fathers of our nation, James Madison had a concern about the separation between the rich and the poor. He felt the government should do what it could to avoid the separation, which one can infer that he meant for the government to tax the rich by a greater percentage, thus reducing the financial burden on the poor. A rift has always been present between the rich and the poor throughout history. Depending upon the job, the working class may or may not make enough to support a family. At this point, the

In Thomas Shapiro’s “The Hidden Cost of Being African American”, Shapiro goes in depth on how wealth in America is disproportionately dispersed between different nationalities. Mainly between Caucasians and African Americans. Shapiro has helped paint the image of wealth inequality and has shown how this is even more staggering than the wage gap between African Americans and Caucasians. Some of the theories he indirectly uses in his book and that I will be exemplifying are generational wealth and support systems, education, and the idea of how poverty only begets more poverty.

The equitable wealth disproportion between African Americans and Whites is still on the rise. Researchers have identified systematic barriers affecting the ability for African Americans to accumulate wealth. In addition, researchers indicate several possible factors such as, less intergenerational inheritance, higher unemployment and lower incomes (Desilver, D, 2013). Impoverished generations have been unable to escape their restricted economic condition. Whites have gained an economic opportunity for every unfavorable condition that has impeded African Americans economic opportunity over time forging grounds for economic disparity. Because of unfavorable conditions due to the effects of slavery, generations of African Americans have had to bear racism and inequality. According to Pew Research the median household income of a family of three in 2011 was $39, 760 for African Americans in whereas White American Family median household income is $67, 175 a household income difference of $27, 000 (Morin, R

Diverse ways of managing money, different financial incomes, and an absence of cash can create great tension in a marriage. In fact, statistics in a survey conducted by Citibank on the divorce rates in the United States suggested that more than fifty percent of divorced couples referred to financial problems as the cause of their divorce. If the couples have children, cash turns out to be significantly more crucial to the relationship. Many individuals refer to money as the reason for their separation. If there is not enough financial care, it causes a barrier in the relationship which is what essentially leads the couple to

All men are created equal yet the glaring disparities between races and ethnicities say otherwise. The African American demographic of America has the lowest poverty rate and household income than all other races and ethnicities. The statistics about African American poverty are staggering in regards to more than just unemployment, food insecurity, and nutrition. In the 21st century, decades after the civil war and desegregation, and with such a diverse population, the poverty in our country still pertains to race and the color of our skin. The following paragraphs will explicate the various distinctions in socioeconomic statuses of the African American and white populations of America. It is not my intention to pit the white and black

Therefore, I’m going to justify this information I have acquainted you with.First thing, you need to know is that I’m not against anyone I’m neither racist or bias.I was born in a city of diversity which is called New York City. However, the things I’m about to tell you may be uncomfortable or maybe even interesting.Digging deep into America’s seventeen trillion dollar economy and you’ll find fractures beneath the surface.The spoils are split unevenly between men and women, old and young. But, one of the most massive disparities is only skin deep.Everything you own houses, stocks, and cars are your wealth. According to “Blacks still far behind whites in wealth and income” by Tanzina Vega, In 2011 the wealth of the median white household was over $110,000. African American on average was 17 times less just over $6,314.” Housing has a lot to do with this massive separation.For the average American, their home is the most valuable

In the United States, there is a huge income disparity between the richest ten percent, and bottom ninety percent. The American tax, and political system favors the top 10% while neglecting the middle and working classes, suppressing living wages and exporting jobs overseas. A society where working 40 hours a week will not put food on the table. If the average hardworking American is working endless hours to try and support their families which is just slightly above the poverty line, while groups of 400 individuals, who are heads of the top 500 companies and financial institutions, who if even work, is less than 108 days a year, and are proud owners of 50% of U. S’s entire wealth. This is the reality of the United

They surveyed 115 cohabitators from working lower and middle classes. The article describes how the economy effects marital decision making, it also shows how these people perceive financial issues as important to marriage. Also, that people think that marriage will change their lives, people think marriage should only occurs once finically set. The investigation and methods they use to complete this article was in-depth. They use racially and ethnically diverse people of both genders. Manning, Smock and Porter take in different aspects like education, personal income, and employment statuses. Findings show that income varies significantly by race/ethnicity and gender. The survey is adequate for gathering

Why can’t African Americans seem to get ahead in this country, and why is there a prominent, growing wealth gap between white and black Americans? Pew Research studies show that median white net worth is thirteen times that of black net worth (up from six times in 2001); with statistics like that, how can African-Americans believe in the American Dream? I believe the answers to these questions are multifaceted, complex, and culturally ingrained. Systemic racism is keeping the African American population from prospering and achieving the American Dream; our societal norms encourage a downward spiral of wealth inequality, poverty, and poor education.

Assets such as inheritance can , in essence, be used to build up more assets such as real estate. Therefore this racial wealth gap will continue to broaden until the assets of minorities begins to equalize with that of Whites.

By listing several strong evidences, two surveys from the National survey of Families and Households and a data “Education, Income, and Poverty Rates by Race” by the U.S. Census Bureau, Gerstel and Sarkisian hope to clear up misunderstandings of the myth of the nuclear families. The authors point out that it is important to “understand family strategies and behaviors that often emerge in response to the challenges living in economic deprivation or insecurity.”

In the United States wealth disparity, has affected different race of people, for example blacks, leading experts the field of sociology, in their opinion that black people are at a disadvantage in comparison to other ethical groups such as whites in wealth distribution, there are several social issues that creates this disparity. In the article written by Kellen Stanfield, (2011), p. 350 Persistent Racial Disparity, Wealth and the Economic Surplus as the for Reparations in the United States, states that “Even after the exclusion from wealth accumulation due to slavery ended, “segregation blocked access to education, decent jobs, and livable wages among the grandparents and parents of blacks born before the late 1960s, effectively preventing

Jean Yeung and Dalton Conley, authors of the original journal, demonstrated a thorough scientific journal, where they presented their hypothesis, methods, and results. Making it clearly known, the authors established that they would test the effects of both income and wealth on children, and to further differentiate the two, they would also analyze the sources from which they acquire their wealth. To avoid confusion, they define wealth as assets accumulated from sources other than income. These sources were individually examined to find their respective impact on young children, and they were further categorized between liquid and illiquid assets. Additionally, Yeung and Conley assessed the physical environment of the home, addressing the idea that wealth and income impacts the family as a whole, which may further affect the children and their cognitive performances. With respect to their test material, Yeung and Conley found that the various forms of wealth have drastic effects, each of which impact each member of the household in significant ways. Their results showed that racial disparity in wealth is considerably larger than in family income. More specifically, it was found that a greater number of white children lived in a household that owned both liquid and illiquid

Marriage gradient does exist in the U.S. society to a certain extent. From my what I’ve seen and my experience I find that it is based on the individual status, class, and culture. Marriage gradient strong exists in the upper class in my opinion. Normally you see in the media the typical wealthy white collar man working and making a great amount of money while they normally have a housewife sitting at home attending to the children and home. You can find this scenario showed throughout plenty of reality TV shows. In todays world those families are able to afford a chef, nanny, and cleaning lady taking on the duties of the housewife. This leaves the wife living a stress free life with access to just about anything she wants object wise. On the other hand, you see that most of the middle class marries for love and other various reasons. I can’t quite speak for all due to that most middle class lives are private. From a culture standpoint, I hear women repeating what their mother told them as a child that they needed to marry a nice wealthy man. Of course, there are some other requirement, but that’s often found to be the top priority if not religion.

An earlier generation of scholars assumed that wives' employment and income are risk factors for divorce. More recent evidence, however, is mixed about the strength and even the direction of this association (Rogers, 2004; Sayer & Bianchi, 2000; Schoen, Rogers, & Amato, 2006). On the basis of research from the last decade, several conclusions seem likely. First, wives' employment has the potential to generate tension between spouses over the household division of labor. Frisco and Williams (2003) found that perceived unfairness in the division of household labor was associated with decreased marital happiness among spouses and an increased likelihood of divorce. Similarly, Amato, Booth, Johnson, and Rogers (2007) found that wives' hours of employment tended to increase spouses' perceptions of marital problems. The authors also found, however, that wives' earned income improved other dimensions of marital quality