Startling news is making headlines this week as the Pew Research Center’s analysis of new Census data has revealed that America’s racial wealth gap has worsened due to the economic recession and an “uneven recovery.” The findings show that whites on average have 20 times the net worth of African Americans and 18 times that of Latinos.
In response, PolicyLink Founder and CEO Angela Glover Blackwell issued the following statement:
“The Pew Research Center’s analysis of America’s growing racial wealth gap is alarming and a trend that economic and social equity advocates have long known to be a significant problem, not just for people of color but also for the nation. Analysts have already predicted an aggregate wealth loss in African-American and Latino communities of over a quarter of a trillion dollars between 2009 and 2012 due to the foreclosure crisis, resulting in a whole generation of Americans of color that won’t have the security provided by a good job, quality education, affordable health care, or owning a home.
“By 2042, people of color will be the majority in America – already the majority of children under age two are of color. This means children born today will be mid-career by then. We must begin today to build the foundation of tomorrow’s America by making targeted investments that will enable all to prosper, and lifting up equity as the superior growth model for the nation.”
Blackwell also spoke with American Urban Radio Network yesterday about this racial wealth gap, changing demographics and other issues as explored the new PolicyLink multimedia series “America’s Tomorrow: Equity in a Changing Nation.” You can listen to the entire segment below.
What do you think this widening racial wealth gap means for America’s future? Is there a relationship between that and our growing racial and generation gap? Share your thoughts in the comments.