"Between 2005 and 2009, median African-American households -– those right in the middle –- saw their net worth decline by 53 percent, falling from $12,124 to $5,677. Median Hispanic households saw an even sharper drop, from $18,359 to $6,325 -– a 66 percent plunge. Meanwhile, median white households saw their net worth fall from $134,992 to $113, 149, a 16 percent drop.
Net worth refers to assets –- everything from cars and homes to savings accounts and stock portfolios –- minus debt. So, in simplest terms, the report offered evidence that a key racial divide –- the wealth gap separating white households from minority households –- had widened considerably during the Great Recession. In 2004, white American households boasted net worth equal to 11 times the African-American value. By 2009, white households held 19 times as much wealth as black households."
Bad Economics: Lack of Diversity Limits Clear View
This story of the vast and increasing inequality between Black and White, rich and poor, powerful and powerless. educated and educated is the most important story, the most important fact, the story that explains more than any other what is going to happen to you and me, why we think the way we think, why we act the way we act, It is also the most underreported, most poorly explained, and therefore, most poorly understood fact of our existence. Do you want to know why liberals hate you if you are a conservative? Do you want to know why the rich hate the poor? Do want to know why George Bush said that Al Quaida "hates our way of life.?" Do not imagine it is because there is something wrong with conservatives, or with the poor, or with Al Quaida (or with George Bush or liberals). There could however, be somethjng
wrong with "our way of life." The natural caring that humans have for one another as coequal creatures is corroded and buried under a deluge of competition and greed.
Why do we do everything we can to deny this? Why do we ridicule those who tell truth to the benefit of those who tell pleasant and even totally unpleasant lies? Can't i see that if i want my grandchildren to have grandchildren, i must sell all i have and give it to the poor?