Inequality in the accumulation of wealth in the U.S.’s black population stretches back to times of slavery and lack of reparations for their group’s enslavement to the Social Security Act and the Federal Housing Act (GIB 1). Racial discrimination lurks in the U.S.’s housing market from its very conception after WWII, when GIs began to return home in search of a new home (RTPI). Although, the Federal Housing Administration by no means a starting point for the cause of wealth inequality, it certainly exacerbated the gap. White suburbs like “Levittown” created a white exclusive ideal neighborhood which devalued black and other nonwhite homeowners. Housing discrimination prevented blacks and nonwhites from accumulating wealth like whites would …show more content…
Dalton Conley argues for the use of net wealth over net income as a measure of class because at similar levels of wealth, stereotypical racial outcomes nearly vanish (GIB 1). As a result of the undue priority on income over wealth, many community betterment programs for blacks and nonwhites only focus on job creation, which does nothing to address asset-accumulation obstacles (GIB 3-4). Darrick Hamilton and William Darity Jr. discuss the justifications for the black-white wealth gap as two narratives: “blacks are less frugal when it comes to savings” and “inferior management of assets owned by blacks has resulted in lower portfolio returns” both of which are disproven (RWI 10-11). Historically conscious wealth redistribution would attempt to make up for the “250 years of unrequited toil” (GIB 4) and all transgressions that followed. Progressive wealth taxes, “baby bonds”, and asset building programs would begin to close the widening gap in wealth. Colorblindness threatens to prevent positive policy change; whites have fought affirmative action programs with egalitarian rhetoric as well as reaping the benefits of a racist system without personally acting against blacks or
The idea of equality for all people, regardless of their race, is instilled in the American society of today. Unfortunately, this idea has not always been present, which ultimately has caused many issues for America’s society in the past. As discussed in the book Our Town: Race, Housing, and the Soul of Suburbia, David L. Kirp focuses on the inequality that was found between the low-income blacks and the middle class whites in a South Jersey town, Mount Laurel. At the time, the whites had a goal of running the blacks out of the town by making the costs of housing expensive enough where blacks could not afford it. This lead to unequal treatment for the blacks who lived in Mount Laurel compared to the whites when it came to housing opportunities.
According to The Editorial Board New York Time’s, “The Housing Crisis Lives on for Minorities” December 26,2016, mortgage companies such as Fannie Mae are discriminating and being racist towards African-American and Latino homes. The writer emphasizes the neglection Fannie Mae had towards these minority homeowners and specifies the contrast between white areas and black areas. The mortgage crisis that ravaged the economy eight years ago, is a driving factor of the editorial. The writer is informing New York Times readers, educated citizens, and intellectuals about the racial allegations towards Fannie Mae. The Editorial Board affectively convinces their audience that there is an unjust gap between white and minority homes through the use of
When the government and private banks failed, racial violence began when mobs destroyed black family homes and beat them up on streets. Eventually, black people fled their neighborhood, and made Chicago become the “Second Ghetto”. In the article, Coates talks about the story of Clyde Ross, a black man who fled worsening conditions in Mississippi to find jobs in Chicago. As many Americans dreamed of owning a home, Ross worked hard in order to earn money and support his family. However, the only way for black people to own a house in Chicago in the mid-twentieth century was to buy a house from predatory contract sellers, who charged huge rates with few legal protections for buyers.
One of the factors upon which Coates bases his argument is discrimination that the African Americans faced in the United States. Africans faced discrimination as they tried to purchase homes from the west side neighbors during 1950s (Coates, 34). Coates gives an example of how the greatest percentage
While comparing the white verse African American populations in Birmingham in regards to economic inequality, income disparities become even more apparent. Economic inequality is a form of whitewashed
Economic domination which started with the slave labor of people of color has continued to benefit Whites through job discrimination, job segregation and labor exploitation. A recent (2017) meta-analysis of field experiments over the course of 25 years analyzed callbacks for Black job applicants relative to white applicants. Researchers found that even when controlling for education, gender, occupation and study method, that hiring discrimination against Blacks has not declined since 1990 (Quillian et. al. 2017). The Economic Policy Institute found that while controlling for access to education, work experience, or location, Blacks make 27% less than Whites in 2015, a wage gap that has continuously grown in the past forty years (Wilson and Roger 2016).
This social class categorizes the rich, the poor and the “one percent “on a wide spectrum. In the United States, the blacks and whites are at both ends of the distributed wealth throughout the country. Caucasians remain at the “rich, privileged” side of the spectrum while the blacks remain at the “poor, unprivileged” end. In between both groups lies the latinos, which seem to fall closer to African American side of the spectrum. It is believed that this wealth gap had been formed due to the saying “it takes money to make money” (Conley).
Urban Injustice: How Ghettos Happen, explains that the gap between the rich and the poor in the United States is greater than it has been in thirty years (Hilfiker & Edelman, 2002). Furthermore, every forty three seconds, a child is born into poverty (Hilfiker & Edelman, 2002, p. IX). Those citizens most affected by these realities are African Americans (Hilfiker, 2002). These people face unique hardships and oppression as compared to the rest of the population. A 1990 survey of non-black respondents found that sixty five percent of those surveyed believed that blacks were lazier than other races.
Compare and Contrast of "Economic Inequality: It's Far Worse than You Think" and "Inequality and the American Dream" Both of the following articles, "Economic Inequality: It's Far Worse than You Think" and "Inequality and the American Dream" share their own opinions on the "American Dream", and how it relates to the American economy as well as the lives of all United States citizens. They also have written about the inequality Americans face, the poor distribution of wealth, and the substandard social mobility; how difficult it is to climb through economic society for the lower and middle class. "Economic Inequality: It's Far Worse than You Think" and "Inequality and the American Dream" both share similar descriptions of the "American Dream", how hard work and talent are the keys to success, success being wealth and social status. "Inequality and the American Dream" states that "…America defines itself by a collective dream: the dream of
Nowadays, it seems as if everyone wants to become rich. However, the large sum of money that is needed in order to be qualified as wealthy All throughout history different races and ethnicities have been restrained, in America this is especially true. Different scenarios in America’s past have had a lasting effect on the average wealth of different races because inheritance can add wealth to a family or individual. African Americans were once enslaved and denied their own civil rights, and in today’s world they face discrimination. These factors have affected the amount of money they will have on average because discrimination and racial stereotypes can prevent them from getting jobs and others may not see their full potential.
gap increases going down the economic profile, where a black family has a mere two percent in wealth compared to a white family. In order for America to overcome this racial gap, the wealth divide must be narrowed. There are many reasons contributing to higher African American unemployment rates. One important factor that plays role in high unemployment is higher crime rates among blacks. According to the Bureau of Justice Statistics, one in three black men can expect to go to prison in their lifetime (“Addressing Chronic Black Male Unemployment."
Wealth and Inequality in America Inequality The inequality in America has increased over time; the gap between the rich and the poor has become a problem that many Americans don’t see. Inequality is the extent of income which is distributed unequally among the citizenry. The inequality of the United has a large gap between the poor and the rich making it unfair to the population, the rich are becoming wealthier and the poor remain poor. The article “Of the 1%, By the 1%, For the 1%”, authored by Joseph E. Stiglitz describes that there is a 1 percent amount of American’s who are consuming about a quarter of the United States income in a year.
According to the graph shown with the article, the income gap between blacks and whites in the 1960s was about $20,000 with the white income as the greater of the two. Fifty years later, the gap between the two races rose up to about a $27,000 difference. Nevertheless, it is fair to question how far society has gotten trying to achieve financial equality. The Washington Post article written by Brad Plumer ,“These ten charts show the black-white economic gap hasn’t budged in 50 years”, provide the readers ten charts to compare the economic gap between blacks and whites. Overall, these charts prove that there had have not been improvements between the incomes of whites and blacks, but it has actually worsened.
America prides itself on being one of the most effective democratically governed counties. The idea of the American dream is that all people have equivalent political freedoms and a responsive government. However the effectiveness of social equality is being threatened by increasing inequality in the United States. Economic inequality in the US has expanded drastically. The wealth gap has had drastic changes over the past 35 years.
Introduction All over the world, there is an obvious contrast between the living standards and lifestyle of the rich and the poor. Moreover, there is a large gap between the populations of poor and wealthy. This is known as the Wealth Gap, and it is caused by Wealth Inequality. Wealth Income/Inequality is defined as “The unequal distribution of assets within a population.” Wealth is defined as more than just the amount of income a person has, but instead the value of a person’s assets.