A new study uncovers very troubling news for blacks in America:
The white population in the United States can expect their wealth to grow $18,000 each year over the next 30 years, while the annual increase for African Americans will be only $750 if current fiscal policies stay in place.
This study points to fiscal policies as the problem, but it’s really the fact that a large percentage of blacks are trapped in horrible unaccredited inner city schools and high crime neighborhoods. This negatively impacts their ability to attain wealth in adulthood. This isn’t a problem for the majority of whites in America.
Looking back, whites saw their average wealth increase 84 percent over the past 30 years — 1.2 times the rate for Latinos and three times the African American growth rate.
If the growth rate stays at the current pace, it would take black families 228 years to accumulate the same wealth that white families have today. For Latino families, the gap would take 84 years to close.
The report focuses on wealth attainment instead of income. One of the best ways to increase wealth is through home ownership. This is another area where blacks and latinos lag behind white counterparts.
Home ownership rates reflect the wealth disparities, the study found. African Americans comprise 41 percent of homeowners and Latinos 45 percent, while 71 percent of white households own their home.
|Changes in household wealth|
|Survey of Consumer Finance|
This is troubling but not irreversible. We must reconsider our monolithic support of the Democrats as their policies have failed miserably at moving blacks out of poverty. Our focus must be on faith and family to launch successful children into adulthood ready to face the challenges of our modern economy fully equipped to handle it all.
Read more of the study here.