March 19th, 2007
Wealth of a White Nation, Blacks sink Deep in Hole
This is a must read for all that have an opinion on the issue of race in the states. For all the talk of progress and the black middle class, consider this; median net worth of an African American House is about 6000 dollars,while white house holds yield is 14 times as much wealth, more than 88,000 dollars!
The link below to The Black Commentator will explain the reasons for this disparity is much deeper than one may think. A common sterotype about the races is all good things reflect white and bad things black. We all know about the white lie and the black cat. White folk work hard and save, while black folk are lazy and spend. For most people both sides of this equation represents a myth. There are lazy white folk and hard working blacks. Regardless of race, few of us save enough.
The lagacy of slavery and Jim Crow discrimination plays a large role. It is no surprise white folk blame us for our low net worth, often times elite blacks also blame us. Members of the black caucus theorized wealth disparities could be eliminated by less impluse spending and careful savings.
This compelling article discusses the Reparation Act and the Homestead Act. After reading this post, I fully support the reparation act, I want my 40 acres and a mule, well maybe a Surburban..
The Homestead Act provided access to productive land and wealth for mostly white familes from the 1860’s to 1930’s. 246 million acres were provided at minimal cost.
I urge you to click on the link below and comprehend the many factors that have contributed to the wealth of a white nation. I hope you return with your comments. This is a hot topic and please do not be timid with your opinion. Keep Hope Alive!
http://www.blackcommentator.com/110/110_cover_white_wealth.html
March 19th, 2007 at 3:24 pm
“I want my 40 acres and a mule, well maybe a Surburban..”
Now that’s funny!
I call this the plague of the BET Generation. As a culture we have become huge consumers. The clothes, cars, the bling. I agree that change will start once two things take place: we change our mindsets about finances and spending and sound financial advice is offered at low cost to the greatest number of people.
March 19th, 2007 at 3:49 pm
Bradley, my father who was a underground miner use to say, the more you save and you watch grow, the less you will want to spend. My Mother you to say, you have to learn to do without, money dose not grow on vines.save for a rainy day, They were both right. Thank you for the comment
March 19th, 2007 at 9:15 pm
Folks like Bill Gates sure skew these stats, though. There are more whites on welfare in this country than any other minority added together. The problem with the law of averages is that the top 1% makes everyone else look good.
I think the root problem is not black or white wealth issue, it’s that the top percent of wealth in this country are working to ensure that they they maintain their wealth while others can’t.
March 20th, 2007 at 11:30 am
Well put Doug, we must continue to fight the fight.
March 24th, 2007 at 4:00 am
Big earners don’t affect the medians as much as you think. The biggest gap in net worth is due to howe ownership. In 2006, White home ownership was around 75%, while black home ownership is around 48 to 49%. Most Americans never achieve riches like the Gates, so real estate (particularly their primary residence) is their biggest asset.
$6,000 tells us that the bottom 50% doesn’t own a home, which is in line with the near 50% home ownership right amongst blacks. More whites may be on welfare, but they own their homes, which is the best wealth building tool you can purchase.
In proportion to White Wealth, Black wealth was higher in the early 1900s when many southern Blacks owned farms, homes, and large plots of land. “The Great Migration” up north for better opportunities has caused today’s discrepancy in today’s wealth.
The rich stay richer, those without money continue to help build wealth for the rich. It’s a constant treadmill in American society.
March 24th, 2007 at 9:44 am
Jim, I went to see the movie, “Amazing Grace” this week. A few stood up against capitalic pressures all around to abolish the system of slavery. If more of us [I speak from view of middle class] were less lured by material goods and were more concerned about those who do not have enough to live on, the culture could really change. Thoughts?
March 27th, 2007 at 12:25 pm
TJP, Thanks for the information, the migration north has mostly been referred to as a great thing for southern blacks. You have cause me to think, the nothern business owners needed cheap labor and we left the country farm for the bright lights of the cities. Without the large black work force, would there have been the industrial revolution, that made only white people rich.
March 27th, 2007 at 12:36 pm
Robyn, I agree with your conclusion. Mother Theresa is an example of a true hero. I like material goods.I drive Mercedes and BMW, tell time on a Rolex, wear too much bling. It is a short comming on my part and many of us, particulary those of us that grew up poor.My father is another example of a poor man that would fight and volunteer for opportunities to help those in need.We do need to show more love and compassion for others and less greed expressed via material possesions.
I am doing better with my showing off and weakness for material reienforcement.With God’s help, I hope to become a better person and I pray the same for our society.Robin thanks for the forum to confess and think.
March 28th, 2007 at 8:10 pm
Jim, I’m really glad you have that BMW and Rolex…You deserve them…I’ll bet it took years of work and lots of sweat before you got them… On another note, you and I find our hearts breaking, though, about the young children in our inner cities who have no real love, faith or goals for their lives. That leaves them very bankrupt and we both desire to help them find the tools they need to change that.
Hey Jim, you’re doing fine. Keep up the great work - especially on your blog.
March 29th, 2007 at 5:10 pm
Robyn, thanks for the comment. I always look for ways to improve and I have to try to be hard on myself. You are a role model
July 25th, 2008 at 6:06 pm
So when West Virginia voted in the Democratic primaries for the white candidate we obviously still have a problem here in the US.
August 17th, 2008 at 4:12 pm
Your post makes one think! Great article. Thanks for allowing me to comment!
August 18th, 2008 at 10:08 pm
Thanks for the informative post.. and thanks for adding our comment to the blog. I am subscribing to your feed so I don\’t miss the next post!
August 23rd, 2008 at 6:47 pm
Great information! Thanks for writing this. It is an honor to participate in the discussion.