How blacks being paid less for the same work drives down our wealth

[JustAnotherGen]

Pew Center article from December last year . . . Discusses data regarding the great recession started by George Bush's bogus 'Ownership Society' malarkey.


http://www.pewresearch.org/fact-tank/2014/12/12/racial-wealth-gaps-great-recession/

A number of factors seem responsible for the widening of the wealth gaps during the economic recovery. As the Federal Reserve notes, the median income of minority households (blacks, Hispanics and other non-whites combined) fell 9% from its 2010 to 2013 surveys, compared with a decrease of 1% for non-Hispanic white households. Thus, minority households may not have replenished their savings as much as white households or they may have had to draw down their savings even more during the recovery.

Also, financial assets, such as stocks, have recovered in value more quickly than housing since the recession ended. White households are much more likely than minority households to own stocks directly or indirectly through retirement accounts. Thus, they were in better position to benefit from the recovery in financial markets.

All American households since the recovery have started to reduce their ownership of key assets, such as homes, stocks and business equity. But the decrease in asset ownership tended to be proportionally greater among minority households. For example, the homeownership rate for non-Hispanic white households fell from 75.3% in 2010 to 73.9% in 2013, a percentage drop of 2%. Meanwhile, the homeownership rate among minority households decreased from 50.6% in 2010 to 47.4% in 2013, a slippage of 6.5%.

While the current wealth gaps are higher than at the beginning of the recession, they are not at their highest levels as recorded by the Fed’s survey. Peak values for the wealth ratios were recorded in the 1989 survey — 17 for the white-to-black ratio and 14 for the white-to-Hispanic ratio. But those values of the ratios may be anomalies driven by fluctuations in the wealth of the poorest — those with net worth less than $500. Otherwise, the racial and ethnic wealth gaps in 2013 are at or about their highest levels observed in the 30 years for which we have data.

*All Minority Households (not just AFAm) wealth fell 9% from 2010 to 2013.


*White households held more stocks directly or through Retirement Accounts PRIOR to the great recession. So basically they had a HEAD START to gains before Obama ever took office –because they had it to lose in the first place. Many people obtain retirement accounts via work place 401ks. If you don't make a lot of money - you aren't going to invest as aggressively whether there is employer matching or not.

*Blacks/Other Minorities were targets of those Sub Prime scams – so of course those homes are gone. Paid less, making less - that's all you were eligible for.

*Some of these the “poor are poorer” stats are measured by ‘wealth’ (good gravy the language in this thing but I get that they have to be consistent) of those whose are determined to be poor because they have a net worth of $500 or less. So if you had net worth of $500 or less in 2008 - and you have one of $400 now - it's considered a huge drop. *sigh*


Long Term Pay Disparities . . . It would seem to me that the ‘blacks have lost more wealth’ crowd might want to consider that a black couple in their late 50’s started out of the GATE making less and with less opportunity to make more (bigots as hiring managers) 25/30 years ago.

So can we stop the nonsense – at least in this group? Because it’s insane to believe this all JUST happened under President Obama’s watch. Bigots and a society that ALLOWED this shit to happen for decades are what caused this.

P.S. I don’t know about any of you – but I’m not ‘new’. Are you?

[rbrnmw]

1. K&R

Thanks

[lovemydog]

2. I was noticing at the gop debate tonight

that they're all (with some minor exceptions) saying to go back to W.'s failed economic policies.

I hope the democratic candidates make a strong case to the American people that we must continue and strengthen the policies of the Obama Administration.

[JustAnotherGen]

3. Yikes!

I didn't watch it. They can't be serious!

His 'ownership society' was just as bad as trickle down. It doesn't work.

[gollygee]

4. The $100 difference is probably due to home losses

That's a huge factor in wealth.

[JustAnotherGen]

5. I KNEW I was

Missing something.

[bettyellen]

6. I think this is part of the frustration I feel as a woman- economics becomes a priority issue when

white men feel the pinch. Most seem unaware that as a woman, that pinch has been the status quo, and they were largely fine with it when it wasn't them.

[Number23]

7. Being paid less, having our ancestor's work not being paid AT ALL.

Having homes and land and businesses taken to appease racist white people who didn't want us "too close" to them and their kids or getting "too uppity." All of this on top of being incarcerated at ridiculous levels which means that too many blacks will NEVER get a chance to make a significant living.

And it's all been coldly calculated and deliberate and like you said, this shit has been going on for CENTURIES. None of this is new.

[Starry Messenger]

8. Chart I just saw today.

http://www.aauw.org/research/the-simple-truth-about-the-gender-pay-gap/

It focuses on the gender gap, so that's the way the percentages are calculated, but it should be obvious from the bands on the chart that wages of men and women of color (non-Asian) are quite lower than the others and closer together in pay range.

[JustAnotherGen]

9. Shameful

That's why I want a paycheck fairness act.

I'll save the rest of my comments for HOF.

[randys1]

10. White people are scared to death at the prospect of having to compete fairly, for anything

We have rigged the game when it comes to everything, whether that be jobs, housing, education, etc.

The system is designed, from the moment a Black child is born in an Atlanta suburb and a white child is born in Santa Monica.

The Black child will work harder, longer and receive less in every facet of life.

The Black child will learn that walking out of her house is a risk that white people cant even imagine.

Wanna know who the white folks are gonna be hating soon?

Asians and Indians (India)

All that success?

Of course not all white people think like this, just most.

Stand outside a mini mart owned by a Patel family and listen to the comments from joe blow white guy when they walk out, about how they "own everything" these days. To be fair, probably gonna hear that from Black folk too.

Problem with that is the Black folk were skipped over, all of a sudden non white people own businesses but guess who isnt included...


Oh, better repeat this part a few times


not all white people
not all white people
not all white people
not all white people
not all white people
not all white people
not all white people

is that enough?

probably not


not all white people
not all white people
not all white people
not all white people
not all white people

[JustAnotherGen]

11. Kick for our newest visitors