Black Wealth Barely Exists, In One Terrible Chart

But King would be disturbed by the stubborn race gaps that remain, especially in opportunity, tarnishing the idea of the American Dream. In terms of opportunity, there are still two Americas, divided by race. Five facts show how far we still have to go.

 

Upward mobility from the bottom of the income distribution is much less likely for black than white Americans: 51% of the black Americans born into the lowest fifth of the earnings distribution remain there at age 40:

 

Downward intergenerational social mobility from the middle to the bottom is much more common among Black Americans. Seven out of ten black Americans born into the middle quintile fall into one of the two quintiles below as adults. In some ways, this is an even more depressing fact than the poor rates of upward mobility. Even black Americans who make it to the middle class are likely to see their kids fall down the ladder:

 

Race gaps in wealth – already wide – widened further during the Great Recession. The median wealth of white households is now 13 times greater than for black households – the largest gap in a quarter century, according to analysis by the Pew Research Center. Black median wealth almost halved during the recession, falling from $19,200 in 2007 to $11,000 in 2013:

 

What would Martin Luther King Jr. think of America if he’d lived to see his birthday this year? No doubt, he’d be pleased by the legal and political advances of black Americans, crowned by the election and re-election of President Obama.

 

 

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