• Privacy policy
  • T&C’s
  • FAQ
  • Meet the Team
  • About The London Economic
  • Advertise
TLE ONLINE SHOP!
NEWSLETTER
SUPPORT THE LONDON ECONOMIC
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
  • TLE
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Food
  • Lifestyle
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home News

228 Years for black American families to create same wealth as white families have now

The gap between the rich and poor and the white and black communities in the US appears to be growing and a new study shows how shocking the gap actually is. A new report by the Corporation for Enterprise Development and Institute for Policy Studies has discovered that it would take two hundred and twenty-eight […]

Joe Mellor by Joe Mellor
August 15, 2016
in News, World News

The gap between the rich and poor and the white and black communities in the US appears to be growing and a new study shows how shocking the gap actually is.

A new report by the Corporation for Enterprise Development and Institute for Policy Studies has discovered that it would take two hundred and twenty-eight years for African Americans to create the same wealth as white people now have, assuming current fiscal and political policy remains in the same way.

The US has seen increasing tensions between the police and black communities and string of shootings involving the deaths of predominantly young black males by police. Many people believe the police have used excessive force in a number of these incidents. In retaliation there have been a shocking number of police also killed.

Poverty is seen as an important factor in causing the tensions between different groups. This study highlighted the huge gap between white and black communities and other groups such as Latinos.

They looked at 30 years of data from the Federal Reserve’s Survey of Consumer Finances, which includes information on Americans’ balance sheets, income, pensions and demographic characteristics.

Over the past thirty years, they discovered the average wealth of white families has grown by 84%, which is three times the rate for African-American families. It is also 1.2 times the growth rate for Latino families.

In simple terms, of how much each person would make per annum, white peoples’ wealth grows by around $18,000 a year, for Latin American groups it is $2,250 and shockingly for African Americans it is just $750 a year. This means that is would take until 2241 for African Americans only manage to match what white Americans have today. It is a situation that looks increasingly unstable and if that doesn’t change soon, tensions are likely to rise even further.

RelatedPosts

‘Grim warning to Boris Johnson’ as support for Welsh Independence at highest ever level

Watch – Presenter wants Harry, Meghan & Archie to lose UK citizenship

PR company founder resigns after ‘blacks, gays or Catholics’ post

More white people arrested for terrorism than any other ethnic group for third straight year

Dedrick Asante-Muhammad, the director of CFED’s Racial Wealth Divide Project summed up the study and said: “We are not going in the right direction.”

Emanuel Nieves, government affairs manager at CFED and one of the report’s authors was very convened about the findings and said: “That is one of the greatest economic crises the country is facing—well, it’s not facing.”

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Tags: featured
Support fearless, free, investigative journalism Support fearless, free, investigative journalism Support fearless, free, investigative journalism

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending fromTLE

  • All
  • trending

What If We Got Rid Of Prisons?

Stress, fear and homelessness: The threat looming over families confronted with eviction

File photo dated 07/11/03 of a prison cell.

The Other Prison Pandemic

Latest from TLE

‘Grim warning to Boris Johnson’ as support for Welsh Independence at highest ever level

Labour leader questions ‘fishy’ allocation of funds to Tory areas in Budget

TLE drives: The Polestar 2

Budget: ‘Scrooge’ Sunak’s cuts look too harsh to be ‘deliverable’

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

Contact

Editorial enquiries, please contact: jack@thelondoneconomic.com

Commercial enquiries, please contact: advertise@thelondoneconomic.com

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Opinion
  • Business
  • Sport
  • Entertainment
  • Film
  • Lifestyle
  • Food
  • Property
  • Travel
  • Tech & Auto
  • About The London Economic
  • Meet the Team
  • Privacy policy

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.