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| Courtesy The Nation. |
Recently, on this blog,
I posted and shared sobering statistics from the Pew Research Center about the widening White/Black Wealth Gap in the United States. The numbers are staggering, White Americans have a net worth 13 times greater than African-Americans, and 10 times greater than Latino Americans! Well, there is more bad news to report, one commentator explains that it would take 228 years for the average African-American family to build the same net worth as a average White American family today. This article from the Nation lays out the statistics and policy implications, it is worth a thorough read:
https://www.thenation.com/article/the-average-black-family-would-need-228-years-to-build-the-wealth-of-a-white-family-today/
As this article explains, seismic and ground-shifting public policy initiatives would have to be put in place to close the widening racial wealth gap in this country. Amazing!
How do we begin to rectify this? One method would be for our people to stop being conspicuous consumers. We should instead be inconspicuous consumers. By that I mean we should cut our rate of consumption by half. At the same time we should set a goal to increase our rate of investment by 50%.
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