Broken Dreams And Financial Illusions: The Secret Depression Of Black Men

Wednesday, May 24, 2017
Huffington Post

The data suggest that the majority of African Americans are not in a great place financially. A prime example of this is a finding from the “The Color of Wealth in Boston” report that found that the median net worth of White households in Boston is $247,500 while the median net worth of Black households is $8.

The average net worth of a single Black woman with a bachelor’s degree is $-11,000 and the median wealth of a single Black woman without a bachelor’s degree is $0 according to a research brief entitled “Women, Race, and Wealth” by Khaing Zaw, Jhumpa Bhattacharya, Anne Price, Darrick Hamilton, and William Darity, Jr. This underscores the sad reality that getting a college degree may actually be a hindrance in some cases to a person’s wealth position because of the frequent need to go into large amounts of debt in order to obtain higher education.

Most of the racial wealth gaps that exist are a result of the lack of intergenerational wealth transfers available for Black families based on a host of different reasons ranging from Federal Housing Administration policy, slavery, Jim Crowe laws, employment discrimination, denial of access to capital, and the list goes on and on.

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