A Never Ending Wealth Gap Between Blacks And Whites In America?
"'For Black families and other families of color, studying and working hard is not associated with the same levels of wealth amassed among Whites. Black families whose heads graduated from college have about 33 percent less wealth than White families whose heads dropped out of high school,' said economist Darrick Hamilton, [Faculty Affiliate and Co-Investigator of the National Asset Scorecard for Communities of Color (NASCC) Project; Associate Professor of Economics and Urban Policy, Milano School of International Affairs, Management and Urban Policy & Department of Economics, New School for Social Research]. Hamilton is head of the National Economic Association, which is composed of Black economic experts. His group and the American Society of Hispanic Economists recently gathered together for a summer conference in Washington, D.C.
'The poorest White families—those in the bottom quintile of the income distribution—have slightly more wealth than Black families in the middle quintiles of the income distribution. The average Black household would have to save 100 percent of their income for three consecutive years to overcome the obstacles to wealth parity by dint of their own savings.' Just seeing a college education as the 'great equalizer' and the primary vehicle for economic mobility is unrealistic when it comes to Black-White disparity, he said. According to Hamilton, in reality, a college degree does little to undo the massive difference in wealth across racial lines."