Black Community’s Wealth DisparityMar 08, 2023 10:00AM ● By Kyrah Page
The Black community has faced significant challenges and struggles throughout history. From slavery and segregation to systemic racism and police brutality, Black people have had to fight for their rights and equality. Today, one of the most important issues facing the Black community is the racial wealth gap.
The racial wealth gap refers to the disparity in wealth between Black and white households. According to a 2019 report from the Federal Reserve, the median net worth of white households was $188,200, while the median net worth of black households was just $24,100. This means that the typical white household has almost eight times the wealth of the typical Black household.
There are several reasons for this wealth gap. One of the biggest factors is historical discrimination. Black people have been excluded from many of the opportunities that have allowed white people to accumulate wealth, such as homeownership and access to higher education. For example, redlining, a practice where banks and other institutions refuse to lend money or provide services in certain neighborhoods, was widespread in the mid-20th century and prevented many black people from buying homes in desirable areas. This has had a long-term impact on black wealth, as homeownership is one of the primary ways that families build and pass on wealth.
Another factor contributing to the wealth gap is current discrimination. Black people are more likely to experience discrimination in the workplace, making it harder to advance in their careers and earn higher salaries. They are also more likely to be targeted by predatory lending practices, which can trap them in cycles of debt and make it difficult to accumulate savings.
The racial wealth gap has significant implications for the black community. It makes it harder for black people to access basic needs such as healthcare, education, and housing. It also makes it harder for them to build intergenerational wealth and pass on financial stability to future generations. Without addressing this wealth gap, the black community will continue to face significant economic disparities and barriers to success.
There are several potential solutions to addressing the racial wealth gap. One is to implement policies that promote wealth building in the black community, such as increasing access to affordable housing and expanding access to financial education and services. Another is to address discrimination in the workplace and in lending practices, through measures such as anti-discrimination laws and stronger regulation of the financial industry.
Ultimately, addressing the racial wealth gap is crucial for achieving true equality and justice for the black community. It is a complex issue with deep roots, but it is one that must be confronted and addressed in order to create a more just and equitable society. By working together to close this gap, we can create a future where everyone has the opportunity to thrive, regardless of their race or background.
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Kyrah Page is currently a student at Lincoln University. She is also the CEO and founder of her own brand called “Keepin’ It Kultured.” Where she combines art with activism to empower, inspire and educate the Black community. She advocates for change, promotes black positivity, and addresses controversial issues. Kyrah is many things but most importantly she is an activist.
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