Comment #3

Rick G — Wed, 27 Jul 2011 13:58:42 GMT

Yet another article to foster racism when the real wealth gap is between the ultra rich getting richer and EVERYONE ELSE getting poorer. Race/creed/color have nothing to do our wealth disparity.

Comment #2

scorpio — Wed, 27 Jul 2011 13:36:08 GMT

also there are over a million millionaires in the usa and they aren't taxed fairly.it would share the wealth among all races.the way it is,they just about all give there money to lobbyists,republicans,etc, that keep them rich.

Comment #1

JAP69 — Wed, 27 Jul 2011 02:22:36 GMT

There obviously is a wealth percentage differnce by population group. But lets consider the total number in each group<br />________________________________________________________"About 35% of black households, 31% of Hispanic households and 15% of white households had zero or negative worth in 2009. In 2005, that number was 29% for blacks, 23% for Hispanics and 11% for whites."<br />________________________________________________________<br />http://en.wikipedia.org/wiki/Us_population<br /><b... [ More ]

Original Blog Entry: Wealth disparity between whites and minorities at 25-year high recession to blame:

truesee — Tue, 26 Jul 2011 20:45:28 GMT

Wealth disparity between whites and minorities at 25-year high, recession to blame: study

Aliyah Shahid

DAILY NEWS STAFF WRITER

Tuesday, July 26th 2011, 12:47 PM

The wealth disparity between whites and minorities is at 25-year high, according to a new study.

The wealth gap between whites and minorities has become a grand canyon.

The median net worth of white households is 18 times that of Hispanic households and 20 times that of black households - the widest disparity between whites and minorities in a quarter-century, according a study released Tuesday.

The median wealth of a white U.S. household in 2009 - for which numbers recently became available - was $113,149, compared with $6,325 for Hispanics and $5,677 for blacks, according to the analysis by the Pew Research Center.

The gap is the widest its been since the census began tracking such data in 1984. The ratio then was roughly 12 to 1.

In 1995, the gap grew smaller, with a ratio of 7 to 1. That was during a period when the nation's economic expansion propelled many low-income groups into the middle class.

During that period of economic prosperity, the median white household had a net worth of $134,992 for white families. The number was $18,359 for Hispanic families and $12,124 for black families.

Then the Great Recession - which cratered home values and destroyed millions of jobs - widened the gap again.

Many white families garner their wealth from stocks and corporate savings. Minority families, on the other hand, are more invested in their homes, and purchased residences during the housing boom of the early to mid-2000s, especially in California, Florida, Nevada and Arizona.

What's pushing the wealth of whites is the rebound in the stock market and corporate savings, while younger Hispanics and African-Americans who bought homes in the last decade - because that was the American dream - are seeing big declines, said Timothy Smeeding, a University of Wisconsin-Madison professor who studies income inequality.

Other findings:

*Asians lost their top ranking to whites. Median household income for Asians dropped from $168,103 in 2005 to $78,066 in 2009.

*Across all race and ethnic groups, the wealth gap between the rich and poor grew.

*About 35% of black households, 31% of Hispanic households and 15% of white households had zero or negative worth in 2009. In 2005, that number was 29% for blacks, 23% for Hispanics and 11% for whites.

With News Wire Services

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