Social, Political And Economic Implications Of Money

Racial discrimination is the main and ongoing problem in the social life of Americans. When we look at the gap of incomes between White and African Americans, we can see the inequality between these two groups. In general, whites have more annual earnings than their black counterparts in America. Lori Ann Campbell and Robert L. Kaufman emphasized that the wealth determinants, which are the indicators of socio-economic status, have effected more on Whites than Blacks. And even when society is organized, there is still some disparities on account of race and ethnicity. (Campbell and Kaufman, 2006). And income disparities between African and White Americans have definitely effected the peace of the social life. According to Campell and

As he pointed out in the very early part of his article, for instance Clyde Ross, resident of North Lawndale Chicago, was denied when he first tried to get a legitimate mortgage; mortgages were effectively not available to black people (Coates, June 2014). Also, just like what we talked about in class last week, Ross and many other black families were forced to live in those redlined neighborhoods with “contract house.” Basically, Ross had not signed a normal mortgage. He’d bought “on contract”: a predatory agreement that combined all the responsibilities of homeownership with all the disadvantages of renting—while offering the benefits of neither (Coates, June 2014). This is a perfect example of how these ghetto-neighborhoods were created; it was created by white supremacists and people in the government who chose to ignore “the elephant in the room.” All these black families left with no choice. They ran from the South, thinking that they could finally go the land of the free. They quickly found out that, it was no different in the North, or even the West. They were forced to stuck with the

In American society, wealth has played a particularly significant role in shaping the culture and standards set for our country. With every dilemma that has occurred, money was been an underlying deciding factor in the end. John.F.Kennedy makes this very clear in his statement on lowering the prices of steel, all the way Jennifer Price's take on people being obsessed with a money, even Scott Russell’s article on the status quo Americans believe determines one's happiness and success. All of these passages tie together to show just how money influences our very own society.

In the Wages of Whiteness (an edition revision) by David Roediger, an American labor historian, he examines the growth and social construction of race during the 1800s and its relations to white workers. Roediger states by labeling race based on its skin color and social status, white folks were“...seen as ‘naturally’ white, and Black workers become ‘intruders’ who are strongly suspected of being ‘loafers’ as well” (Roediger 19). The production of race formed once white workers accepted their class positions by accepting their identities as ‘not slaves’ and as ‘not Blacks’. In this case, there was a necessity for white workers to have its own sense of class and gender identity to determine who has power and who does not.

In order to support his opinion, the author uses historical references to the enormous impact of racial inequality on African American lives. Additionally, Desmond names a set of historical data and rates of the poor African Americans in cities to enhance the reader’s understanding of this complex situation. African Americans were also more likely to get the apartment with broken furniture, windows, and other facilities that confirmed the existence of racial inequality (Desmond, 2016, p.249). To reassert his position, Desmond provides offensive statistics that millions of people are evicted from American homes, and most of them are African American (Desmond, 2016, p.293). As a matter of fact, the author proves that housing discrimination based on race is the primary cause of

Racial disparities and inequality dates all the way back to slavery: when whites abused, raped, tortured and killed black people. “Slavery transformed America into an economic power; the exploitation of black people made the south the richest and most politically powerful region in the country” (ABS). Black people did not have any rights, instead they were forced

The readings for this week fall under the umbrella of “Issues in Housing Policy”, more specifically race, discrimination and segregation. Looking at this topic with the naked eye may lead one to conclude that these issues are age-old, but by looking at the occurrences within the housing policy we can very much conclude that these drawbacks still remain and are salient to the present. To begin, the Schwartz piece highlights that housing policies are mandated to condemn the discriminatory practices that plague real estate and mortgage markets, where African-Americans and other minorities are at a “decided disadvantage”. However, the federal laws passed, such as the Fair Housing Act of 1968, prohibiting racial discrimination by real estate

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

Ruetschlin stated, “Homeownership is the central vehicle Americans use to store wealth, so homeownership and access to homeownership are at the heat of that widening wealth gap”. The median house worth for blacks and Latinos is $48-$50,000; while the median house worth for whites is a whopping $85,800. Much of this disparity derives from the increasing gap in housing values located in neighborhoods where people of color live versus white neighborhoods. The roots of this issue go back to the National Housing Act of 1934, which marked entire black neighborhoods as bad credit risks. Being so, the act discouraged lending in these areas, even as black homebuyers continued to be excluded from white neighborhoods. (forbes.com) Although it was outlawed over thirty years later, its impact is still felt today as the continuation of residential segregation patterns persists. For example, just three years ago, Wells Fargo admitted to leering those of color into subprime mortgages all the while offering whites with similar credit profiles prime

Money is what makes the world go around. From day one, people are assimilated with the idea: to consume, one must spend a medium sufficient enough to receive an object that is desired. Every country has that medium. The Europeans have the Euro, the Japanese have the Yen, Chile has the Peso, and the United States has the Dollar. However, this idea of “getting and spending” has done more harm than good in specific countries. Particularly, in the United States there has been a growing issue of income inequality. The textbook definition of income inequality states: the difference between individuals or populations in the distribution of their assets, wealth, or income. The political problem itself, nevertheless, is deeper and

One legacy of discriminatory policies is that African American families today are more vulnerable to foreclosures, which destroys a large amount of their wealth. According to a study by Shapiro et al. of Brandeis University in February 2013, “Homes are the largest investment that most American families make and by far the biggest item in their wealth portfolio. Homeownership is an even greater part of wealth composition for black families, amounting to 53 percent of wealth for blacks and 39 percent for whites. Yet, for many years, redlining, discriminatory mortgage-lending practices, lack of access to credit, and lower incomes have blocked the homeownership path for African- Americans while creating and reinforcing communities segregated by race. African-Americans, therefore, are more recent homeowners and

This topic will shed some light to why some parts of the U.S are stricken by property. “Black wealth has taken an enormous hit from the implosion of the housing bubble and the ensuing recession, with the gap between the wealth of whites and blacks doubling.” (Covert, Bryce. Black Small Business Owners Get Left Out Of Loans). This will put more African Americans in a struggle to get a business loan because of their financial situation which is more likely that their credit with be affected. African American business owners are always facing a steep hill to get a loan. For example, In 2012 the federal government gave $98.2 billion for contracts to small businesses, African Americans was awarded only 7.2 percent of it even though African Americans make up 13 percent of the American population at that time.

Statistics shows that for every $1 in additional income to Latinos, white families will earn $5.37 more. Even if incomes were reduced by 50%, white families would still only have half of the wealth. Surprisingly we think that racial equity depends on equal labor market. Have we been thinking about this matter as inequality? We need to know that wealth comes from stocks and Income is a flow.

“Income inequality is a growing issue” (An Equity Profile of the Kansas City Region). A white man and a black can have the exact same job, but because the white man went to college he will earn more money than the

This examination of poor housing areas also focusses on contemporary racial exploitation. Examples that can be seen in today’s era is the relationship between black customers and insurance and/or mortgage loans. (Lipsitz, 8). Regardless of who they are, data shows that they already pay more for insurance or mortgage than white people. (Lipsitz, 10 - 11). They have little insurance coverage for communities of larger black communities than compared to predominantly white communities. (Lipsitz 10). Although the black community of the present appears to have much more rights (such as being “possible” to obtain services that whites have access to) than compared to the slavery era of blacks, the constant witnessing of unfairness in economics can still be witnessed. With such obstacles, it increases the chance of foreclosure for black families and thus