Black Wealth From Kanye to Donald Glover: America's Decadent Veil Read Newsmax: Black Wealth From Kanye to Donald Glover: America's Decadent Veil
Now more than ever in America, wealth is a generational asset.
As such, the financial successes or oppressions experienced by a person’s ancestors have a pronounced influence on the advantages and disadvantages in his or her own life. In the recent report “What We Get Wrong About Closing The Racial Wealth Gap,” I, along with Professor Sandy Darity of Duke University, the New School’s Dr. Darrick Hamilton, and several other economists, expose the most prevalent financial mythologies surrounding the black-white wealth divide, demonstrating how these are in effect merely substitutes for a necessary confrontation with our nation’s deep history of racism and how it was used to create long-lasting, unequal levels of wealth among whites and blacks.
From a belief in educational attainment as the solution, to black family disorganization as the problem — and even to black celebrity as the decadent veil wealth cover — we show how America has been led to incorrectly assume that individuals’ actions are the most important factor in building wealth, rather than observing how government has and continues to help in determining capitalism’s multi-generational familial winners and losers.
Perhaps nothing so exemplifies this disconnect than the recent statements made by artist Kanye West.
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