Showing posts with label President Obama. Show all posts
Showing posts with label President Obama. Show all posts

THE AMERICAN RACIAL WEALTH GAP PART 1

Posted: Wednesday, August 21, 2013 by Unknown in Labels: , , , , , , , , ,
0


First of all, what is wealth? Wealth is what you own minus what you owe. Your wealth is the amount left over, which allows you to start a business, buy a home, send a child to college, or save towards your retirement. (I'm sure most of us already know this, but I simply want to do a quick brush-up for my readers that may need it.)

To be able to succeed in America, the possession of wealth is extremely important. Obviously, without wealth there is no way that families or even communities can become economically secure. Our government and nation recognize this, hence the policies which provide subsidies and incentives for asset building. However, because these rewards and opportunities provided by our nation are not distributed equally, there is an ever widening wealth gap in America. Reform is needed. 

INCOME EQUALITY DOES NOT LEAD TO RACIAL EQUALITY
 In a study done between the dates of 1984 and 2007, data shows the greatest wealth accrued during this period accrued primarily to high income whites. The average middle income white that had an accumulation of wealth of $25,000 in 1984 amassed wealth of approximately $74,000 by the year 2007. Contrarily, the average high income African American that had an accumulation of wealth of $25,000 in 1984 actually saw a decline of wealth by the year 2007. The decline for high income African Americans dropped from $25,000 to $18,000. So, between the years of 1984 - 2007 there is a wealth gap of $56,000 between high income African Americans and middle class whites. [here]


This study places high income individuals as earning more than $50,000 in 1984 and middle income individuals as earning $30,000 in 1984.


LACK OF WEALTH LEADS TO INCREASE IN DEBT
Both low wealth whites and low wealth African Americans experience economic decline and stagnation, meaning they are unable to increase their wealth. Unfortunately, African Americans are more likely to have very low levels of wealth. One in four African American families have no assets at all. 

Families that have low and negative wealth become increasingly dependent on credit in order to make ends meet. If an individual wants to start a business, they now need to take out a loan. If an individual wants to send a child to college or go to college themselves, they need to take out a loan. If an individual wants to buy a home...well you get the picture. 


Low and negative wealth individuals and families now have to use credit as an emergency resource and as a means to make ends meet. One in ten African Americans owe at least $3,600. Sadly, most African Americans have more debt than they do assets. [here]


THE LENDING MARKET PREYS ON THOSE IN DEBT
It is a fact that low income people pay more for accessing credit. Because many of the minority communities are laden with low and negative wealth families, this is open field for predatory lending to take place. This is the reason why there are so many payday lending and check cashing stores in inner city neighborhoods. Low income individuals also resort to more credit card debt as well. All of these sources of lending, of course, give astronomical interest rates, which in most cases is almost impossible for low income individuals to ever pay back in full. 


StumpleUpon DiggIt! Del.icio.us Blinklist Yahoo Furl Technorati Simpy Spurl Reddit Google Twitter FaceBook

A NEW AGE OF RACISM?

Posted: Saturday, April 24, 2010 by Unknown in Labels: , , , , ,
0

It seems as if though a rash of racist rhetoric and actions are sweeping the country. With the election of America's first bi-racial President, it would seem to be totally the opposite. Or would it?


While watching the results of the election on that night of November 2008, I was fully aware of how far the country has come since the era of slavery. I thought of all those that had given their lives during the Civil Rights movement. I thought of how proud Martin Luther King Jr. would have been and how proud the majority of us were as Americans.


I was, however, fully aware that a small fringe of individuals still had deep rooted racist sentiments. But I thought, "Now, at last, these racist people will no longer have a voice." Alas, I was wrong.


A little over a year after the inauguration of Obama, I have seen a rash of racism that I have never seen before in my life. I have lived through six U.S. presidents so far and have seen negative reactions on both sides, but none as bitter as this.


  • There have been cartoons depicting the President and First Lady as a gorilla. 
  • There has been a congressman calling the President a liar on national television, in the middle of the Presidential Address. 
  • There has been a massive uprising of a "Tea Party Movement", in which signs have been seen which depict the President as a white faced clown. 
  • There have been rallies that protested whatever the President stood for, in which many members in attendance had guns.
  • There has been a "news" commentator on a certain television network that said, "This President is a racist."
  • There has been a "birther" group that has stated the President was not born in this country, and have gone as far to call the President a Muslim.
  • There has been a black member of Congress that has been called a nigger, and another black man spit upon, all done by the "Tea Party" group.
  •  There have been two laws passed in the state of Arizona; one law which states that the President must verify his place of birth before running for reelection in 2012, the other law allows unlimited racial profiling of citizens.  
  • Just to name a few instances...there are plenty more but I believe my point is well made
And yet, I feel as if we are at a place in history where we have never made it so far as a nation. Why? Well, it is obvious. Never before has there been a self proclaimed African American President in the White House.


Of course this is why we are witnessing such a violent upstart from some of our citizens. It as if the racists are making one last ditch effort, taking one last gasp of breath.


We have come so far, but we still have a ways to go. But we are so close. Oh, so close.

StumpleUpon DiggIt! Del.icio.us Blinklist Yahoo Furl Technorati Simpy Spurl Reddit Google Twitter FaceBook

THE FRIGHTENINGLY HIGH UNEMPLOYMENT RATE

Posted: Sunday, April 11, 2010 by Unknown in Labels: , , , , , , , , ,
0

With the unemployment rate at 16% for Blacks and 12% for Hispanics, many minorities are becoming increasingly impatient and frustrated with the Obama administration. Whether the blame is well placed or not, it appears that Obama has done very little to help bridge the huge gap of the minority unemployment rate.

TV and radio personality Tavis Smiley has been a frequent speaker on the discrepancy of unemployment between minorities, the rest of the nation, and Obama. Although Smiley has been criticized by other "prominent" African Americans, he makes an extremely valid point that President Obama needs to be held to the same standards as any other President would be.

LinkTV has been kind enough to provide this 28 minute video documentary on what can be done to bridge the gap of unemployment between minorities and the rest of the nation.

StumpleUpon DiggIt! Del.icio.us Blinklist Yahoo Furl Technorati Simpy Spurl Reddit Google Twitter FaceBook

Related Posts Plugin for WordPress, Blogger...