How closing the racial wealth gap helps the economy: by ruthumohnews
The racial wealth gap has been a key talking point among Democratic candidates in the run-up to the 2020 presidential election. While wages for low- and middle-income workers have begun to recover, as more Americans are being lifted out of poverty, wealth disparities between white and black families persist.
The intergenerational transfer of homeownership also sustains and exacerbates the existing racial wealth gap. About 40% of black families own homes, compared with 73% of white families, a rate that is significantly lower than the national homeownership rate, which sits at 64.3% But even when black families do own homes, they are typically located in lower-income neighborhoods and are less likely to appreciate in value.
Student loan debt also plays a large role in the racial wealth gap. When black people finally began to have the ability to attend college, they saw education as a way to catapult themselves into better-paying jobs and improve their socioeconomic standing. “But having a high income and a high level of education doesn’t create wealth for black families,” says Ray.
Some Democratic contenders have announced plans to combat racial disparities in home ownership and student debt, both of which Ray says are critical in narrowing the wealth gap. “The onus is on federal and state governments because they have allowed for discriminatory policies and practices that obstruct black families from amassing wealth,” he says.
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