Sunday, June 8, 2014
Black Star Journal is reporting,
WASHINGTON (NNPA) – The growing racial wealth gap – $200 in median wealth for Blacks in 2011 and $23,000 for Whites – threatens national economic security in the United States, according to a recent report by the Center for Global Policy Solutions.
“When it comes to the racial gap in liquid wealth, African Americans and Latinos are nearly penniless,” stated the report. “The median liquid wealth of Whites is over 100 times that of Blacks.”
The report said that when retirement savings are taken out of the analysis, the disparities in liquid wealth are even more disturbing.
“Blacks are found to hold a mere $25 and Latinos just $100 in liquid wealth, compared to $3,000 held by the typical White household,” the report said.
During a press conference on the report on Capitol Hill, Rep. Keith Ellison (D-Minn.) said that the racial gap is not some product of changes in the economy.
“It’s our tax policy, designed to help the rich, It’s also our trade policy, off-shoring our jobs and it’s also the attack on unions,” said Ellison.
Wealth disparity did not happen by accident and it will continue to increase unless we put an end to it.
To find out more, please read Beyond Broke, Why Closing the Racial Wealth Gap is a Priority for National Economic Security. The article was published by the Center for Global Policy Solutions.