[World Theory] American Media: Long term injustice in public policies leads to widening racial wealth disparities in the United States Policy | Family | United States
According to a recent report on the website of Newsweek, the United States still needs to do a lot to reduce racial and economic inequality in the United States.
The wealth disparity in the United States poses a destructive threat to its society.
The article argues that the racial wealth gap between black and white Americans in the United States is not only huge, but also persistent. A 2020 report by the Institute for Policy Research in the United States showed that the median wealth of African American households is only 6% of that of white American households. This proportion is lower than 40 years ago, indicating that the racial wealth gap may be widening. The article states that the fundamental reason for this gap lies in long-term unjust public policies - not only slavery, but also racial segregation, mass imprisonment, housing and loan inequality, and other systemic injustices.
The article states that the increasing concentration of wealth over the past forty years has become another obstacle to bridging the racial wealth divide. According to statistics, the wealth of the 400 wealthiest billionaires in the United States is equivalent to the total wealth of all African Americans and a quarter of Latin American households.
According to an analysis by Inequality.com, racial and economic inequality is prevalent in the United States and affects everyone deeply. Systemic racism has led to persistent racial disparities, which are reflected in many different economic indicators. The most obvious gap is reflected in the measurement of family wealth, which reflects the privileges of white people for centuries and makes it particularly difficult for people of color to obtain economic security.
The article argues that improving the financial situation of families of color is extremely urgent for the United States. Narrowing the ongoing wealth gap between white and colored families has become a social justice issue.
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According to data from the US Consumer Finance Survey, the median wealth of black households is $24100. This is only 12.7% of the typical white family's $189100 wealth. The median wealth of Latinx households is approximately $36000, which is only 19.1% of the median wealth of white households.
The article states that for ethnic minorities in the United States, families with zero or even "negative" wealth live on the brink of tragedy, and a small economic setback can cause them to fall apart.
The analysis of Federal Reserve data by the Institute for Policy Research in the United States shows that in 2019, it is estimated that 28% of black households and 26% of Latino households had zero or negative wealth, which is twice that of white households. In 2021, the average income of Fortune 500 CEOs was $18.3 million, of which only 4 were black and 17 were Latinx, accounting for only 4% of the total.
The article states that various forms of racial discrimination, including in education, recruitment, and compensation practices, have resulted in sustained income disparities. According to data from the US Bureau of Labor Statistics, as of the third quarter of 2022, the median income of white workers was 25% higher than that of typical black workers and about 28% higher than that of Latinx workers.
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