President-Elect Donald Trump Met With Ray Lewis, He Met With Kanye West, And Now He Should Meet Me
"For decades we have used the narrative of effort and ability to explain how wealth is distributed in America. In my recent discussion with Duke University Professor, and one of the foremost structural economist in the nation William A. Darity , he made it clear to me lineage is the key to wealth in modern America. The ways this wealth appears includes in vivo transfers, in life gifts between generations in the form of house down payments, college tuition, and other forms of gifts passed from one generation to the next. Also it is inheritance in the form of houses with equity, stocks, and cash assets being passed down after death. Yet, as stated by Darity due to an American legacy of racial oppression, and theft far too often Black Americans are left out from having these needed life events occur. This is the reason for the racial wealth gap. Many have answered this by stating many White Americans are left out as well. But what these people fail to grasp is how neither the data, nor history support their position applying so absolutely to nearly the whole White race. In my recent piece, “Black Wealth Hardly Exists, Even When You Include NBA, NFL And Rap Stars”, I detailed how this economic fact rears its head in application. To give context there are approximately 190 million Whites, living in just over 80 million homes. In contrast, there are 42 million Blacks living in about 14.5 million homes. According to Professor Wolff of NYU, after deducting the family car the middle black family is worth a mere $1,700. While in contrast the middle white family is worth about $100,000 when using a similar method of accounting. Meaning nearly 40 million white families are worth more than $100,000, with nearly 8 million of those homes being worth more than $1.4 million dollars. All while half of all black families survive on less than $1,700 in net worth. This chasm is not due to a difference in work ethic or drive, in fact, according to Darity and many other scholars this racial wealth gap is due to the historical reality of race, and its economic impact. As a result, despite all beliefs neither hard work, nor college will close the wealth gap created by hundreds of years of racial inequity."