[Marxism] New Pew Study Shows Increased Wealth Gap Between Whites and Minorities
dszydloski at gmail.com
Wed Jul 27 10:19:47 MDT 2011
I'm sure many people heard about this but I figured I might as well post it
Wealth Gaps Rise to Record Highs Between Whites, Blacks and Hispanics,
By Rakesh Kochhar, Richard Fry and Paul Taylor, Pew Research Center's Social
& Demographic Trends
July 26, 2011
The median wealth of white households is 20 times that of black households
and 18 times that of Hispanic households, according to a Pew Research Center
analysis of newly available government data from 2009.
These lopsided wealth ratios are the largest since the government began
publishing such data a quarter century ago and roughly twice the size of the
ratios that had prevailed between these three groups for the two decades
prior to the Great Recession that ended in 2009.
The Pew Research Center analysis finds that, in percentage terms, the
bursting of the housing market bubble in 2006 and the recession that
followed from late 2007 to mid-2009 took a far greater toll on the wealth of
minorities than whites. From 2005 to 2009, inflation-adjusted median wealth
fell by 66% among Hispanic households and 53% among black households,
compared with just 16% among white households.
As a result of these declines, the typical black household had just $5,677
in wealth (assets minus debts) in 2009, the typical Hispanic household had
$6,325 in wealth and the typical white household had $113,149.
Moreover, about a third of black (35%) and Hispanic (31%) households had
zero or negative net worth in 2009, compared with 15% of white households.
In 2005, the comparable shares had been 29% for blacks, 23% for Hispanics
and 11% for whites.
These findings are based on the Pew Research Center's analysis of data from
the Survey of Income and Program Participation (SIPP), an economic
questionnaire distributed periodically to tens of thousands of households by
the U.S. Census Bureau. It is considered the most comprehensive source of
data about household wealth in the United States by race and ethnicity. The
two most recent administrations of SIPP that focused on household wealth
were in 2005 and 2009. Data from the 2009 survey were only recently made
available to researchers.1<http://pewresearch.org/pubs/2069/housing-bubble-subprime-mortgages-hispanics-blacks-household-wealth-disparity#wealth>
Plummeting house values were the principal cause of the recent erosion in
household wealth among all groups, with Hispanics hit hardest by the
meltdown in the housing market.
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