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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: Ish who wrote (85173)	11/9/2004 6:19:53 PM
From: LindyBill	Read Replies (1) \| Respond to of 793887

BOOKER RISING - Black Homeownership Up, Black Wealth Down By Molotov Despite Bush's boasts that black homeownership is at an all-time high, a social policy expert argues that many black households are losing ground because of a growing inherited wealth gap. A Brandeis University professor argues that black families have lost 25% of their wealth during the jobless recovery. blackamericaweb.com White family wealth slightly rose. Only 26% of black families have enough financial assets to survive 3 months. Almost 50% of middle-class black households have no assets. For every $1 of white wealth, blacks have 10 cents of wealth. Middle-class black households have just 25 cents of wealth compared to $1 for whites. Professor Shapiro fails to point out that blacks save less than whites of similar income. Same goes for owning investments, when examining upper-income folks by race. Across incomes, our credit histories tend to be significantly worse. This, not institutional discrimination, is the primary culprit behind our lower homeownership. We need less Burberry and more Ameritrade. He also ignores the significantly higher number of single parent households in black communities, and single parents are much likelier to be poorer. Lower crime rates would also increase home values in black neighborhoods, as it is doing in Chicago’s Bronzeville neighborhood. When only 4% of blacks own businesses (hampered by the 15% of blacks on welfare and the 25% of blacks who work for a government entity), we are hampered. Nor does he address how Social Security privatization would disproportionately help helps and our wealth. Instead of white obsessiveness, how about examining how blacks who correctly operate their finances differ from those who do not?