The Downward Spiral Continues: Worsening Wealth Inequality For Blacks
During the recession, blacks have lost wealth that it took decades to gain, and an article from CNN indicates that the racial income disparity is getting worse, not better:
The median household net worth for whites was $110,729 in 2010, versus $4,995 for blacks, according to recently released Census Bureau figures.
The difference is similarly notable when it comes to Hispanics, who had a median household net worth of $7,424. The ratio between white and Hispanic wealth expanded to 15 to 1.
The gap between the races widened considerably during the recent economic downturn, which whites weathered better than blacks, Hispanics and Asians.
The latter three groups saw their median household net worth fall by roughly 60% between 2005 and 2010, while the median net worth for white households slipped only 23%.
With increasing unemployment and foreclosure in the black community, it is unclear how or when black people will regain their financial footing. With cuts to domestic programs and discretionary spending, what is clear is that whatever wealth blacks regain will come of their own volition.
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