By NAREB
Photos: YouTube Screenshots
The racial wealth gap across the United States is stunning. The National Association of Real Estate Brokers (NAREB) has determined that the Black-White wealth gap is so expansive in the United States that the 400 wealthiest Americans control the same amount of wealth as the 48 million Blacks living in the country.
The median wealth for White households is $188,200, compared to $24,100 for Black families and $36,100 for Hispanic households. What’s so discouraging is despite all the talk about equity, equality, and a ‘Reckoning on Race’ during the protests after the murder of George Floyd in May 2020, the wealth gap remains vast, with Blacks unable to significantly move the needle in a positive direction.
Martin Luther King Jr. underscored the intersection of racial and economic disparities by highlighting the systemic nature of the wealth gap. “The inseparable twin of racial injustice was economic injustice,” Dr. King said.
Author Ta-Nehisi Coates succinctly captures the reality of the racial wealth gap, reciting the historical and ongoing exploitation of Black communities that have contributed to their disproportionate economic struggles. “The plunder of Black life was drilled into this country in its infancy and reinforced across its history.”
Comedian Trevor Noah puts the wealth gap in a different perspective, saying, “We tell people to pull themselves up by their bootstraps when we never gave them boots.”
The quotes are a reminder that without addressing the root causes of inequality, simply expecting individuals to overcome barriers and close the wealth gap won’t happen. These comments call attention to the urgent and ongoing nature of addressing this issue, as it has been ingrained in our society for centuries. Ultimately, these quotes serve as powerful reminders that the racial wealth gap is not just a problem of the past but demands immediate action toward creating a more equitable future. The racial wealth gap is not solely a result of individual choices or lack thereof. The systematic and institutionalized discrimination against people of color has played a significant role in perpetuating this gap. READ MORE
