Net Worth Disparity among whites and blacks/hispanics

[Anonymous]

Anonymous wrote:

Anonymous wrote:One of the main causes is unreported income. Blacks/Hispanics on average earn way more unreported income than whites. Some of it from illegal activities like drug dealing/trafficing, prostitution, no green card, etc. And some just from your typical legal but cash only type jobs. For many, there is no benefit to reporting their income.

WOW. you are extremely obtuse.

Are you saying the above mentioned income is reported?

[Anonymous]

Interesting thread, thanks op.

[Anonymous]

Anonymous wrote:generational wealth transfer

For me, the wealth transfer occurred in paying for my college. So, when I started as a young professional, I had no debt.

[Anonymous]

Anonymous wrote:I would say most (not all but most) DCUM'ers got half or more of their education paid for by their parents. That is intergenerational wealth transfer.

I also bet 5% of them got help with a mortgage or graduate degree.

Probably 10-20% of them will receive an inheritance when their parents die.

Yes. If the parents provide for the education, that 1) allows the kid to have one, and 2) allows them to start life debt free.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I would say most (not all but most) DCUM'ers got half or more of their education paid for by their parents. That is intergenerational wealth transfer.

I also bet 5% of them got help with a mortgage or graduate degree.

Probably 10-20% of them will receive an inheritance when their parents die.

Yes. If the parents provide for the education, that 1) allows the kid to have one, and 2) allows them to start life debt free.

Get out of the fishbowl that is DCUM. The metro area is not representative of the rest of the country.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would say most (not all but most) DCUM'ers got half or more of their education paid for by their parents. That is intergenerational wealth transfer.

I also bet 5% of them got help with a mortgage or graduate degree.

Probably 10-20% of them will receive an inheritance when their parents die.

Yes. If the parents provide for the education, that 1) allows the kid to have one, and 2) allows them to start life debt free.

Get out of the fishbowl that is DCUM. The metro area is not representative of the rest of the country.

This is my experience living middle class, mid-west.

[Anonymous]

I am white and I got nothing from my parents and grew up with a single (divorced) mom. The only reason I have a nice lifestyle now, despite going to college (loans), is because I married well.

[Anonymous]

Anonymous wrote:I am white and I got nothing from my parents and grew up with a single (divorced) mom. The only reason I have a nice lifestyle now, despite going to college (loans), is because I married well.

what part of "most but not all" did you not get?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am white and I got nothing from my parents and grew up with a single (divorced) mom. The only reason I have a nice lifestyle now, despite going to college (loans), is because I married well.

what part of "most but not all" did you not get?

Sounds like the poster was just relaying her experience.

[Anonymous]

Summary: Fifty years ago AAs were making laudable advancements. From 1900 to 1954, blacks were more active than whites in the labor market. Until about 1960, black male labor force participation in every age group was equal to or greater than that of whites … As early as 1900, the duration of black unemployment was 15 percent shorter than that of whites; today it’s about 30 percent longer.The poverty rate among black families fell from 87 percent in 1940 to 47 percent in 1960, during an era of virtually no major civil rights legislation or anti-poverty programs … In various skilled trades, the incomes of blacks relative to whites more than doubled between 1936 and 1959.

In fact, from 1890 to 1940, the black marriage rate was slightly higher than that of whites. In 1950, only 9 percent of black families with children were headed by a single parent (today, roughly two-thirds of black children are now raised in single-parent families).

In the past fifty years society has progressed and the black community has been in backslide. This must mean racism is not the main contributing factor to the black community’s current ills.

What happened? Lyndon B. Johnson’s 1960s-era big government happened. Welfare laws were constructed that didn’t view black men and women as human beings in the image of God, but as useless children and at best tools for political gain.

Laws like the Davis Bacon Act, which barred federal contracts from paying less than union wages, pushed black men out of federally funded or -financed construction jobs at the behest of white unions; segregated public housing pushed blacks into inner-city ghettos where poverty was concentrated and its impact worsened; government handouts punished those who tried to work; and, most evil of all, men who had limited employment prospects were offered a way to feed their families via the federal government—as long as they packed up and left.

This is why American leftists salivate over Ferguson. The Ferguson tragedy allows them to perpetuate the lie that failure in the black community is caused by racism, not a bloated federal government. If race tensions ceased, blacks might discover the Left as the sole engineer of the black community’s current condition. Worse for the Left, many blacks might discover the true face of the conservatism.

Dr. Martin Luther King’s dream was an America that judged blacks by the content of their character, not their skin color. For that to happen, we need economic equality among blacks and whites. Yet economic equity will only happen when the government gets out of the way and allows blacks to rise according to their own God-given talents.

Here is a short collection of policies, which Democrats largely oppose (aside from No. 4), that would help stop government from keeping black people down.

1. Help Broken Families
Programs that pay out more when dad is not around should be changed so that poor married couples receive an added benefit for being married. Taxes that penalize marriage among the poor should be scrapped. Don’t cut aid to single mothers, but raise aid to poor married couples. The states can start by looking at childcare and medical assistance programs. The federal government can immediately reform the Earned Income Tax Credit (EITC) so that the credit pays out more when dad sticks around.

2. Expand Labor Market Participation
The current push to raise the minimum wage is nothing more than another handout to unions, who don’t make minimum wage but receive wages indexed to the minimum wage. The group of people hurt most by minimum-wage laws are not business owners or fast-food consumers, but young black men, who find themselves the first to get priced out of the labor market. These entry-level jobs are important because they teach skills that allow a higher salary later in life. A better policy would be the expansion of the EITC, or replacing it with a similar measure that tops up the pay of the working poor.

There are many other policies that can help people get off the streets and into jobs. Barriers to entry for poor unskilled workers embodied in state licensure laws should be significantly reduced or done away with altogether. Congress should pass Rand Paul and Corey Booker’s plan to allow non-violent felons to seek jobs without disclosing their felony. America should allow more energy exploration on federal land. North Dakota is a boon to job-seekers only because its energy reserve largely sits upon private land. And Paul’s plan for economic freedom zones within urban areas (such as Detroit) should be implemented immediately

Improve Education Quality
The recent court case out of California proves what we’ve always known—teacher tenure hurts kids, and minority kids worst of all. Schools in wealthy areas face competition because wealthy parents have time and money to send their children to a private school if the public school underperforms. Poor area schools do not face this competition. Poor parents working several jobs and many long hours don’t have the time to even drive their child elsewhere, let alone pay for a different school. That’s why it’s time to put school choice in the hands of parents and students, through a school voucher program that—with a few safeguards—allowed competition in K-12 education.

At the state level, licensure laws that prevent professionals from teaching K-12 courses should be scrapped. These laws also serve teachers unions, not students.

4. End the Drug War
Young black men growing up in poor communities face a stark choice: Either they remain in low-performing high school, or they drop out of school and sell narcotics, making more money than their families have ever seen. This is partly why there is a race disparity in incarceration rates for drug-crimes. Worse, the young men caught selling drugs are sent to prison as nonviolent offenders, and leave prison violent and with limited opportunities.

Liberal-minded states like Colorado and Washington legalized pot to grow state revenue. High pot taxes mean the cartels and street violence stick around (because the shadow market still exists). Only conservatives will legalize marijuana for the sole purpose of breaking the back of the cartels, without mind to growing government.

The Democrats offer blacks top-down redistributive solutions that seem to assume blacks can’t make it without the government, although these offer blacks nothing more than a permanent position in the underclass, and a permanent position in the grievance wing of the Democrat Party. Conservatives offer blacks something so much better: Prosperity. That’s the fruition of King’s dream.

[Anonymous]

Anonymous wrote:Summary: Fifty years ago AAs were making laudable advancements. From 1900 to 1954, blacks were more active than whites in the labor market. Until about 1960, black male labor force participation in every age group was equal to or greater than that of whites … As early as 1900, the duration of black unemployment was 15 percent shorter than that of whites; today it’s about 30 percent longer.The poverty rate among black families fell from 87 percent in 1940 to 47 percent in 1960, during an era of virtually no major civil rights legislation or anti-poverty programs … In various skilled trades, the incomes of blacks relative to whites more than doubled between 1936 and 1959.

In fact, from 1890 to 1940, the black marriage rate was slightly higher than that of whites. In 1950, only 9 percent of black families with children were headed by a single parent (today, roughly two-thirds of black children are now raised in single-parent families).

In the past fifty years society has progressed and the black community has been in backslide. This must mean racism is not the main contributing factor to the black community’s current ills.

What happened? Lyndon B. Johnson’s 1960s-era big government happened. Welfare laws were constructed that didn’t view black men and women as human beings in the image of God, but as useless children and at best tools for political gain.

Laws like the Davis Bacon Act, which barred federal contracts from paying less than union wages, pushed black men out of federally funded or -financed construction jobs at the behest of white unions; segregated public housing pushed blacks into inner-city ghettos where poverty was concentrated and its impact worsened; government handouts punished those who tried to work; and, most evil of all, men who had limited employment prospects were offered a way to feed their families via the federal government—as long as they packed up and left.

This is why American leftists salivate over Ferguson. The Ferguson tragedy allows them to perpetuate the lie that failure in the black community is caused by racism, not a bloated federal government. If race tensions ceased, blacks might discover the Left as the sole engineer of the black community’s current condition. Worse for the Left, many blacks might discover the true face of the conservatism.

Dr. Martin Luther King’s dream was an America that judged blacks by the content of their character, not their skin color. For that to happen, we need economic equality among blacks and whites. Yet economic equity will only happen when the government gets out of the way and allows blacks to rise according to their own God-given talents.

Here is a short collection of policies, which Democrats largely oppose (aside from No. 4), that would help stop government from keeping black people down.

1. Help Broken Families
Programs that pay out more when dad is not around should be changed so that poor married couples receive an added benefit for being married. Taxes that penalize marriage among the poor should be scrapped. Don’t cut aid to single mothers, but raise aid to poor married couples. The states can start by looking at childcare and medical assistance programs. The federal government can immediately reform the Earned Income Tax Credit (EITC) so that the credit pays out more when dad sticks around.

2. Expand Labor Market Participation
The current push to raise the minimum wage is nothing more than another handout to unions, who don’t make minimum wage but receive wages indexed to the minimum wage. The group of people hurt most by minimum-wage laws are not business owners or fast-food consumers, but young black men, who find themselves the first to get priced out of the labor market. These entry-level jobs are important because they teach skills that allow a higher salary later in life. A better policy would be the expansion of the EITC, or replacing it with a similar measure that tops up the pay of the working poor.

There are many other policies that can help people get off the streets and into jobs. Barriers to entry for poor unskilled workers embodied in state licensure laws should be significantly reduced or done away with altogether. Congress should pass Rand Paul and Corey Booker’s plan to allow non-violent felons to seek jobs without disclosing their felony. America should allow more energy exploration on federal land. North Dakota is a boon to job-seekers only because its energy reserve largely sits upon private land. And Paul’s plan for economic freedom zones within urban areas (such as Detroit) should be implemented immediately

Improve Education Quality
The recent court case out of California proves what we’ve always known—teacher tenure hurts kids, and minority kids worst of all. Schools in wealthy areas face competition because wealthy parents have time and money to send their children to a private school if the public school underperforms. Poor area schools do not face this competition. Poor parents working several jobs and many long hours don’t have the time to even drive their child elsewhere, let alone pay for a different school. That’s why it’s time to put school choice in the hands of parents and students, through a school voucher program that—with a few safeguards—allowed competition in K-12 education.

At the state level, licensure laws that prevent professionals from teaching K-12 courses should be scrapped. These laws also serve teachers unions, not students.

4. End the Drug War
Young black men growing up in poor communities face a stark choice: Either they remain in low-performing high school, or they drop out of school and sell narcotics, making more money than their families have ever seen. This is partly why there is a race disparity in incarceration rates for drug-crimes. Worse, the young men caught selling drugs are sent to prison as nonviolent offenders, and leave prison violent and with limited opportunities.

Liberal-minded states like Colorado and Washington legalized pot to grow state revenue. High pot taxes mean the cartels and street violence stick around (because the shadow market still exists). Only conservatives will legalize marijuana for the sole purpose of breaking the back of the cartels, without mind to growing government.

The Democrats offer blacks top-down redistributive solutions that seem to assume blacks can’t make it without the government, although these offer blacks nothing more than a permanent position in the underclass, and a permanent position in the grievance wing of the Democrat Party. Conservatives offer blacks something so much better: Prosperity. That’s the fruition of King’s dream.

Wow, your diatribe is so full of holes I don't even know where to begin.

You blame Lyndon Johnson's policies for the backsliding of the AA family, yet a cursory glance at the statistics would show that single parent families had already jumped to 26% before his policies were put in place.

And honestly, are you going to argue that the reduction in poverty from 87% to 47% is proof that racism does not cause economic problems?? Did you even think about that when you copied and pasted it? And in the same breath you point out the impact of segregated housing and whites-only unions, blaming the government but not the actual racists?

Lastly, liberals are not "salivating" over a dead black man. And we don't see this as a justification for "the failure of black communities". We would like to know why this unarmed kid got shot, whether or not the police officer was in the wrong, and whether the problem is individual or institutional.

[Anonymous]

You blame Lyndon Johnson's policies for the backsliding of the AA family, yet a cursory glance at the statistics would show that single parent families had already jumped to 26% before his policies were put in place.

Aid to Dependent Children was rewarding single moms long before Lyndon Johnson became President.

[Anonymous]

Anonymous wrote:

You blame Lyndon Johnson's policies for the backsliding of the AA family, yet a cursory glance at the statistics would show that single parent families had already jumped to 26% before his policies were put in place.

Aid to Dependent Children was rewarding single moms long before Lyndon Johnson became President.

ADC was for white women. They had to fight in the civil rights movement to get it for blacks. ADC held a requirement that families be "suitable", and blacks were not suitable.

[Anonymous]

Anonymous wrote:It's also wealth from real estate. Because of redlining, many black families were unable to move into neighborhoods that were upper middle class and were unable to build the same wealth. Also, in law school, I worked on inheritance during slavery. Slave masters were unable to leave anything to black people, even if they wanted to..such as their children.When they did, they were considered mentally incompetent and the will was changed.

My grandfather, who fought in WWII, was not allowed to use his GI Bill.

[Anonymous]

Anonymous wrote:I am white and I got nothing from my parents and grew up with a single (divorced) mom. The only reason I have a nice lifestyle now, despite going to college (loans), is because I married well.

Did your husband have generational wealth? Did his parents pay a substantial portion of his education? Did they help with a down payment for a mortgage? Did they buy his first car? Did he have an inheritance, however small, maybe life insurance policy to help him pay off debt?