According to the latest Federal Reserve figures released on Monday, the wealth gap between whites and blacks in the United States has remained stubbornly wide in the three years ending in 2019.
The typical white family has eight times the wealth of the typical black family and five times the wealth of the typical Hispanic family, the Fed said in its comprehensive report on consumer finance.
At the end of 2019, the average wealth of white families was 8,188,200 while the median wealth of black families was $ 24,100. The average wealth of Hispanic families was 36,100.
The Fed noted that having more white households at the top of the wealth distribution means significantly higher.
The average wealth of white families was 3 983,400, compared to 14 142,500 for black families and 165,500 for Hispanics.
The Fed survey reflects that the wealth growth rate for black families has grown faster than three years for white families. That said, in terms of the full dollar, the rapid pace of black growth is a small baseline figure and as a result the gap between whites and blacks has actually widened a bit. Indeed, the median wealth between White and Blacks has risen from 16 163,700 in the previous survey in 2019 to $ 164,100 in 2019.
The Fed said both black and white families have recovered their assets to pre-Great Depression levels.
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The survey found that typical black or Hispanic families have બચ 2,000 or more in liquid savings, while typical white families have four times that amount.
Some black economists have said that the only way to solve the race problem in America is to reduce the wealth gap, which they say is rooted in slavery and is exacerbated by red-lining government policies that allow blacks to increase their wealth through homeownership. Was prevented. .
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According to a Fed study, about 46% of white households have their home compared to only 17% for black households.
This distance may reflect parental wealth, as black families are much less likely to receive paid assistance from their parents.
In a speech Monday on revenue inequality, Cleveland Fed President Loretta Mester said the U.S. Makes the most inclusive economy.
“Unless steps are taken to promote an inclusive economy – one in which people have the opportunity to move themselves and their families out of poverty, one in which systemic racism does not limit opportunities, and one in which all people can fully participate – the U.S. The economy will not be able to live up to its full potential and the economy will suffer, ”Mester said.
He set an agenda to allow more Americans to participate fully in the economy: investing in weaker neighborhoods, closing the digital divide, increasing access to high-quality education, and eliminating systemic inequalities in access to credit.
“This will help ensure that the American Dream Pipe is not a dream,” Mester said.
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