Before I ruffle any more feathers about the 2020 election; please understand my position; I’m almost 75 years old and we are still talking the same crap as we did in 1963. I will not support that kind of thinking for the remainder of my life. In short, economic disparity is the primary issue facing Black America; in a capitalist country economics controls everything from health care, business opportunities, political impact, education, and legal resources:
“During the 1990s African American income grew tremendously. By 2000, about 44% of African American households had an annual income of $50K or more compared to just 22% in 1969. However due to the Great Recession which lasted from December 2007 to June 2009 that number dropped to just 38% by 2010 reversing much of these gains. The most dramatic change during the Great Recession was the percentage of Black households making under $15K (from 18% in 2000 to 22% in 2012) which was well below the poverty line for most families. Although the economic rebound was slowest for the Black population, by 2018 Black median incomes grew closer to recovery and the Black upper class and wealthy grew to its biggest percentage ever.”
African American Income
Black Median Household income: $41,361*
(all races $63,179)
All Black Workers 2018 weekly earnings: $769
(all races $969)
Black Men weekly earnings: $814
(All men $1070)
Black Women weekly earnings: $735
(All women $865)
SOURCE: 2019 annual averages: Bureau of Labor Statistics – 25 Years or Older & *2018 Census Bureau American Community Survey. See @ Black Demographics
10 myths about the racial wealth gap
“Reality check: The wealth gap — which could more accurately be described as a wealth chasm because of just how large it is —would not be closed by Black Americans doing any of the things that have been proposed, or all of them.Why it matters: The argument goes that Black Americans should focus more on education, family structure, and homeownership, put money in Black-owned banks, start more Black-owned businesses, increase savings and investment and generally take personal responsibility the way other “model minorities” have and that would close the wealth gap.
The fact of the matter — evidenced by decades of reporting from the Federal Reserve System, U.S. Department of Labor, Department of Commerce, and various academic and professional studies — is that the wealth gap is the product of centuries of inequality and racism that has grown too large to be impacted significantly by individual actions, achievements or choices.
Here are some of the most popular myths about the racial wealth gap’s causes and solutions — and why each falls apart with a closer look.
- The myth of closing the racial wealth gap through education
- The myth of closing the racial wealth gap through personal responsibility
- The myth of closing the racial wealth gap through homeownership
- The myth of closing the racial wealth gap with individual accomplishment
- The myth of closing the racial wealth gap through increased savings
- The myth of closing the racial wealth gap by investing in Black-owned banks
- The myth of closing the racial wealth gap through entrepreneurship
- The myth of closing the racial wealth gap through financial literacy
- The myth of closing the racial wealth gap by emulating “model minorities”
- The myth of closing the racial wealth gap through “stronger families”
Investigate more @ axios.com
Going forward, if the current political structure is not addressing directly (for Black people not people of Color, or economically disadvantaged, but Black People) any of the issues mentioned these concern; then what are we getting out of the current political process? Get serious!