I have posted many times about the huge gap in wealth and income between the richest Americans and the rest of America. And it is a big problem, made only worse by the recent tax cuts for the rich passed by the Republicans. It must be rectified.
But that is not the only gap posing a problem for our economy. There is also a significantly large gap in wealth and income between Whites and minorities. The median income for Whites is $61,200 and the mean (average) income is $123,400. For Blacks, the median income is $35,400 and the mean is $54,000. For Hispanics, the median is $38,500 and the mean is $57,300.
The difference between Whites and minorities is even greater when it comes to wealth (see the chart above).
Conservatives don't want to admit it, but we still live in an unfair economy, and it's caused by continuing discrimination against minorities. We have not solved our society's racism, and it continues to affect our economy.
NOTE -- The chart above is from the Federal Reserve Board of Governors. The numbers are from 2016 -- the last year for which numbers are known. They do a survey every three years. I doubt the 2019 numbers will look any different when published.
No comments:
Post a Comment
ANONYMOUS COMMENTS WILL NOT BE PUBLISHED. And neither will racist,homophobic, or misogynistic comments. I do not mind if you disagree, but make your case in a decent manner.