Tuesday, April 13, 2021

Beyond the epidemic, a racial wealth gap ends

“I want to emphasize that,” he said. “Without your fault.”

The epidemic hit African-Americans and Latino hardest on all fronts High infection and mortality, More job losses, more trading off.

Proposals facing a wealth gap are, however, expensive and politically charged.

Duke’s Professor Darity, co-author of “From Here to Equality: Reparations to the Black Americans for the Twenty-First Century”, has argued that compensating the descendants of the Black Slave – who helped build the nation’s wealth, But it was barred from sharing – the most direct and effective way would be to reduce the racial wealth gap.

Vice President Harris and Senator Bernie Sanders of Vermont, Elizabeth Warren of Massachusetts and Corey Booker of New Jersey have pushed for more popular-backed asset-building policies. They have offered to increase black homeownership, reduce student debt, supplement retirement accounts, and establish “baby bonds” with government contributions tied to family income.

With these accounts, recipients could build up money over time that could be used to cover college tuition, start a business, or help with retirement.

Many states have experimented with small-scale programs that encourage children to attend college. Although those programs were not created to close the racial wealth gap, researchers have seen positive side effects. In Oklahoma, child development accounts with $ 1,000 were created in 2007 for a group of newborns.

“We have very clear evidence that all these children accumulate wealth if we create an account of births for all and provide a little more resources to the people below,” said Michael, director of the Center for Social Development in Washington Sherden said. University in St. Louis, which is underway Oklahoma experiment. “Children of color accumulate wealth as white children.”

Without dedicated funds – the kind of programs that enabled white families to build wealth – it would not be possible for African-Americans to bridge the wealth gap, said Mehrsa Baradaran, a law professor at the University of California, Irvine, and author . “The Color of Money: Black Banks and the Racial Wealth Gap.”

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