Thread: Americas Own: African Americans Disproportionately Hurt by

this is not looking good... at all. The Economic Policy Institute has come out with the following figures:

By 2009, the median net worth for white households had fallen 24 percent to $97,860; the median black net worth had fallen 83 percent to $2,170, according to the EPI.

Algernon Austin, director of the EPI's Program on Race, Ethnicity and the Economy, described the wealth gap this way: "In 2009, for every dollar of wealth the average white household had, black households only had two cents."

Can anyone tell me what's going on?

Originally Posted by patoloco

Can anyone tell me what's going on?

"Re-fried beans and Tequila sales are threw the roof!"

"Welcome Pato!

Blacks have a higher level of unemployment but this stat has more to do with assets.

The average Black family has nothing but a bank savings account and possibly a cash value life insurance policy. The average White family also has home equity and a stock portfolio. The difference in income is not that large but Black families with income comparable to Whites are new to affluence and make the mistake of spending it too easily without investing. For instance if you look at a Black and White in the same job with the same income the Black is likely to have a newer fancier car.

Blacks are also less likely to have income property or entrepreneurial investment. If Black families used family financial planning the employed would be more likely to have a convenience store or diner etc where their unemployed family members could work and less likely to have a new car.

BTW I have Whites Blacks and Latinos in my family.

Originally Posted by patoloco

this is not looking good... at all. The Economic Policy Institute has come out with the following figures:

By 2009, the median net worth for white households had fallen 24 percent to $97,860; the median black net worth had fallen 83 percent to $2,170, according to the EPI.

Algernon Austin, director of the EPI's Program on Race, Ethnicity and the Economy, described the wealth gap this way: "In 2009, for every dollar of wealth the average white household had, black households only had two cents."

Can anyone tell me what's going on?

Immigration was liberalized (more allowed in) starting in the 70's. Black employment went down as immigration increased. In addition, there is a study by Obama administration showing illegal employment disproportionately harms blacks. http://www.usccr.gov/pubs/IllegImmig_10-14-10_430pm.pdf There is additional information posted on alipac on the harm to blacks and youth employment. In addition, you may want to read "The Immorality of Illegal Immigration" by Father Bascio. This man has some videos still posted on the web, though he died about a year ago. Welcome to Alipac, where you can get very informed.

Blacks have been replace for the Mexicans on the roof on youtube and there business is booming selling Taco and burritos on every block....

Originally Posted by AmericanTreeFarmer

[b]Blacks have a higher level of unemployment but this stat has more to do with assets.

The average Black family has nothing but a bank savings account and possibly a cash value life insurance policy. The average White family also has home equity and a stock portfolio. The difference in income is not that large but Black families with income comparable to Whites are new to affluence and make the mistake of spending it too easily without investing. For instance if you look at a Black and White in the same job with the same income the Black is likely to have a newer fancier car.

Blacks are also less likely to have income property or entrepreneurial investment. If Black families used family financial planning the employed would be more likely to have a convenience store or diner etc where their unemployed family members could work and less likely to have a new car.

BTW I have Whites Blacks and Latinos in my family.

They must be long lost relatives that you've never met. As a single black woman I am presently employed and have been working non-stop since the age of 15.

Alone, I have purchased and sold 4 homes.

I have never filed bankruptcy.

I have never been late paying a bill in 35 years.

I have several investment assets, a 401k and a decent savings account.

While I could go out tomorrow and get a loan or pay cash for a new truck, my truck is 12 years old. I purchased it brand new and take very good care of it (it was my 6th vehicle that I purchased brand new

So much for stereotypes . . . .
.

Originally Posted by stevetheroofer

Originally Posted by patoloco

Can anyone tell me what's going on?

"Re-fried beans and Tequila sales are threw the roof!"

"Welcome Pato!

Will you marry me Steve??????

Originally Posted by WhatMattersMost

Originally Posted by stevetheroofer

Originally Posted by patoloco

Can anyone tell me what's going on?

"Re-fried beans and Tequila sales are threw the roof!"

"Welcome Pato!

Will you marry me Steve??????

You dont have to marry him we will give him to you

WhatMattersMost

It is not a racial stereotype it is an average. I believe that you are being truthful. You are exceptional I congratulate you. There should be more Blacks like you.