E-mail updates
Follow on Twitter
Subscribe to RSSThe wealth gap between whites and blacks in America is wider than it has been in a generation, but it doesn’t seem to be hurting President Obama politically.
Whites now have 20 times the net worth of blacks and 18 times that of Hispanics, as compared to a ratio of 7 to 1 from whites to both groups in 1995, when the U.S.’s economic expansion boosted many underprivileged groups to the middle class, according to an analysis of Census data released Tuesday by the Pew Research Center. That’s the widest gap in 27 years, since U.S. government began recording the wealth gap between whites and minorities.
In terms of total decrease in net worth, Hispanics have been affected most adversely, with a decrease of 66% from 2005 to 2009. The net worth of black families decreased 53% in the same period, as compared to a 16% drop for whites.
Analysts of the data report that the white-minority gap can be partially explained by the fact that whites have invested more in stocks and corporate savings, while younger Hispanics and African-Americans have invested more in homes, and therefore have seen significant losses. With an exceedingly stalled housing market, this wealth gap may widen even further.
"The findings are a reminder, if one was needed, of what a large share of blacks and Hispanics live on the economic margins," said Paul Taylor, director of Pew Social & Demographic Trends. "When the economy tanked, they're the groups that took the heaviest blows."
These studies emerge in the midst of the debt ceiling debate, in which Obama and congressional leaders must arrive at a decision to cut deficits and raise the debt ceiling or run the risk of seeing the U.S. default on its financial obligations -- all by the deadline of August 2nd. Last week, the National Association for the Advancement of Colored People (NAACP) met with Obama and urged him to avoid making cuts to housing assistance or safety net programs, claiming such cuts would disproportionately hurt minorities. It remains to be seen if this plea, and the study presented by the Pew Research Center, will have an impact on the August 2nd decision.
Still, despite these data and Republicans, like Michele Bachmann and Mitt Romney pointing out how minorities have been adversely affected in this economy, blacks and Hispanics appear firmly in Obama’s corner. In the latest NBC News-Wall Street Journal poll, released last week, the president’s overall job approval was split with 47% approving and 48% disapproving. But those numbers spiked among Hispanics and African Americans. Hispanics approved 56%-39%, and blacks were an even stronger 88%-7%.
Those numbers have held pretty steady since the president took office. Provided they remain that way, that support could give Obama a measure of insulation in next year’s election that might not be enjoyed by other presidents in a similar economy.
Leave a Comment:
http://www.youtube.com/watch?v=G96TY5JsV-s&feature=player_embedded
http://governmentgonewild.org/thelist
These people all need to be fired and investigated.
http://governmentgonewild.org/brothercanyouspareatrillion
http://governmentgonewild.org/specialinterestsexposedvideo
I wonder how many citizens actually agree that the government needs to be stopped and voted out.
Do yourself a favor and look at the video's and pass it on.
Looks like the minorities don't want to look at the facts or don't care to look into them. Still thinking the minority prez is going to give them handouts. Still ignoring all evidence he is a sellout.
Since LBJ implemented his Great Society Program more than 4 decades ago, in spite of the trillions of dollars of taxpayer money that have been spent on lifting people out of poverty, the poverty level remains unchanged today from what it was in 1965.
Unfortunately it is the minorities that bear the burden of poverty. However, just as unfortunately it is amazing that they continue to vote for the same party that has failed them miserably, throwing them a few crumbs fro the table to ensure their support in the voting booth while never insisting on what is necessary to lift minorities from poverty and begin to climb the rungs of the economic ladder, personal responsibility. That failure to insist able-bodied, able-minded recipients of government assistance take individual responsibility and action to improve their plight is solely because they believe to do so would jeopardize the minorities' unfailing support in the voting booth.
The results speak for themselves. You cannot end poverty only on the basis of providing free stuff to those living in poverty who are able-bodied and able-minded but not willing to take individual action to improve their educational/skill levels to enhance their prospects for a better life and a higher place on the rungs of the economic ladder.
Whatever is good the Reps try to take credit, when things go terribly wrong they assess blame. Same old same old.
Being white is not synonymous with being rich. Let alone well off. Sylvie Stein and Domenico Montanaro need to learn how to do their homework before writing something like this. They forgot to mention all the pink and purple people who are broke too. Skin color has absolutely no bearing legitimately on one's finances.
It just proves the power of the liberal propaganda machine. They owned government for two years and minorities were hit twice as hard as whites on their watch. Yet they'll continue to vote for their masters.
This is such a lie. Blacks and hispanics are in the same market, economy, and housing as white people are. Where do they come up with this bull? We all live in the same country and honestly as an over 50 white male I am the minority not the blacks and hispanics, especially in the workplace. It is to bad if the trend for these 2 heritages is not save anything, but that is not others problem. I took a huge hit in the stock market, housing, job market, etc. Just like everyone else I have struggled. So please stop with the racial / gender differentiation in all the bleeding heart crap. Get a life, get a job and remember no one owes you anything. You have the right in this country to EARN not get benefits. I am American not some other nationality-American, we fly only one flag, and speak one language. SO GET WITH THE PROGRAM AND DO FOR YOURSELF!! By the way the rich already pay 75% of all taxes. I am not rich and am struggling too, but no one owes me!! So bleeding hearts you are not entitled, you do not deserve anything. You get to work for it and stop wasteful government including our current administration by voting. Otherwise no one is keeping you in this country go elsewhere and become an American-African, American-Hispanic or American-European or whatever other dual ethiniciity you want to be. Otherwise STFU and be an AMERICAN!