More damning statistics on the state of race in Obama’s America. This recent report from the Pew Institute demonstrates yet again that post-racial America did not arrive via the 2008 election of the first black president. At least in terms of household/family wealth, being black or brown in America still means being broke. The average black household only held $5,600 in wealth in 2009, down from $12,124 in 2005!
The black-white comparisons in the two charts show that being white in America still comes with huge advantages.
Wealth, as opposed to income, is an important indicator of social inequality.
Income is what you use to buy a loaf of bread, Patron bottle service at the club, or a Mercedes.
Wealth is what you use to buy opportunity: to live in a safe neighborhood, to ensure that your children get a quality education, to live a healthy life.
Thus, these huge wealth differences indicate that the average Black or Latino still lacks access these benchmarks of the American dream.
Yes, black America has it’s Jay-Z and Oprah, but while the Obama’s live in the White House a large swatch of black America still lives paycheck-to-paycheck. The recent recession has destroyed the new black middle class. This population remains at risk of losing their jobs and houses, and falling back into poverty. Look at chart #2, black folks lost 53% of their nest eggs since the housing crash.
Where is the outrage? And perhaps more importantly, when will we hold those in the highest offices of the nation–those who look like us–responsible? I don’t want to hear another song about Maybachs or G6 private jets. I need a 2Pac Rebel of the Underground 2011 remix.