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re: Racial wealth gap widened between 2016-2022, federal reserve study finds
Posted on 3/22/24 at 12:13 pm to HailHailtoMichigan!
Posted on 3/22/24 at 12:13 pm to HailHailtoMichigan!
Good
Posted on 3/22/24 at 12:14 pm to meansonny
quote:
Did you read your own article?
The gap is huge in both areas with the most segregation (new York, california) and cities with the most progressive laws
Don't expect him to respond. That's his entire act. Come in and make a one or two sentence point and include a "source" to appear extra "authoritative" on the matter and then never come into the thread again. He's a clown.
Posted on 3/22/24 at 12:24 pm to meansonny
(no message)
This post was edited on 5/21/24 at 11:01 am
Posted on 3/22/24 at 12:40 pm to HailHailtoMichigan!
quote:
Is anyone seriously going to argue that systemic racism against blacks got worse between 2016 and 2022?
I was tempted to start hating them in 2020. Just being honest. I got the better of it, though.
Posted on 3/22/24 at 12:44 pm to HailHailtoMichigan!
quote:
Here’s what is wrong with your theory
As the article states, black home ownership was *higher* in the 1950s than in 2019, despite widespread systemic racism
He did not pose a theory, and what you posted agrees with what he posted.
Posted on 3/22/24 at 1:40 pm to c on z
quote:
Seems to coincide with the time that homeownership for black people was at its lowest point in 50 years.
Yet Jordan sales are at its highest.
Posted on 3/22/24 at 1:49 pm to HailHailtoMichigan!
I’m go into Saks Fifth avenue every 3 or 4 months because they carry a few creams and potions my wife likes. They have Louis Vuitton store inside the Saks and the customers are almost exclusively black.
Just a thought but Maybe you aren’t accumulating wealth because you’re spending all your money trying to appear wealthY?
Just a thought but Maybe you aren’t accumulating wealth because you’re spending all your money trying to appear wealthY?
Posted on 3/22/24 at 1:51 pm to Penrod
My only surprise to this news is that someone needed a study to find out what has been proven to be true for 100 years.
LBJ's whole purpose behind the welfare act was to keep black people poor and voting democrat.
LBJ's whole purpose behind the welfare act was to keep black people poor and voting democrat.
Posted on 3/22/24 at 1:52 pm to Tantal
quote:
Surely you're not suggesting that a stable family structure could have an impact on success, bigot.
Not to mention a cultural insistence on valuing education.
We live in a clown world.
Posted on 3/22/24 at 2:01 pm to HailHailtoMichigan!
quote:When the study had an agenda (reparations/set-asides/etc.) on the front end, this conclusion is not mind-boggling.
Racial wealth gap widened between 2016-2022, federal reserve study finds
Posted on 3/22/24 at 2:03 pm to HailHailtoMichigan!
quote:
Racial wealth gap widened
At this rate I’m never gonna be able to afford crab legs at albertsons
Posted on 3/22/24 at 2:06 pm to fallguy_1978
quote:
Nobody is holding the black man down in 2024. Nor were they in 1994.
Derek Chauvin was
Posted on 3/22/24 at 3:17 pm to HailHailtoMichigan!
quote:
To me, this is proof that the gap is a lot more than just “systemic racism”. Is anyone seriously going to argue that systemic racism against blacks got worse between 2016 and 2022?
The Dem argument will be that it was because Trump was in office most of that timeframe.
Dem logic will be as follows:
At the start, under Obama, gap was not as wide.
2016 - Obama
Trump re-implements systemic racism, widening the gap.
2017 - Trump
2018 - Trump
2019 - Trump
2020 - Trump
Biden in process of fixing Trump's racism and taking a lot to correct the gap caused by Trump.
2021 - Biden
2022 - Biden
Posted on 3/22/24 at 3:32 pm to Robin Masters
quote:
Just a thought but Maybe you aren’t accumulating wealth because you’re spending all your money trying to appear wealthY?
Gucci slides but living in Section 8 housing.
Posted on 3/22/24 at 3:55 pm to HailHailtoMichigan!
Traditional family households with two strong parents who dont frick around on each other are the best off.
That is clear.
That is clear.
Posted on 3/22/24 at 4:13 pm to soccerfüt
quote:
When the study had an agenda (reparations/set-asides/etc.) on the front end, this conclusion is not mind-boggling.
The entire premise is mathematically flawed.
First off... there is a problem with zero.
People with zero assets will get further and further from any mean and any median statistic.
Babies are born naked without anything. All assets are their parents. "Inheritance" would hit when the average life span of their parent is 78 years old.
Teenagers leave the home. Everything they have is what they could save under the age of 18. Over the next 4 years (college or not), they are more likely to have 0 wealth or negative wealth.
And then there is bankruptcy, divorce, and people who make poor choices.
There will always be people with no wealth.
The gap from the median or mean is always going to widen.
The statistic itself is flawed because it compares 60 year olds who have saved for 40 years versus an 18 year old who starts with the clothes on his back.
The next problem with the statistic is math.
If I (an 18 year old) have $1 and you (a 60 year old) have $100, we both can grow that wealth at the same rate.
Let's presume a 7.2% annual return.
We both double our money in 10 years using the same rate of growth.
I now have $2 and you have $200.
And these studies are going to bitch about widening the wealth gap when we experienced the exact same return over 10 years.
The only way to avoid widening the wealth gap is to shite on the 60 year old with negative to virtually zero returns. Any return or the 60 year old over 0.9% is going to widen the wealth gap.
The entire notion of this as to having any meaning whatsoever is bullshite.
Posted on 3/22/24 at 4:16 pm to StringedInstruments
Not to mention a cultural insistence on valuing education.
We live in a clown world.
If you saw how most people handled their money many of you would be shocked.
The immediate want overrides the eventual need 99/100 times.
There is no secret why the wealth gap grows and will continue to grow.
We live in a clown world.
If you saw how most people handled their money many of you would be shocked.
The immediate want overrides the eventual need 99/100 times.
There is no secret why the wealth gap grows and will continue to grow.
Posted on 3/22/24 at 5:31 pm to HailHailtoMichigan!
quote:
Is anyone seriously going to argue that systemic racism against blacks got worse between 2016 and 2022?
It doesn’t have to get worse to make the gap grow. If you subscribe to the theory that initiatives like say the federal Highway system devastated the values of black home ownership then yes increased home values between 2016-2022 increased that gap. Home values are significant factor in creating generational wealth in the US for the middle class. That depends on if you believe that a bunch of those assumptions are true.
When I look at family wealth between those dates, I’m circling home values as the main source of family wealth within the middle class.
Im also seeing a ton of gen X (white baws) inheriting property and keeping property for investment. It may just be anecdotal, but the percentage of people with second homes has seemed to quadruple post Covid.
Posted on 3/22/24 at 5:32 pm to Cosmo
quote:
Out of control inflation caused by 0% interest rates and govt money machine disproportionately hurts poor people? No way!
Just kind of blindsided us, no one saw that coming.
Posted on 3/22/24 at 5:37 pm to HailHailtoMichigan!
quote:
Is anyone seriously going to argue that systemic racism against blacks got worse between 2016 and 2022?
Well, ...
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