Wealth gap widens between whites, minorities

[WestVirginiaRebel]

Boston.com:

WASHINGTON—The wealth gaps between whites and minorities have grown to their widest levels in a quarter-century. The recession and uneven recovery have erased decades of minority gains, leaving whites on average with 20 times the net worth of blacks and 18 times that of Hispanics, according to an analysis of new Census data.

The analysis shows the racial and ethnic impact of the economic meltdown, which ravaged housing values and sent unemployment soaring. It offers the most direct government evidence yet of the disparity between predominantly younger minorities whose main asset is their home and older whites who are more likely to have 401(k) retirement accounts or other stock holdings.

"What's pushing the wealth of whites is the rebound in the stock market and corporate savings, while younger Hispanics and African-Americans who bought homes in the last decade -- because that was the American dream -- are seeing big declines," said Timothy Smeeding, a University of Wisconsin-Madison professor who specializes in income inequality.

The median wealth of white U.S. households in 2009 was $113,149, compared with $6,325 for Hispanics and $5,677 for blacks, according to the analysis released Tuesday by the Pew Research Center. Those ratios, roughly 20 to 1 for blacks and 18 to 1 for Hispanics, far exceed the low mark of 7 to 1 for both groups reached in 1995, when the nation's economic expansion lifted many low-income groups to the middle class.

The white-black wealth gap is also the widest since the census began tracking such data in 1984, when the ratio was roughly 12 to 1.

"I am afraid that this pushes us back to what the Kerner Commission characterized as `two societies, separate and unequal,'" said Roderick Harrison, a former chief of racial statistics at the Census Bureau, referring to the 1960s presidential commission that examined U.S. race relations. "The great difference is that the second society has now become both black and Hispanic."
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Obama's policies: Women and minorities hardest hit.

[Argyle58]

This is race baiting, nothing but. Nowhere in the article does it claim that whites make more money than do Hispanics or Blacks, just that whites generally invest their incomes differently. Primarily, whites tend to prepare for retirement better than do members of the most populous minorities. This will be used as one of the arguments for seizing our retirement accounts. It will all be done in the sense of "fairness" and "equity".

[Pepper]

Argyle58!

 

 

 

You've got your Arabic numerals, Roman numerals, your Hindu zeros, Mayan calendars, Sumerian glyphs and then there are your well known racial numerals.

 

 

" Roderick Harrison, a former chief of racial statistics at the Census Bureau "

[NCTexan]

This will be used as one of the arguments for seizing our retirement accounts. It will all be done in the sense of "fairness" and "equity".

Argyle!

 

Or using the latest catch phrase of Obama... "In a 'balanced approach'."

[Evad]

BHO

“And I do not want, and I will not accept, a deal in which I am asked to do nothing, in fact, I’m able to keep hundreds of thousands of dollars in additional income that I don’t need....."

From the Great Shamster