Tuesday, July 26, 2011

New Study: Racial Wealth Gap Worst in 25 Years

by Dr. Boyce Watkins, Syracuse UniversityScholarship in Action 

A new study presented some disturbing, yet expected news about the sad state of economic affairs within the African American community. According to the study, the wealth gap between white and black Americans has become the widest that it’s been in the last 25 years. As it stands, whites have a wealth level that is 20 times greater than blacks, and 18 times greater than Hispanics.

Much of the drop in black family wealth is due primarily to the decline in home values and heightened unemployment during the great recession of the last three years. African Americans currently have the highest unemployment rates in America, with the most recent data listing the rate at 16.2 percent.



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