The Associated Press today documents the striking difference in wealth between black and white Americans. It is not a new story, but a striking one that is not discussed in proportion to its on effects American society.
The story is revisited with the disproportionate toll of COVID-19 among African Americans and the police killing of George Floyd in Minneapolis.
First, you have to know the distinction between income and wealth. Income is money coming in. Wealth is savings: the accumulated capital in the form of money, investments and housing. While average income is higher for whites, the wealth gap is far greater.
The AP reports a wide wealth gap. It says, “The median black family has wealth of just $17,200 — perhaps enough to buy a car — versus $171,000 for the median white family.” Wealth is the reserve that keeps families out of poverty or lets one generation help the next advance. You guessed it. Lack of wealth can be self-perpetuating and can drag down succeeding generations. The article is worth a read.
Wealth disparity is one of several dynamics laid out in the Bias Busters guide, “100 Questions and Answers About African Americans.” If you are looking to do something during this time of national protest, educating yoursef with this guide is one answer.
“100 Questions and Answers About African Americans” is available from Amazon or the Front Edge Publishing bookstore.
