With advancements in technology and progress on a number of social issues, why do we still need to dream of a country where citizens of every race have economic parity? A place where one’s race doesn’t have an effect on whether or not they will end up in college or prison? A place where economic inequality is the exception, not the norm?
That place should be the United States…but it doesn’t look like it will be any time soon.
The issue of the racial wealth gap in the U.S. is more alive than ever before. The average African American and Latino households own $.06 and $.07 respectively for every $1 in wealth held by the average white family. Seventy-one percent of Latinos and 67 percent of African Americans are regarded as “liquid asset poor,” compared to 34 percent of white people.
So, the average liquid wealth of white people is currently more than 100 times that of African Americans and more than 65 times the amount held by Latinos.
Overwhelmed by all the numbers? We are too.
Bottom line: The middle class in the U.S. isn’t the world’s richest anymore. And for the younger generation, it’s only going to get harder–unless we actively make a change.
Credit: Eric Herbst, Marco Diaz