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> The wealth passed down by their ancestors in their communities propels them through the hardship; whereas those who had their wealth and livelihoods stolen fo
by marcusverus 4y ago
> The wealth passed down by their ancestors in their communities propels them through the hardship; whereas those who had their wealth and livelihoods stolen for generations of slavery have had nearly nothing to provide their communities to accommodate these downtrodden from within.
You seem to be suggesting that the black-white wealth gap is the result of some sort of generational wealth transfer, harkening back to the ante-bellum days, but this is not supported by the data.
According to the Fed, whites are ~20% more likely to get an inheritance, with the median amount being the same for whites and blacks (85K)[0]. The median inheritance of 85K, applied to 20% of white households can't begin to account for the fact that the median of all white families wealth (at $188K) is 7x that of black families' (at $24K).
Further, the white-black wealth gap appears long before folks start receiving inheritances. Most inheritance comes from dying parents, which normally occurs when the heirs are in their ~50s. Even so, among older millennials (who are in their 30s) the median wealth gap is already 83K (7x).[1]
[0] https://www.federalreserve.gov/econres/notes/feds-notes/disparities-in-wealth-by-race-and-ethnicity-in-the-2019-survey-of-consumer-finances-20200928.html https://www.federalreserve.gov/econres/notes/feds-notes/disp...
[1] https://www.businessinsider.com/racial-gap-typical-wealth-black-vs-white-millennials-2021-4 https://www.businessinsider.com/racial-gap-typical-wealth-bl...
- birdyrooster 4y agoIt's also largely about marriages of families that pass wealth through a community. In talking about the wealth of the community, it includes several ways of wealth transfer other than through an estate. Certainly another large factor are businesses that service black communities that extract wealth and don't reinvest it in the communities. Many many symptoms that all point back to the underlying weakness having been victims of slavery.