COLOR OF MONEY

2012-03-12 05:03:10
Mar 12, 2012

Nation’s racial disparities are steadily worsening


Place caption field value here
Category: color of money
Posted by: Hudson

By Lewis Diuguid

The Kansas City Star

 

Because of this country's racist past, the future for people of color, and the United States overall, doesn't look too promising.

 

That was the conclusion of a United for a Fair Economy report. Consider that in 1980, the U.S. population was 80 percent white.

 

By 2010, the white portion had dropped to 65 percent. The Census Bureau now projects that by 2042, the United States will become a majority-minority nation, eight years sooner than once predicted.

 

The challenge is America's history of discrimination has created an enduring legacy of economic oppression for people of color.

 

There simply won't be a broad enough of a base of high-wage, taxpaying young people of color to maintain the United States as a superpower.

 

The continuing racial disparity will be too great to ignore, the report warns. "The country runs the risk of becoming disturbingly similar to apartheid-era South Africa, with a minority of relatively well-to-do whites barricaded in gated communities, using the full force of the law to protect their wealth to the exclusion of others.

 

"Tolerating the continued economic marginalization of blacks and Latinos will drag down the entire economy and shred the very social fabric of our nation as people of color make up a larger and larger share of the population."

 

Racial disparities here are older than the republic. They've been maintained to advance whites over minorities in income, wealth, education, employment and health while holding a disproportionate share of people of color in poverty and incarceration, the report said. Here are just a few findings from the "State of the Dream 2012: The Emerging Majority" report:

 

  • Black and Latino median family income was 57 cents for every dollar of white median family income in 2010. The Great Recession and the continuing economic slump have hit minority families hardest. By 2042, blacks are to make 61 cents and Latinos 45 cents for every dollar whites make in median family income.
  • In wealth, the net worth in 2007 was 20 cents for black families and 27 cents for Hispanic families for every dollar of average net worth of white families. By 2042, black families are to have just 19 cents and Hispanics 25 cents on average for each dollar of white net worth.
  • On college, African Americans and Latinos trailed whites in the likelihood of having a higher-education degree in 2010 and 2042.
  • On poverty, blacks and Latinos were more than 2½ times as likely to live in poverty as whites. By 2042, the black poverty rate will be 1.9 times higher than whites'; Hispanics, 2.6 times higher.
  • Blacks were 6.1 times as likely to be incarcerated than whites; Latinos, 2.5 times. The disparity will remain about the same in 2042.

 

Our children will inherit this bleak future. The report is right to recommend more funding for education; ending the disastrous war on drugs, which led to the explosion of people behind bars; eliminating the George W. Bush-era tax cuts for the wealthy; passing a constitutional amendment to limit money's influence on politics; and ending voter photo identification and other laws that disproportionately disenfranchise people of color in this country.

 

The report urges wider recognition that "race still matters in America."

 

"It will continue to matter economically until the persistent and outrageous racial economic disparities are eliminated," the report notes. "Race must stay at the forefront of our thoughts as we develop public policies at the national, state and local level. To not do so runs the risk of perpetuating racial economic inequalities, and in some cases, it will make things worse."

 

Putting race in the forefront may be the hardest of all.

 

For the last 40 years, conservatives have consistently dismissed racism as a key cause of the disparities.

 

Look where it has gotten us.

 

Changing the bleak future must start with telling the truth.

Bookmark and Share
COMMENTS (0) ADD A COMMENT
Comment Title:
Your Name:
Your Email Address:
Notify me of new comments to this page:
Your Rating:
Additional Comments:

+ Top Story

Americans were born to make lemonade. If you have any doubt about the resiliency of U.S. workers, consider the many reports that indicate millions of Americans are turning life’s lemon of layoffs into an opportunity to work for themselves. 

The Mayor’s Office of New Urban Mechanics, in partnership with the Office of Arts, Culture and the Creative Economy will offer up to seven New Urban Mechanics Challenge Grants, totaling $25,000, to individuals or groups who create an innovative project that incorporates...

State Rep. Dwight Evans, D-Phila., recently said education and local taxpayers no longer can take the brunt of short-sighted budget policies emanating from Harrisburg. "We used to caution that the quality of education should not depend on a student's zip code," Evans said.

More than 60 percent of poll respondents in Georgia and South Carolina favor expanding their state’s Medicaid program to cover more people, while only a third approve of the health care reform law that would make it possible, a poll released Tuesday found.

Prudential Financial, Inc. (NYSE:PRU) last week revealed the results of its 2013-2014 “African American Financial Experience” study, which found that competing priorities and fewer investment products constrict African Americans’ ability to build a legacy of wealth.

UEF will provide financing and technical assistance to help small business owners create sustainable companies and vibrant communities nationwide across the markets it serves. Donald Bowen, has been appointed as President and CEO of the UEF, effective May 2.

New York’s attorney general on Monday accused Wells Fargo and Bank of America of violating the terms of last year’s national mortgage settlement by failing to process hundreds of refinancing requests promptly.

Christine Pacheco, director of career services at The Art Institute of Colorado, and Kristin Frank, director of career services at The Art Institute of Phoenix, share the top dos you should include to get noticed and get your foot in the door - and the don’ts that could get your resume tossed in the trash.

custom ad spot: 460x76

The Philadelphia Sunday SUN
6661-63 Germantown Ave., | Philadelphia, PA 19119 | Phone (215) 848-7864 | Fax (215) 848-7893 | Managing Editor Teresa A. Emerson taesun@philasun.com
Advertising Exec. Tera Moyett sundaysunads@yahoo.com | Designed by defined clarity