Median net worth for blacks fell 83% to 2,170$ compared to $97,860 for whites in US - Polidicks

Take note that this is referring to net worth, [I]not[/I] income, which is the sum of their assets (cash, home value, land, etc) minus their liabilities (Credit card debt, home mortgages, debt in general). This is also taken as a median, not average, which removes most of the skew from bill gates and other super high-up white men. [quote=Associated Press]Economists say the Great Recession lasted from 2007 to 2009. In 2004, the median net worth of white households was $134,280, compared with $13,450 for black households, according to an analysis of Federal Reserve data by the Economic Policy Institute. 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." Since the end of the recession, the overall unemployment rate has fallen from 9.4 to 9.1 percent, while the black unemployment rate has risen from 14.7 to 16.2 percent, according to the Department of Labor.[/quote] [url]http://finance.yahoo.com/news/Black-economic-gains-reversed-apf-625380746.html?x=0[/url] Absolutely sickening.

I don't think that the problem lies mainly with racism today though. I don't know that you can call it "sickening".

its because all the gangsters because most black men are gangsters obviously you walk near them and they pull a gun on you

[QUOTE=Elecbullet;31043670]I don't think that the problem lies mainly with racism today though. I don't know that you can call it "sickening".[/QUOTE] [url]http://www.ny1.com/content/top_stories/51561/study-shows-blacks-have-a-harder-time-getting-a-job-than-ex-convicts[/url] [url]http://www.nytimes.com/2009/12/01/us/01race.html[/url] Edit: Not to say that this is all based on racism, mind you. The fact that an incredibly disproportionate amount of black women are single mothers probably contributes to it as well.

I realize racism is a problem. However, I also believe it's because poor families' kids are more likely to be poor themselves, and thus raise poor families of their own. This leads back to generations ago, when racism REALLY screwed them over.

structural racism is great

[QUOTE=Elecbullet;31043732]I realize racism is a problem. However, I also believe it's because poor families' kids are more likely to be poor themselves, and thus raise poor families of their own. This leads back to generations ago, when racism REALLY screwed them over.[/QUOTE] And they're not able to stop being poor because of racism

I'm going to bed, you guys have fun. I'd probably get my ass kicked anyway

[QUOTE=Elecbullet;31043876]I'm going to bed, you guys have fun. I'd probably get my ass kicked anyway[/QUOTE] Stop being so fucking passive aggressive jesus christ if you don't think you can handle an argument in these threads then don't post, simple as okay, good night man

Would this be affected by people who rent a place to live as opposed to buying a home? If a large number of blacks rent, and most whites own a house, then this is kind of unfair I think. There should be nothing wrong with renting.

[QUOTE=Elecbullet;31043876]I'm going to bed, you guys have fun. I'd probably get my ass kicked anyway[/QUOTE] hey guys postin to let you know I won't be postin

What a shocker that blacks are being disenfranchised in the USA.

[QUOTE=PvtCupcakes;31043900]Would this be affected by people who rent a place to live as opposed to buying a home? If a large number of blacks rent, and most whites own a house, then this is kind of unfair I think. There should be nothing wrong with renting.[/QUOTE] Yes, it would. However, home ownership implies a secure financial situation. I don't know the exact numbers on how many rent vs own a home among blacks though. Edit: I'd assume that some homeowners would owe more than their house is worth, so that could affect the skew by renters. They also don't have a large chunk of their net worth taken by their mortgage if they're renting.

I am posting to say that i agree with everything in the thread so far. [editline]11th July 2011[/editline] keep up the good work guys

[QUOTE=Turnips5;31043889]Stop being so fucking passive aggressive jesus christ if you don't think you can handle an argument in these threads then don't post, simple as okay, good night man[/QUOTE] I apologize. It was only after I made my stupid conservative posts, and saw feedback, that I realized it was really late. I really would have continued, defending my posts, but it is late, so I posted that. Sorry. Before I close my phone, I will say that I doubt that even if racism suddenly were abolished today, the discrepancy among races would clear any time soon. Poverty breeds poverty. The rich get richer, the poor get poorer.

[QUOTE=Zeke129;31043829]And they're not able to stop being poor because of racism[/QUOTE] They're not able to stop being poor because they're poor.

[QUOTE=Mingebox;31044220]They're not able to stop being poor because they're poor.[/QUOTE] And they're poor because of racism

We've gone full circle The point, however, is that yes, racism is the reason behind this, but I believe, mainly racism in the past.

[QUOTE=Elecbullet;31044164]I apologize. It was only after I made my stupid conservative posts, and saw feedback, that I realized it was really late. I really would have continued, defending my posts, but it is late, so I posted that. Sorry. Before I close my phone, I will say that I doubt that even if racism suddenly were abolished today, the discrepancy among races would clear any time soon. Poverty breeds poverty. The rich get richer, the poor get poorer.[/QUOTE] I can't find any articles that detail the discrepancy between social mobility between races that I don't have to pay for, but I will say this: if a black man has (according to one study) less of a chance than a white convict to be hired, why in the world wouldn't that trend apply in upwards mobility within their jobs or career opportunities? Edit: Here, found an article: [url]http://www.epi.org/publications/entry/whiter_jobs_higher_wages/[/url]

[QUOTE=Elecbullet;31044248]We've gone full circle[/QUOTE] Full circle as in blacks used to be slaves in the US, and now they basically still are?

[QUOTE=Elecbullet;31044164]I apologize. It was only after I made my stupid conservative posts, and saw feedback, that I realized it was really late. I really would have continued, defending my posts, but it is late, so I posted that. Sorry. Before I close my phone, I will say that I doubt that even if racism suddenly were abolished today, the discrepancy among races would clear any time soon. Poverty breeds poverty. The rich get richer, the poor get poorer.[/QUOTE] This is true, it's alright we forgive you, thanks and goodnight.

lol

[QUOTE=Elecbullet;31044248]mainly racism in the past.[/QUOTE] I've just shown you a few articles that suggest otherwise.

[QUOTE=that1dude24;31043648]Take note that this is referring to net worth, [I]not[/I] income, which is the sum of their assets (cash, home value, land, etc) minus their liabilities (Credit card debt, home mortgages, debt in general). This is also taken as a median, not average, which removes most of the skew from bill gates and other super high-up white men. [url]http://finance.yahoo.com/news/Black-economic-gains-reversed-apf-625380746.html?x=0[/url] Absolutely sickening.[/QUOTE] The recession hasn't ended, it also clearly states that the number of unemployed have gone up. (White one going down from 9.4 to 9.1 but clearly stating that black one has risen from 14.7 to 16.2)

[QUOTE=Sobotnik;31044324]The recession hasn't ended[/quote] According to the NBER, yes the recession has ended if only by definition. The effects are still going to be felt, I don't think that anyone is denying that. [quote=NBER]a significant decline in [the] economic activity spread across the country, for at least three months, normally visible in real GDP growth, real personal income, employment (non-farm payrolls), industrial production, and wholesale-retail sales.[/quote] [QUOTE=Sobotnik;31044324] it also clearly states that the number of unemployed have gone up. (White one going down from 9.4 to 9.1 but clearly stating that black one has risen from 14.7 to 16.2)[/QUOTE] I don't see what you're driving at.

I wish I had $97860...

ITT: White kids yell at each other about what might or might not be racism.

[QUOTE=Zeke129;31044237]And they're poor because of racism[/QUOTE] There are plenty of poor and/or homeless white people too you know.

Racism might have played a small part, but you can't blame it all on racism. It's due to the environment they grow up in, not because white man is keeping black man down. African American culture doesn't stimulate cognitive development, and everyone is going to employ a well-spoken person instead of one using slang (no matter the skin colour). "But not all blacks are ghetto-gangsters!" Yeah no shit that's not what I said, but as many more African Americans grow up in ghettos compared to Caucasians, it's going to pull down the average [B] a lot[/B] (and the median too). Now racism in the first half of the 20th century on the other hand is probably the main cause.

[QUOTE=Elecbullet;31044248]We've gone full circle The point, however, is that yes, racism is the reason behind this, but I believe, mainly racism in the past.[/QUOTE] Somebody get TH89 in here.