The gap in wealth between white Americans and minorities is the widest it’s ever been, a new report says. Could it be that the government, while intending to help those in need, in fact ends up hurting them?
New Census data show that the recent economic crash has erased decades of minority gains in wealth. The net worth of whites is now 20 times higher than for blacks and 18 times higher than for Hispanics, both records.
There are, of course, many reasons for this. While minority families gained from the economic growth of the the 1980s, 1990s and mid-2000s, much of their wealth was tied up in their homes. When the housing market crashed in 2008, so did their net worth.
If nothing else, these data point out the failure of federal welfare and anti-poverty policies to do what they intended: eradicate wealth differences in our country.