250 years of brutal slavery, decades of Black Codes and Jim Crow laws, housing discrimination and other forms of systemic racism. All of that has led to this shocking wealth gap between black and white households in the United States.
The median Black household in America has around twenty four thousand dollars in savings, investments, home equity, and other elements of wealth. However, the median White household is around one hundred and eighty-nine thousand dollars, a disparity that has worsened in recent decades.
This racial wealth gap is even greater among older adults: the median white American in their late fifties had two hundred and fifty more wealth than the median Black American.
In the last decade of the nineteenth century, the rate of decline in the White to Black wealth ratio slowed. But it would take another 50 years for the gap to fall by half again, as the emergence of discriminatory laws and policies curtailed Black social, political, and economic advancement. With unequal pay and limited access to capital, Blacks faced challenges that made it difficult to save, invest, and accumulate wealth.
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Join me on a transformative journey as we honour our black ancestors and reclaim our world through the lens of Africa. Through engaging dialogue, we will explore the rich tapestry of African history, culture, and worldview, discovering their profound relevance in our lives today. Together, we will share our thoughts and knowledge, fostering a new culture of awareness and reclaiming our collective narrative.
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Sources:
https://www.reuters.com/investigates/special-report/usa-slavery-reparations/
https://www.washingtonpost.com/outlook/2020/01/31/slavery-reparations-seem-impossible-many-places-theyre-already-happening/
https://www.americanprogress.org/article/eliminating-black-white-wealth-gap-generational-challenge/
https://news.bloomberglaw.com/social-justice/california-weighs-360-000-in-reparations-to-black-residents
https://www.brookings.edu/articles/an-american-tragedy-the-legacy-of-slavery-lingers-in-our-cities-ghettos/
https://www.nber.org/digest/202208/exploring-160-years-black-white-wealth-gap
https://www.rand.org/blog/rand-review/2023/05/what-would-it-take-to-close-americas-black-white-wealth-gap.html
https://www.brookings.edu/articles/why-we-need-reparations-for-black-americans/
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