Minorities suffer wealth inequalities in US
It’s all in the numbers, In America whites have far more than Blacks and Hispanics and reports indicate the problem is only getting worse.
According to the Urban Institute Whites have 12 times the wealth of blacks and nearly 10 times more than Hispanics. The report says the average white family accumulated $130,000 in wealth in 2013 compared to black families who made $11,000 and Hispanics–around $13,000. Experts say financial inequality is a growing issue in the United States and there is no sign of improvement.
Wealth is equated with the total of your assets, which include real estate, stock investments and retirement accounts, and in America for minorities the gap is at an all time high.
There are key reasons for the difference in numbers. One of them being Black and Hispanics are less likely to be homeowners, which builds wealth. In addition, experts say there is still a significant income earning gap when it comes to blacks and Hispanics compared to whites.
And while the President touts the U.S.
unemployment rate, which stands at 5.6 percent, the unemployment rate remains much higher for blacks and Hispanics….at 11 percent for blacks and 8 percent for Hispanics. There is also a major income earning gap between the racial groups, preventing them from many opportunities available to white families.
Experts say the gap between the have and have nots will eventually have an effect on the U.S. economy, undermining economic growth.
According to a new Pew Research Analysis, the Great Recession has deepened the racial wealth divide in the U.S. where Blacks and Hispanics have taken on more debt than whites.