National Economic Security and the Racial Wealth Gap (USA)

A Report released May 2014

Beyond Broke: Why Closing the Racial Wealth Gap is a Priority for National Economic Security (PDF here)

published by the Center for Global Policy Solutions a mainstream think tank largely funded by the Pew Charitable Trusts

logo Center for Global Policy Solutions

… uses the most recently available data from the U.S. Census Bureau’s Survey of Income and Program Participation (SIPP) along with the National Asset Scorecard in Communities of Color (NASCC) to highlight the current state of America’s racial wealth gap. The report also provides an in-depth analysis of housing wealth and liquid wealth, while also evaluating how wealth disparities manifest across racial and ethnic categories and within racial and ethnic subpopulations in four geographically diverse U.S. cities.*

  • Between 2005 and 2011, the median net worth of households of color remained near their 2009 levels, reflecting a drop of 58 percent for Latinos, 48 percent for Asians, 45 percent for African Americans but only 21 percent for whites.
  • Asians and Latinos are twice as likely to live in a state hardest hit by the housing crisis.
  • Hispanic households experienced the largest drop in net worth following the recession.
  • Hispanic households experienced the largest drop in net worth following the recession.
  • For most African Americans and Latinos, checking accounts are their only liquid asset.
  • African Americans (38 percent) and Latinos (35 percent) are over twice as likely as whites (13 percent) to hold no financial assets at all and to have no or negative net worth.

Claims that the US is a ‘post-racial’ society, immediately came to mind while reading the cited numbers.

Similarly to the sigh of relief i breathed when the Friedrich-Ebert-Stiftung Report ‘DIE MITTE IN DER KRISE Rechtsextreme Einstellungen in Deutschland 2010’ received large publicity several years ago, the Center for Global Policy Solutions’ report reassured me in my assertion that there is real, and wide-spread inequity in our every day lives, it is not just a paranoid figment of my imagination, a counter-assertion with which i am regularly confronted.

So now i can get back to my work of cooking, and bugging people about letting go of power, and sharing.

Some reactions as reported by the New Pittsburg Currier on-line:
New Report: Blacks are ‘Beyond Broke’ by Freddie Allen, in New Pittsburg Currier on-line, 29 May 2014 [http://newpittsburghcourieronline.com/2014/05/29/new-report-blacks-are-beyond-broke/] last viewed 12 June 2014.

* Beyond Broke: Why Closing the Racial Wealth Gap is a Priority for National Economic Security, Center for Global Policy Solutions, May 2014 [http://globalpolicysolutions.org/resources/beyond-broke-report/] last viewed 12 June 2014.

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