"Wealth of a White Nation: Blacks Sink Deeper in Hole"

by Black Commentator, blackcommentator.com

Forget the hoopla and ballyhoo celebrating Black faces in high places. The median net worth of an African American household is about $6,000, while white households wield 14 times as much wealth: more than $88,000. The disastrous details are contained in a report on wealth disparities by the Pew Hispanic Center, "The Wealth of Hispanic Households: 1996 to 2002," but the worst news is for Blacks, one-third of whom have no assets or a negative net worth.

The bottom fell out of Black wealth accumulation in the deep recession of 2000 - 2001, a downturn that hurt all ethnic groups, but from which whites and Hispanics rapidly rebounded. Whites recouped their losses from the recession and fattened their holdings by 17 percent between 1996 and 2002. Hispanics boosted their meager household wealth to about $7,900 during that period - still only one eleventh of white households, but almost fully recovering the 27 percent loss they suffered at the turn of the 21st century. Blacks also lost 27 percent of their net worth in 2000 - 2001, but got back only 5 percent in 2002. These African American losses appear near-permanent, the result of the deindustrialization of the United States - the destruction of the Black blue-collar workforce.

Full Article : trinicenter.com