Home Forums Hunting & Shooting Hunter's Campfire Disparity of wealth and race

Funny how the large 'charitable trusts' founded by right wing folks like Ford, Rockefeller and Pew have all turned into left wing, marxist oriented organizations. I guess when wallowing in free money, the decedents turn into marxists.

Pew is out with a new study, that discusses the large, and growing, disparity of wealth in America, as a function of race. I have no reason to believe their findings are factual, but I guarantee that you better hold on to your assets, cause this is only going to throw fuel on the fire for taking your IRA to spread the wealth.
link to study

I know they want to tap into IRA's and 401K'S, Deferred comp plans etc... I guess if you save enough to have some retirement it is unfair to those who did not. Boehner could be our next president if he backs down Pres. Obama and Harry Reid. If he gets cut cap and balance through both houses with our help he will be very popular. Maybe we can turn this big ole ship of state around. Right rudder, full speed ahead. I can see the constitution on the horizon. KDJ

You whities will do anything to keep a brotha down.
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Wealth gap widens between whites, minorities

'I am afraid that this pushes us back to ... 'two societies, separate and unequal'


updated 7/26/2011 12:02:05 AM ET

WASHINGTON � The wealth gaps between whites and minorities have grown to their widest levels in a quarter-century. The recession and uneven recovery have erased decades of minority gains, leaving whites on average with 20 times the net worth of blacks and 18 times that of Hispanics, according to an analysis of new Census data.

The analysis shows the racial and ethnic impact of the economic meltdown, which ravaged housing values and sent unemployment soaring. It offers the most direct government evidence yet of the disparity between predominantly younger minorities whose main asset is their home and older whites who are more likely to have 401(k) retirement accounts or other stock holdings.

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"What's pushing the wealth of whites is the rebound in the stock market and corporate savings, while younger Hispanics and African-Americans who bought homes in the last decade � because that was the American dream � are seeing big declines," said Timothy Smeeding, a University of Wisconsin-Madison professor who specializes in income inequality.

The median wealth of white U.S. households in 2009 was $113,149, compared with $6,325 for Hispanics and $5,677 for blacks, according to the analysis released Tuesday by the Pew Research Center. Those ratios, roughly 20 to 1 for blacks and 18 to 1 for Hispanics, far exceed the low mark of 7 to 1 for both groups reached in 1995, when the nation's economic expansion lifted many low-income groups to the middle class.

The white-black wealth gap is also the widest since the census began tracking such data in 1984, when the ratio was roughly 12 to 1.

"I am afraid that this pushes us back to what the Kerner Commission characterized as 'two societies, separate and unequal,'" said Roderick Harrison, a former chief of racial statistics at the Census Bureau, referring to the 1960s presidential commission that examined U.S. race relations. "The great difference is that the second society has now become both black and Hispanic."

Stock holdings play an important role in the economic well-being of white households. Stock funds, IRA and Keogh accounts as well as 401(k) and savings accounts were responsible for 28 percent of whites' net worth, compared with 19 percent for blacks and 15 percent for Hispanics.

According to the Pew study, the housing boom of the early to mid-2000s boosted the wealth of Hispanics in particular, who were disproportionately employed in the thriving construction industry. Hispanics also were more likely to live and buy homes in states such as California, Florida, Nevada and Arizona, which were in the forefront of the real estate bubble, enjoying early gains in home values.

But those gains quickly shriveled in the housing bust. After reaching a median wealth of $18,359 in 2005, the wealth of Hispanics � who derived nearly two-thirds of their net worth from home equity � declined by 66 percent by 2009. Among blacks, who now have the highest unemployment rate at 16.2 percent, their household wealth fell 53 percent from $12,124 to $5,677.

In contrast, the median household wealth of whites dipped a modest 16 percent from $134,992 to $113,149, cushioned in part by a stock market recovery that began in mid-2009.


"The findings are a reminder � if one was needed � of what a large share of blacks and Hispanics live on the economic margins," said Paul Taylor, director of Pew Social & Demographic Trends. "When the economy tanked, they're the groups that took the heaviest blows."

The latest data come as President Barack Obama and congressional leaders try to reach a deal to avoid a U.S. default on its financial obligations after Aug. 2. Democrats and Republicans have been wrangling over proposals that could cut trillions of dollars from programs such as Medicare and Social Security; they are divided over whether to bring in new tax revenue, such as by closing corporate tax loopholes or increasing taxes for the wealthy.

The NAACP and other black groups urged Obama to resist deep cuts to housing assistance or safety net programs, saying it would disproportionately hurt urban areas with high poverty and unemployment. The U.S. poverty rate currently stands at 14.3 percent, with the ranks of the working-age poor at the highest level since the 1960s. Some analysts believe the poverty rate will climb higher when new figures are released in September.

"Typically in recessions, minorities suffer from being last hired and first fired. They are likely to lose jobs more rapidly at the beginning of the recession, and are far slower to gain jobs as the economy recovers," said Harrison, who is now a sociologist at Howard University. "One suspects that blacks who lost jobs in the recession, or who have tried to help family members or relatives who did, have now spent whatever savings or other cashable assets they had."

Other findings:
�About 35 percent of black households and 31 percent of Hispanic households had zero or negative net worth in 2009, compared with 15 percent of white households. In 2005, the comparable shares were 29 percent for blacks, 23 percent for Hispanics and 11 percent for whites.
�Asians lost their top ranking to whites in median household wealth, dropping from $168,103 in 2005 to $78,066 in 2009. Like Hispanics, many Asians were concentrated in states like California hit hard by the housing downturn. More recent arrivals of new Asian immigrants, who tend to be poor, also pushed down their median wealth.
�Across all race and ethnic groups, the wealth gap between rich and poor widened. The share of wealth held by the top 10 percent of U.S. households increased from 49 percent in 2005 to 56 percent in 2009. The threshold for entry into the wealthiest top 10 percent, however, dipped lower: from $646,327 in 2005 to $598,435.

The numbers are based on the Census Bureau's Survey of Income and Program Participation, which sampled more than 36,000 households on wealth from September-December 2009. Census first began publishing wealth data from this survey, broken down by race and ethnicity, in 1984.

I thought the One was going to spread the wealth around. The @ss clown's wife said he would take form those that could afford to give more.

Looks like the brothers in the hood got ripped off again.

He did spread the wealth around.

The Africans-in-America then went out with our stolen tax money and bought new cars, trips to Disney and flat screen TV's faster than you can say food stamps.... now they are broke again.

According to a Pew research study the median net wealth of Africans-in-America dropped 53% between 2005 and 2009, despite their income increasing.

This is what happens when you give a people money, that they didn't earn, who's culture has no understanding of "tomorrow".

Very misleading. Even accepting the mathmatical difference between median and average the $113,149 number falls far to close to the highest income city in America (Alpine, New Jersey $113,132 with 1,204 residents) for me to believe it. Since we're talking about "wealth" here I assume they also include investments soft and hard and there is no doubt that some funky math is involved. I work with way too many minorities that are well paid, hard working and well educated to believe this. For the crack whores and their suppliers in Baltimore I don't care how much you give the they will always be poor and victimized in their minds and I'm fine with that.

Self serving study is my opinion.

There was a guy on NPR last weekend who has written a book "Tropic of Chaos" blaming violence in Africa of man-made global warming. I laughed out loud several times at his complete ignorance of African history and the current political and cultural climate there. Finally had to shut it off before my brain was going to shut down with an overload of stupid.

I heard on Fox news that a new study revealed 1 in 5 men are out of work in this country.

That's pretty dang sad.

Our families are being torn apart. The traditional role of the male has been trashed under the "Mrs. I wish I had a dick" feminist movement.

All this lovely stuff has really done the country a lot of good, just look around if you don't believe me...

Yep.

Part of that was heavy manufacturing losses, being overly male, but another is the fact that firing/laying off a white male brings little chance of legal reprisal in comparison to firing any of the protected sex/species.

A guy at work was whining about the whites keeping him down. I told him I was too busy working to feed my family and didn't have time to keep ANYONE down. He hasn't talked to me since. (Good Riddance).

I think some confuse Being "Kept Down" with "I'm owed".

The richest blacks in the world all live in the USA. Is that a disparity, too?

Given that EEO and affirmative action have been the law of the land for about four decades, it is hard for me fathom how a black person can believe that he's held down by the white man. Still, I know that there are those who truly believe it. It doesn't mean things will be handed to a person on a silver platter, but it does offer low hanging fruit to any minority who will reach out and grab it, meaning it just takes a minimum of qualification and effort, even for those given preference.

If anybody thinks I don't understand affirmative action, guess again. I am well versed in the social theories and law behind it. What it has become is a far cry from what it was originally conceived to be.

Paul

Good point. Just look at Sam!

That "researcher" was from Howard University. Anyone notice that? Do you think he had the outcome of his "study" from the start, and walked his data to match the "outcome"?


Of course he did.

Yes the minorities spend the money as fast as they get it. Prime example is the one in the white house. He represents everything good and bad about minorities. He is demonstrating his abilities to the world.

When over 75% of black children are born out of wedlock, it should come as no surprise that they live in poverty. I had the pleasure of speaking to a very fine older black man at one of my daughter's basketball games. He talked glowingly of his daughter who was a teacher and his son who was a leading dentist. He didn't come across as someone who had been kept down.

Plug a father figure into those black households and the entire community would turn around. Unfortunately, there seems to be a lack of black men who wish to be dads.

USA Today has an article on this situation (see: http://www.usatoday.com/news/washington/2011-07-26-census-wealth-data_n.htm )

One factor in the conculsion is that whites bought stocks which have appreciated, while blacks and Hispanics bought homes which have depreciated.

It is not just minorities that spend as fast as they get it. Thomas Stanley in his book "Stop Spending Rich" (also authored "The Millionair Next Door") has documented how many Americnas (whites, blacks, hispanics, etc.) have spend more thatn than make and it has caught up to them.

Some on the Democrat side have been looking at IRA's and 401Ks for some time now they see a huge pile of money that they can go and spend. Obama would love to get his hands on those and he will if he gets a second term. I have some land, its pretty much the corner stone of my retirement. A lot of people can't stand that I even have it. its not much just 80 acres in CT. The problem is that they when and destroyed the real estate market, or messed with it so much that it still has a bit of correcting to do. I gotten rid of things like credit cards twenty years ago. Most people who are in trouble are in trouble for two reasons, lost employment or business( I lost a business) and used there homes and the built up value as ATM machines. And when the correction occurred found themselves underwater. Anybody who bought a house in a decent area in 1985-2002 time frame should not be underwater at all. But far to many took the value of there homes to buy stuff. I know one guy who when to Africa this way not once but 5 times. He has a bunch of mounts and no house to put them it. Foolish is as Foolish dose.

and 81M checks mailed from the Feds each month. That's a recipe for disaster.