In Trump’s America, where the picture of racist rhetoric is sadly being painted frequently, a survey points to the economic disparities that persist between races as well.
Although most families living in the U.S. grew richer between 2013 and 2016, the problem lies in who gets the lion's share of the wealth, making the country’s economic disparities in income even worse.
According to data released by the Federal Reserve, the wealthiest segment of the economy was made up of white families.
The median net worth of whites remains was $171,000, almost 10 times higher than the size of blacks. Nearly one in five black families have zero or negative net worth — double the rate of white families.
“White households had a head start in rebuilding wealth relative to black and Hispanic households,” said Valerie Wilson, director of the Economic Policy Institute’s program on race, ethnicity and the economy. “Black and Hispanic households see larger percentage gains simply because they were starting from a lower level.”
The net worth of white people was reportedly much higher than other people of color living in the country. In 2016, white families had a median (the point where half of the families fall below, and half above) net worth of $171,000, compared with $17,600 for blacks and $20,700 for Hispanics.
In other words, almost half of the net worth for black and Hispanic households, which was less than $50,000 in 2016, was just a fifth of the white households' net worth. On the other hand, 15 percent of white families reported a net worth of more than $1 million, compared with about 2 percent of blacks and Hispanics.
“In dollar terms, blacks and Hispanics are continuing to fall further behind,” said Caroline Ratcliffe, a senior fellow at the Urban Institute who focuses on asset and wealth building.
If anything, all these disparities point toward a growing racial economic gap. How this dire economic condition will make America great again is yet to be seen.
Learn more about this economic whitewash in the video posted above.
Thumbnail/Banner Credits: Reuters, Thomas White.