Even during the good times, the black-white wealth gap grew, and grew A LOT, in the past 20 years. Even among the middle class, not just the working class or the poor.
Here's how bad it's been:
Measured in 2007 dollars, the disparity in assets increased $75,000 on average, from $20,000 to $95,000 over the 23-year period. At least one in four black households had no assets. ...Of course, our "first black neoliberal president" hasn't totally caught on to that, perhaps?
This was true even at higher income levels, with middle-income whites seeing their wealth levels increase from $55,000 to $74,000, while high-income African-Americans saw their wealth decrease $7,000 in the same period, to $18,000 in 2007. The study defined middle income as $40,000 to $70,000, in 2007 dollars. In general, wealth produced during this period "accrues primarily to highest income whites."
The authors say this shows higher incomes alone will not lead to increased wealth and security for African Americans, since consumers of color are subjected to "systemic bias that operates in racialized ways" in credit, housing and taxes – dramatically reducing their chances of achieving economic mobility.
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