- Mar 11, 2015
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After emancipation, proposals to provide former slaves with land so they could survive economically were largely defeated. Thus in 1870, the wealth gap between Black and White Americans was a staggering 23 to 1. That's equivalent to just $4 of wealth for Black Americans for every $100 for White Americans.
Fast forward 150 years and that gap has narrowed to about 6 to 1—and yet, a significant gap remains: average per capita wealth of White Americans was $338,093 in 2019 but only $60,126 for Black Americans."
The black proportion of national wealth has remained basically the same since slavery. Whites on average are born into at least 6 times more wealth than blacks and they are born into what they did not personally produce. On the other hand, blacks are born into deficits they did not create. Since racism caused this, simply not talking about race or being "colorblind" is not going to cure this economic disparity.
Fast forward 150 years and that gap has narrowed to about 6 to 1—and yet, a significant gap remains: average per capita wealth of White Americans was $338,093 in 2019 but only $60,126 for Black Americans."
How the racial wealth gap has evolved—and why it persists | Federal Reserve Bank of Minneapolis
New dataset identifies the causes of today’s wealth gap
www.minneapolisfed.org
How the racial wealth gap has evolved—and why it persists | Federal Reserve Bank of Minneapolis
New dataset identifies the causes of today’s wealth gap
www.minneapolisfed.org
The black proportion of national wealth has remained basically the same since slavery. Whites on average are born into at least 6 times more wealth than blacks and they are born into what they did not personally produce. On the other hand, blacks are born into deficits they did not create. Since racism caused this, simply not talking about race or being "colorblind" is not going to cure this economic disparity.