Racial Wealth Gap Won't be Fixed by Education Alone
A new blog piece out today, "Racial Wealth Gap Won't be Fixed by Education Alone," by Darrick Hamilton, Faculty Affiliate of the Cook Center and Co-Investigator of the National Asset Scorecard for Communities of Color (NASCC) Project, responds the recent study The Ever Growing Gap by the Institute for Policy Studies and the Corporation for Enterprise Development that says it will take the average African-American family 228 years to amass the same amount of wealth that white families have today.
"Last week’s release of The Ever Growing Gap, a study by the Institute for Policy Studies and the Corporation for Enterprise Development into America’s vast and growing racial wealth divide,' raises the urgent question of policy remedies, " writes Hamilton. "And it’s on that front that our own findings on the question of educational opportunity — where the disparities are often the favored explanation of many researchers and policy analysts for the racial wealth gap — are worth revisiting.
Our recent research brief entitled, 'Umbrellas Don’t make it Rain: Why Studying and Working Hard Isn’t Enough for Black Americans,' critiques the preponderance of research and public policy that asserts that education and hard work drive upward mobility, especially as it relates to racial and ethnic disparity. Like umbrellas and rain, simply observing that wealthier individuals typically have higher levels of education does not necessarily mean that educational attainment is the causal factor behind their greater wealth..."