Ractial Wealth Gap
The readings in â€œColor of Wealth- Forged in Bloodâ€? were remarkably informative. The section on the racial wealth gap was saying that African Americans were 13% of the population, but only owned 3% of the assets in America! That certainly tells you something about the disadvantages that are present in society relating to the distribution of resources. It goes on to say that in 1989, whites had a median net worth of $97,800, compared to $5,300 for blacks! Levels for both have increased over time but there is still a huge gap, and now it is even bigger than in earlier years. African Americanâ€™s average wealth is one-sixth of whiteâ€™s average.
African Americans are less likely to own stock and have the resources to invest and â€œget aheadâ€?. Half of whites have a family that can help them buy a home, while only 20% of black families have this privilege. As I read more of these statistics a steady pattern emerged. There is so many disadvantages that blacks must overcome just to stay at the point theyâ€™re at. To actually catch up to whites or surpass them is near impossible the way our society is set up.
There is so much of a gap between the whites and minority groups for there to even be a chance for them to get to the same level, in general. There has been racism and the economic exploitation that occurred during slavery did not help either. Whites made money off of the cheap/free labor, while blacks got nothing in return for their work. This did not set them up for success as one can imagine.
The part that bothers me is the people that say America is a great place of opportunity and everyone has the opportunity to excel and follow their dreams. The whole saying of â€œpulling yourself up by your bootstrapsâ€?â€¦I love one of the quotes from one of the videos we watched in class. The woman saysâ€¦â€?what if you donâ€™t have bootstraps?â€? The advantaged people in our nation thing everything is fine and they are oblivious to the under privileged and the suffering that is going on in the richest nation in the world! There is no reason this should be happening in America. Our fellow citizens should not be suffering, while others have numerous houses! Tell me how great of a nation is that? Some are homeless while others canâ€™t keep track of the number of houses they own?!? Seriously?!