Worsening Wealth By Race Since Obama Took Over | TigerDroppings.com

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Anodyne
LSU Fan
Member since Oct 2011
2162 posts

Worsening Wealth By Race Since Obama Took Over



quote:

NEW YORK (CNNMoney) -- White Americans have 22 times more wealth than blacks -- a gap that nearly doubled during the Great Recession.

The median household net worth for whites was $110,729 in 2010, versus $4,995 for blacks, according to recently released Census Bureau figures.

The difference is similarly notable when it comes to Hispanics, who had a median household net worth of $7,424. The ratio between white and Hispanic wealth expanded to 15 to 1.

The gap between the races widened considerably during the recent economic downturn, which whites weathered better than blacks, Hispanics and Asians.


quote:

The latter three groups saw their median household net worth fall by roughly 60% between 2005 and 2010, while the median net worth for white households slipped only 23%.

This allowed whites to leap ahead of Asians as the race with the highest median household net worth.


quote:

The main reason blacks and Hispanics did not fare as well during the economic downturn is that home equity makes up more of their wealth than it does for whites. The housing bubble that preceded the collapse pushed up homeownership rates among blacks and Hispanics, who relied more heavily on high-cost subprime loans to finance their purchases.

As a result, the implosion of the real estate market had a more devastating impact on black and Hispanic communities.


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ScoopAndScore
baton rouge
Member since Oct 2008
7781 posts

re: Worsening Wealth By Race Since Obama Took Over


Obviously we need to tax rich white people more. Duh. Spread that wealth around! It's only fair.







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Tigerlaff
LSU Fan
Member since Jan 2010
10309 posts

re: Worsening Wealth By Race Since Obama Took Over


Could read "Unqualified borrowers hit hardest by recession."

But it will be interpreted more like "Mother-frick whitey he got mo' than us!"



This post was edited on 6/21 at 1:31 pm


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TheDiggyDiggyDoc
LSU Fan
Texas
Member since Sep 2011
62 posts

re: Worsening Wealth By Race Since Obama Took Over


"But Bush did it, it started with Bush". Did I get it right?





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Rickety Cricket
Navy Fan
Premium Member
Member since Aug 2007
36854 posts

re: Worsening Wealth By Race Since Obama Took Over


Stop looking to the past. Forward!





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Anodyne
LSU Fan
Member since Oct 2011
2162 posts

re: Worsening Wealth By Race Since Obama Took Over


quote:

"But Bush did it, it started with Bush". Did I get it right


Kanye said that George Bush hates black people...must be true looking at the data.






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Antonio Moss
LSU Fan
Baton Rouge
Member since Mar 2006
29040 posts

re: Worsening Wealth By Race Since Obama Took Over


quote:

The main reason blacks and Hispanics did not fare as well during the economic downturn is that home equity makes up more of their wealth than it does for whites. The housing bubble that preceded the collapse pushed up homeownership rates among blacks and Hispanics, who relied more heavily on high-cost subprime loans to finance their purchases.


No shit, huh?

Frankly, I'm shocked that a federal social engineering project ended up causing more damage than existed prior to its implementation.


Shocked.






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LSUnKaty
LSU Fan
Katy, TX
Member since Dec 2008
3735 posts

re: Worsening Wealth By Race Since Obama Took Over


quote:

Worsening Wealth By Race Since Obama Took Over
Bush's fault!






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Doc Fenton
LSU Fan
Member since Feb 2007
51086 posts

re: Worsening Wealth By Race Since Obama Took Over


Private Net Wealth in the U.S.
(in trillions of nominal USD according to Fed's "Flow of Funds" report)
(Year, Net Wealth at End of Year)
1965, 2.54
1975, 5.19
1985, 14.40
1995, 28.21
2005, 61.22
2011, 60.04




Somehow I don't think we're on pace to do our usual doubling (or more for every 10 years or so) when December 31, 2015 arrives.






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Y.A. Tittle
Winthrop Fan
Member since Sep 2003
50099 posts

re: Worsening Wealth By Race Since Obama Took Over


quote:

The main reason blacks and Hispanics did not fare as well during the economic downturn is that home equity makes up more of their wealth than it does for whites.


I'm not sure I buy this assertion.






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EthanL
LSU Fan
Auburn,AL
Member since Oct 2011
3317 posts

re: Worsening Wealth By Race Since Obama Took Over


I just don't understand the seeming 'bitterness' to this thread.

It sounds pretty accurate. I started a thread awhile back asking how many people were adversely affected by the recession i.e, lost a job, lost home, filed bankruptcy. Not one person on this board could claim this.

The Recession affected minority groups a liitle more than Whites. Whites have a higher IQ then other races. They are more hardworking, even with less programs to their benefit.

So of course the losers were gonna lose.






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Y.A. Tittle
Winthrop Fan
Member since Sep 2003
50099 posts

re: Worsening Wealth By Race Since Obama Took Over


quote:

I just don't understand the seeming 'bitterness' to this thread.


What? Bitterness?






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Doc Fenton
LSU Fan
Member since Feb 2007
51086 posts

re: Worsening Wealth By Race Since Obama Took Over


quote:

Not one person on this board could claim this.


GTFO






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Patrick O Rly
New Orleans Saints Fan
y u do dis?
Member since Aug 2011
38223 posts

re: Worsening Wealth By Race Since Obama Took Over


quote:

I just don't understand the seeming 'bitterness' to this thread.



I can't speak for everyone, but I've grown tired of data filter through race. It's real purpose is to perpetuate the BS narrative that there's this great racial injustice happening in America.

As you pointed out whites have on average higher IQ's, but you won't here that from most media folk.






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RollTide4Ever
Alabama Fan
Nashville
Member since Nov 2006
9462 posts

re: Worsening Wealth By Race Since Obama Took Over


LOL @ that video. Does Soros even pay taxes?





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ljhog
Arkansas Fan
Lake Jackson, Tx.
Member since Apr 2009
10289 posts

re: Worsening Wealth By Race Since Obama Took Over


quote:

White Americans have 22 times more wealth than blacks

What?? They didn't count choom as an asset?






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Tiger4Ever
UTEP Fan
Member since Aug 2003
35867 posts

re: Worsening Wealth By Race Since Obama Took Over


$5,000!? LULZ!

But as we have learned today, it is unfair that I'm white.







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Bestbank Tiger
Ohio State Fan
Landmass
Member since Jan 2005
20711 posts
 Online 

re: Worsening Wealth By Race Since Obama Took Over


quote:


I'm not sure I buy this assertion.


Why not? It makes sense. A higher percentage of those groups would be first or second generation middle class, whereas a higher percentage of whites have generational wealth.






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Bestbank Tiger
Ohio State Fan
Landmass
Member since Jan 2005
20711 posts
 Online 

re: Worsening Wealth By Race Since Obama Took Over


quote:


As you pointed out whites have on average higher IQ's, but you won't here that from most media folk.


Asians have higher IQs than whites, and they got hit harder. How do you explain that?






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Patrick O Rly
New Orleans Saints Fan
y u do dis?
Member since Aug 2011
38223 posts

re: Worsening Wealth By Race Since Obama Took Over


People are more likely to wash/iron their clothes at home than take them to the dry cleaners when the economy is bad





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