Protests over the death of an unarmed African American man at the hands of police have brought other grim realities of America’s racial disparity into the spotlight, including the fact that African Americans are lagging behind other groups in almost every economic measure, writes Catarina Saraiva for Bloomberg.
In Minneapolis, where George Floyd was killed, the median income of a white household is about three times that of a black household.
Nationwide, the divide is even bigger. Four years ago, the median white family had a $171,000 net worth, ten times that of median black households.
Unemployment and job losses are also higher among black people.
“You combine inequality with the de-facto rules preventing more wealth accumulation with housing policies and rules like that, it clearly expands over time,” said Seth Carpenter, chief U.S. economist at UBS Securities.
This pay gap also means that African Americans have less money for health insurance and other protections from various disasters. This has been best illustrated by the coronavirus pandemic, which has a death rate among black people over twice as high as that of white people.
Read more about racial disparity at Bloomberg by clicking here.
You Might Also Like