According to the study, the inflation-adjusted median wealth among Hispanic households fell 66% from 2005 to 2009. Black households suffered a 53% drop in net worth over the same period. By contrast, whites saw a decline of 16% in household wealth.
In 2009, the typical black household had just $5,677 in wealth. Hispanic families had about $6,325 in wealth. The average white household had a net worth of $113,149.
The study also showed that a third of black and Hispanic households had zero wealth, meaning that their debts were larger than the value of all their assets.
Overall, the study attributed much of the disparity to the decline in home values, which hit black and Hispanic households hardest.
In addition, the downturn in the housing market was most severe in states with large populations of Hispanics and Asians, including California, Arizona, Nevada, Florida and Michigan, according to the study.
Combine that with the unemployment numbers for blacks and you have a much clearer picture of the problems we face as nation.
Talk about those shiftless "others" all you want, but there are still serious structural impediments to economic progress amongst minorities.
-Cheers
2 comments:
If it makes you feel better, I help bring the "Whites" number down. That is staggering however. I wonder how our rich representatives in Washington whom fall mostly under the "Whites" category feel about this. Oh, that's right, they don't care because they have there own private pension and don't have to worry about life after Congress. Their lack of disconnect to the "average" citizen is both alarming and annoying. I seriously want to start a campaign to vote out EVERY incumbent in Washington regardless of party. We need some new blood!
The main issue is that the Washington corridor has been mostly insulated from the worst of the recession. So they simply do not see it. They are concerned with what concerns the wealthy and well heeled. Debt concerns those with mutual funds and serious stock portfolios. It is an article of faith that if you are unemployed it is simply because you are not working hard enough to find one. Let's forget that there are 6 people applying for every position.
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