Racial Wealth Gap...

jillio said:
Are you telling me that you are not aware of inequities in employment opportunities that are in existence for the minorities?
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I'm asking you for your solution. That includes listing the inequities and then giving the solution for each inequity.
 
Warped said:
...So to sum it up, racism and education are probably the primary reason why there's such a huge disparity in wealth between the minorities and majorities.
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Do you have any ideas about how racism is used specifically to impact wealth?

What can be done about the disparity in education?
 
Wirelessly posted (droid)

Here's the nut shell version. Race, national origin and religion are suspect classes. No one can discriminate on these bases. That includes desparative treatment shown with statistics. Earnings of people of color by a single employers counts, not just by job title.
Gender is not a suspect class. When women are paid less than men as a class, that's legal and women have no remedy. Walmart knows. All employers know.
 
Wirelessly posted (droid)

Here's the nut shell version. Race, national origin and religion are suspect classes. No one can discriminate on these bases. That includes desparative treatment shown with statistics. Earnings of people of color by a single employers counts, not just by job title.
Gender is not a suspect class. When women are paid less than men as a class, that's legal and women have no remedy. Walmart knows. All employers know.
 
netrox said:
My family works and makes sure everyone gets their estates when they die. As a result, their wealth builds up. So, with that in mind, a lot of blacks don't have that.

I predict that Asians will catch up in a couple of generations.
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A lot of whites don't either, so it must be more than that.

I don't know of anyone in my family that ever got a large inheritance. All my grandparents and parents, and my father-in-law are deceased, and I'm not wealthy from any inheritances. They all worked very hard but they had no estates to leave behind. To be honest, I don't personally know anyone out of the hundreds of people whom I know, who inherited anything substantial. I'm sure some people do but is it enough to make a statistical impact?
 
people perceived to be "not white" are more likely to:

be denied loan applications;

have un-equal access to things like - housing, job access, childcare and so forth.

generations are affected - so for example an African-American or Latino grandfather who was denied voting rights, monies from programs for farmers and so forth is affected differently than his white counterpart - who was able to access various programs and services and therefore his grandchildren now enjoy the results.

these things come to my mind when I consider the question about how racism specifically impacts wealth
 
Wirelessly posted (droid)

Legacy children. They don't live in neighborhoods like ours. They go to private schools and country clubs. I could introduce you to some of them but they're really boring.

I will never forget how a black attorney walked into a private club at lunch time and the whole place stopped as he made his entrance. He's a former cadet and he walked in like he owned the place. If he had been a black woman, he probably would have been ushered into the back with the "help." Lol
 
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Warped said:
No, I don't think the difference between income should be the same as wealth. Wealth represents how a person use their income to generate more more value. So basically two people with identical incomes could have the opposite amount of wealth because one person chose to invest wisely, and another didn't.

IMO, it's the difference in education that shows why there's such a huge disparity.
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Hm.... I would think this cancels out within each race? This implies that black people and hispanics do not know how to invest while white people do.


Warped said:
I didn't bother with looking up for links to use as reference but historically Hispanic/Black people lags behind the Asians/Whites in college attendance and obtaining degrees. This is probably an indicator why many of the minorities don't attain jobs with better pay. Although the minorities still face another obstacle with clear evidence that racism exists in the job force/wage levels. Education also plays a part in how people manage their wealth. Educated people are more likely to use their money to generate wealth while uneducated people aren't.

So to sum it up, racism and education are probably the primary reason why there's such a huge disparity in wealth between the minorities and majorities.
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Could be. However, Asians are still significantly behind Whites in net worth even though Asians earn more. Your theory doesn't explain that.
 
Reba said:
I'm asking you for your solution. That includes listing the inequities and then giving the solution for each inequity.
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I get paid for teaching a class. What you are asking for is extensive information that would take weeks to cover in depth. Conflict theory explains it nicely.
 
dogmom said:
people perceived to be "not white" are more likely to:

be denied loan applications;

have un-equal access to things like - housing, job access, childcare and so forth.

generations are affected - so for example an African-American or Latino grandfather who was denied voting rights, monies from programs for farmers and so forth is affected differently than his white counterpart - who was able to access various programs and services and therefore his grandchildren now enjoy the results.

these things come to my mind when I consider the question about how racism specifically impacts wealth
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Yes. And it takes generations for the disparity to be corrected even when steps are taken to present more equal opportunity. The effects of past inequities are cummulative affecting people in a way that is compounded generation after generation.
 
:hmm: thinking more what Daredevel and Warped wrote...

no, I don't agree about someone choosing to invest wisely...yes, someone can make better choice than another person - but in order to do that, they have to have access to the same resource. That is not always true.
 
Wirelessly posted (droid)

In the not too distant past, people of color and women couldn't attend white colleges. The best that one could hope for was a separate black or women's college.
I went to a law school built in the 60s without enough facilities for women. You'd think that they could put some more women's toilets.
 
sallylou said:
Wirelessly posted (droid)

Legacy children. They don't live in neighborhoods like ours. They go to private schools and country clubs. I could introduce you to some of them but they're really boring.

I will never forget how a black attorney walked into a private club at lunch time and the whole place stopped as he made his entrance. He's a former cadet and he walked in like he owned the place. If he had been a black woman, he probably would have been ushered into the back with the "help." Lol
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I think I used to live in a neighborhood like that. Many of the kids went to the local private school. I went to oral school.
 
Just re-read my link and saw this:

"Before the recession, housing equity accounted for about 66% of the net worth of Hispanics and some 59% of black families. About 44% of the wealth of white families consisted of housing equity."

Makes me re-think things...
 
Daredevel7 said:
Just re-read my link and saw this:

"Before the recession, housing equity accounted for about 66% of the net worth of Hispanics and some 59% of black families. About 44% of the wealth of white families consisted of housing equity."

Makes me re-think things...
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The disparity in income and wealth, as well as in employment opportunity, will create disparity in all domains.
 
jillio said:
There is still a huge inequity that punishes those who are not in skilled professions.
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This statement doesn't make sense. How are the unskilled profession being punished? They don't have any skills thus are easily replaced. If a maid demands a higher wage, the maid would be let go, and replaced by someone who provides the same quality of work at cheaper rates. It's basic business practice.

Reba said:
Do you have any ideas about how racism is used specifically to impact wealth?

What can be done about the disparity in education?
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I would agree with what dogmom said about the first question. The 2nd, I have no idea how to encourage more minorities to obtain degrees or increase their skills/knowledge. I was just trying to explain my opinion why there's such a huge disparity in wealth, not offer solutions.

Daredevel7 said:
Hm.... I would think this cancels out within each race? This implies that black people and hispanics do not know how to invest while white people do.

Could be. However, Asians are still significantly behind Whites in net worth even though Asians earn more. Your theory doesn't explain that.
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I would prefer to say, perhaps the blacks/hispanics doesn't have the access or opportunity to learn how to generate more value.

Your article stated that Asians had more wealth than whites prior to the recession. A difference in investing philosophy due to cultural differences exposed them to more risk? I have no idea, but my general point is Asians/Whites pursue higher education more than the minorities and as result, are at the top of the wealth ladder, and much further than the minorities.
 
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