The Greatest Racial Wealth Divide in History

The Pew Research Center released a study showing the greatest wealth divide in history (between blacks/whites and hispanics/whites) now exists. I believe that the data shows whites have about 20 times the wealth of blacks and 18 times that of Hispanics.

I haven't looked at the study. It is probably true. It is also probably true that the data has a significant number of outliers at the far end of scale. Like Bill Gates and Warren Buffet, and the other 400 to 1,000 wealthiest individuals in the U.S. Who are virtually all white.

So, it is also true that the wealth divide between the wealthiest white individuals and the poorest white individuals is also at the greatest point in history.

So even though the numbers are shocking, I believe too, that the income disparity between poor to average whites and blacks, and poor to average whites and Hispanics is far less acute and that in that respect we are more alike than we are not alike and the reasons for income disparity and wealth gap are substantially similar across the board:

• Low income jobs are disappearing
• Decent trade jobs are disappearing
• Housing values have dropped, and equity has eroded
• Post-secondary education is expensive and not accessible to all
• Costs have risen, while wages have not
• Minimum wage is not a living wage
• The high cost of credit and fees associated with the banking industry

In addition the following factors will directly and irrevocably lead to a permanent state of wealth disparity:

• The driving down of wages, benefits, and salaries for under-represented Americans
• The assault on unions
• Healthcare costs, housing costs, food costs, childcare cost and access, transportation costs, and other arficially inflated costs
• The assualt on retirement funds and pensions of under-represented Americans
• Lack of well-paying decent jobs at all income levels
• Unequal access to a good education in public schools and colleges, universities

The reasons for the wealth gap between whites, blacks and Hispanics that are not shared equally are what be should be focused on and immediately rectify:

• Predatory lending in Hispanic and black coummunites
• The cost and unequal access to higher education
• The assualt on unions

Link: Pew Research Study