The document discusses the large and growing racial wealth divide in the United States. It notes that it would take Latino families 84 years and Black families 228 years to amass the same amount of wealth as White families today. Current federal policies benefit wealthy households more than middle- and low-income households of color. The document proposes conducting audits of federal and state policies, fixing upside-down tax incentives, addressing concentrated wealth, and investing in programs and nonprofits that can help close the racial wealth divide.
Oregon’s economy is both booming and struggling, and the pressure is on for housing markets across the state. The problem shows up as a lack of housing stock, high rents, unaffordable homeownership, sub-standard housing quality. People with low incomes, people experiencing a disability, and especially people of color experience the greatest barriers to housing opportunity. Hear what the data says about growing wealth disparity and housing opportunity gaps, and add your voice to this discussion about what housing needs are in your community. How does data drive policy change and greater inclusion?
Megan Bolton, Research Analyst, Oregon Housing and Community Services
Katie Sawicki, Policy Director, Urban League of Portland
Stephanie Jennings, Grants Manager, Community Development, City of Eugene
Laura Choi, Senior Research Associate – Community Development, Federal Reserv...NeighborhoodPartnerships
Laura Choi of the Federal Reserve Bank of San Francisco presents on Strengthening the Financial Future in Oregon at Neighborhood Partnerships' 2016 RE:Conference
On June 14, 2010, Health & Medicine Policy Research group (HMPRG) hosted a forum, “The State’s Fiscal Crisis: Changing Our Collective Response.” With over 70 attendees, the forum explored the impact of the State’s budget and recent cuts on health and human services in Illinois. Participants heard from panel speakers about how we might collectively respond to the crisis and ensure responsible and adequate funding for education, health, and human services in Illinois. Materials from the forum can be found on the HMPRG website (www.hmprg.org)
Oregon’s economy is both booming and struggling, and the pressure is on for housing markets across the state. The problem shows up as a lack of housing stock, high rents, unaffordable homeownership, sub-standard housing quality. People with low incomes, people experiencing a disability, and especially people of color experience the greatest barriers to housing opportunity. Hear what the data says about growing wealth disparity and housing opportunity gaps, and add your voice to this discussion about what housing needs are in your community. How does data drive policy change and greater inclusion?
Megan Bolton, Research Analyst, Oregon Housing and Community Services
Katie Sawicki, Policy Director, Urban League of Portland
Stephanie Jennings, Grants Manager, Community Development, City of Eugene
Laura Choi, Senior Research Associate – Community Development, Federal Reserv...NeighborhoodPartnerships
Laura Choi of the Federal Reserve Bank of San Francisco presents on Strengthening the Financial Future in Oregon at Neighborhood Partnerships' 2016 RE:Conference
On June 14, 2010, Health & Medicine Policy Research group (HMPRG) hosted a forum, “The State’s Fiscal Crisis: Changing Our Collective Response.” With over 70 attendees, the forum explored the impact of the State’s budget and recent cuts on health and human services in Illinois. Participants heard from panel speakers about how we might collectively respond to the crisis and ensure responsible and adequate funding for education, health, and human services in Illinois. Materials from the forum can be found on the HMPRG website (www.hmprg.org)
Wide Open Spaces: Schooling in Rural America TodayJeremy Knight
Fourteen percent of the nation’s population lives in rural communities, and one in five K-12 students attends a rural school — a substantial proportion of America’s school population. Despite increased attention from the national education policy community in recent years, too many rural communities and schools continue to struggle to provide their students with quality educational opportunities. Common approaches to education reform that may work in urban communities often fail to take into account the unique assets and challenges facing rural schools.
“Wide Open Spaces: Schooling in Rural America Today” provides education policymakers with a factbase on America’s rural schools and communities: the economic and academic challenges they face, their unique assets, and opportunities for improvement. This resource highlights some of the challenges facing schools and students, including limited economic opportunity, poor access to healthcare, and social challenges like drug addiction. It also provides an overview of available data on student outcomes, including National Assessment of Educational Progress data and graduation rates. These data reveal that while rural students appear to be doing better on average than students in some other geographies, there are real gaps among subgroups and barriers to postsecondary opportunities that hinder many rural students from achieving their full academic potential.
Even so, rural communities’ assets provide opportunities to create and sustain meaningful change. Compared with other geographies, rural communities tend to place high value on civic and community engagement and support tight-knit networks among residents. Community members tend to have a deep sense of and commitment to place that dates back generations. And at a state and national level, rural communities represent a powerful political voice.
“Wide Open Spaces: Schooling in Rural America Today” aims to equip advocates, decision-makers, and other stakeholders with a shared understanding of rural education to generate a more accurate and nuanced policy response.
Education in the American South: Historical Context, Current State, and Futur...Jeremy Knight
The deck provides a detailed analysis of academic outcomes in Southern states, placing them in historical, economic, and political context. It also traces the development of public schools in the South and shows that the modern education reform movement has its roots in the South, where strategies like accountability, charter schools, private school choice, and school governance reform were first piloted.
Policy webinar on Inequalities in Household Wealth and Financial Insecurity o...StatsCommunications
This webinar, jointly organised by the OECD and EC DG Employment, presented new comparative measures of household wealth distribution as well as the key findings from the last OECD policy brief on “Inequalities in household wealth and financial insecurity of households”. The OECD Wealth Distribution Database (WDD) contains comparative statistics on the extent of wealth concentration across OECD countries, based on harmonised wealth microdata. The brief analyses the most recent levels and longer-term trends in the distribution of financial and non-financial wealth and its composition at the top and the bottom of the distribution. It looks at the availability of liquid wealth holdings for poorer households as a buffer to draw in exceptional circumstances such as the current crisis, to ensure stable living conditions and guarantee financial security. Finally, it discusses policy options to help counteract high and rising wealth inequality.
The 2015 legislative session was an exciting time for the Oregon Individual Development Account (IDA) Initiative! We extended the sunset on this tax credit and increased the variety of goals toward which a participant can save. This session will present a basic introduction for those not yet familiar with this asset building tool. If you are new to IDAs, come learn how this amazing resource transforms participants into lifelong savers.
Jessica Junke, Neighborhood Partnerships
Racial Disparity in the Land of Sky Regionnado-web
Erica Anderson (Land of Sky Regional Council) discusses inclusive hiring practices in Asheville and Buncombe Counties at the NADO-DDAA Washington Conference.
Challenges To Women’s Access To Natural ResourcesGilbert Makore
Presentation i did at a National Women and Land Conference organised by ActionAid Zimbabwe and the Women\'s Coalition. Looks the legal, policy and institutional challenges limiting women\'s access to natural resources including lan, mineral resources, water, forestry and forestry products
Low Income Londoners and Welfare Reform: a data-led investigation into the ca...Policy in Practice
Policy in Practice has embarked on an ambitious project to track changing living standards for almost one million Londoners over the course of two years, on a monthly basis.
This work combines data from 14 London boroughs to track changes across 444,000 low income households made up of 550,000 adults and 350,000 children, representing 27% of the overall population living in the participating boroughs.
Deven Ghelani shared findings from Phase One of the project at IntoWork 2017.
Collaborating on data sharing allows us to:
• Combine data across London in order to benchmark changes, offering a large enough sample to understand niche areas such as self-employment or temporary housing.
• Track households to understand the causal drivers of poverty and prosperity on a systematic basis.
Policy in Practice works with local authorities to show the cumulative impact of tax and benefit changes on individual households, both now and in the future. This project builds on this with a longitudinal data model, simulation engine and visualisation platform to make this information accessible to policymakers and offer a deeper understanding of poverty.
We look forward to welcoming even more local authorities to the project as we progress to Phase two.
To find out more, and to request the full report, please email hello@policyinpractice.co.uk. We look forward to hearing from you.
Wide Open Spaces: Schooling in Rural America TodayJeremy Knight
Fourteen percent of the nation’s population lives in rural communities, and one in five K-12 students attends a rural school — a substantial proportion of America’s school population. Despite increased attention from the national education policy community in recent years, too many rural communities and schools continue to struggle to provide their students with quality educational opportunities. Common approaches to education reform that may work in urban communities often fail to take into account the unique assets and challenges facing rural schools.
“Wide Open Spaces: Schooling in Rural America Today” provides education policymakers with a factbase on America’s rural schools and communities: the economic and academic challenges they face, their unique assets, and opportunities for improvement. This resource highlights some of the challenges facing schools and students, including limited economic opportunity, poor access to healthcare, and social challenges like drug addiction. It also provides an overview of available data on student outcomes, including National Assessment of Educational Progress data and graduation rates. These data reveal that while rural students appear to be doing better on average than students in some other geographies, there are real gaps among subgroups and barriers to postsecondary opportunities that hinder many rural students from achieving their full academic potential.
Even so, rural communities’ assets provide opportunities to create and sustain meaningful change. Compared with other geographies, rural communities tend to place high value on civic and community engagement and support tight-knit networks among residents. Community members tend to have a deep sense of and commitment to place that dates back generations. And at a state and national level, rural communities represent a powerful political voice.
“Wide Open Spaces: Schooling in Rural America Today” aims to equip advocates, decision-makers, and other stakeholders with a shared understanding of rural education to generate a more accurate and nuanced policy response.
Education in the American South: Historical Context, Current State, and Futur...Jeremy Knight
The deck provides a detailed analysis of academic outcomes in Southern states, placing them in historical, economic, and political context. It also traces the development of public schools in the South and shows that the modern education reform movement has its roots in the South, where strategies like accountability, charter schools, private school choice, and school governance reform were first piloted.
Policy webinar on Inequalities in Household Wealth and Financial Insecurity o...StatsCommunications
This webinar, jointly organised by the OECD and EC DG Employment, presented new comparative measures of household wealth distribution as well as the key findings from the last OECD policy brief on “Inequalities in household wealth and financial insecurity of households”. The OECD Wealth Distribution Database (WDD) contains comparative statistics on the extent of wealth concentration across OECD countries, based on harmonised wealth microdata. The brief analyses the most recent levels and longer-term trends in the distribution of financial and non-financial wealth and its composition at the top and the bottom of the distribution. It looks at the availability of liquid wealth holdings for poorer households as a buffer to draw in exceptional circumstances such as the current crisis, to ensure stable living conditions and guarantee financial security. Finally, it discusses policy options to help counteract high and rising wealth inequality.
The 2015 legislative session was an exciting time for the Oregon Individual Development Account (IDA) Initiative! We extended the sunset on this tax credit and increased the variety of goals toward which a participant can save. This session will present a basic introduction for those not yet familiar with this asset building tool. If you are new to IDAs, come learn how this amazing resource transforms participants into lifelong savers.
Jessica Junke, Neighborhood Partnerships
Racial Disparity in the Land of Sky Regionnado-web
Erica Anderson (Land of Sky Regional Council) discusses inclusive hiring practices in Asheville and Buncombe Counties at the NADO-DDAA Washington Conference.
Challenges To Women’s Access To Natural ResourcesGilbert Makore
Presentation i did at a National Women and Land Conference organised by ActionAid Zimbabwe and the Women\'s Coalition. Looks the legal, policy and institutional challenges limiting women\'s access to natural resources including lan, mineral resources, water, forestry and forestry products
Low Income Londoners and Welfare Reform: a data-led investigation into the ca...Policy in Practice
Policy in Practice has embarked on an ambitious project to track changing living standards for almost one million Londoners over the course of two years, on a monthly basis.
This work combines data from 14 London boroughs to track changes across 444,000 low income households made up of 550,000 adults and 350,000 children, representing 27% of the overall population living in the participating boroughs.
Deven Ghelani shared findings from Phase One of the project at IntoWork 2017.
Collaborating on data sharing allows us to:
• Combine data across London in order to benchmark changes, offering a large enough sample to understand niche areas such as self-employment or temporary housing.
• Track households to understand the causal drivers of poverty and prosperity on a systematic basis.
Policy in Practice works with local authorities to show the cumulative impact of tax and benefit changes on individual households, both now and in the future. This project builds on this with a longitudinal data model, simulation engine and visualisation platform to make this information accessible to policymakers and offer a deeper understanding of poverty.
We look forward to welcoming even more local authorities to the project as we progress to Phase two.
To find out more, and to request the full report, please email hello@policyinpractice.co.uk. We look forward to hearing from you.
Cupid Alexander, Housing Program Specialist, Portland Housing Bureau, How We ...NeighborhoodPartnerships
Cupid Alexander, of the Portland Housing Bureau, presents on how local governments can generate housing resources at Neighborhood Partnerships' 2016 RE:Conference
Kevin Jeffries, Consumer Liaison, Oregon Department of Consumer and Business ...NeighborhoodPartnerships
Kevin Jeffies of the Oregon Department of Consumer and Business Services presents on financial fraud and scam prevention at Neighborhood Partnerships' 2016 RE:Conference
Lori Coyner (State Medicaid Director, Oregon Health Authority), Rachel Port (Public Policy Director, Central City Concern), Leslie Neugebauer (Director of Central Oregon Coordinated Care Organization, PacificSource), Pam Hester (Health and Housing Manager, CareOregon), and Josh Balloch (VP of Government Affairs and Health Policy, AllCare) present on Health as Housing at Neighborhood Partnerships' 2016 RE:Conference
The free Your Money Your Goals (YMYG) Toolkit designed by the Consumer Financial Protection Bureau (CFPB) makes it easy and customizable to set client financial goals, choose financial products and build money management skills for social service providers who aren’t experienced with such things. Neighborhood Partnerships is part of a team charged with getting the toolkit in the hands of more Oregonians.
An overview of the mission, goals and services of Funders Together to End Homelessness, including a description of the Funding Principles for Ending Homelessness.
CSAs – Join the Campaign to Create a State Mechanism for Children’s Savings A...NeighborhoodPartnerships
Across the country, the asset building community is abuzz with excitement about Children’s Savings Accounts (CSAs). CSAs provide an opportunity for communities to invest early in the futures of their children by opening a savings account for each child. Evidence is mounting that CSAs are a powerful tool to increase early academic success, success in college and create lifetime savings habits. Oregon communities need a tool like this. Come join our effort to build a legislative campaign in 2017 to increase opportunity for Oregon’s children.
Jill Winsor, Neighborhood Partnerships
Elena Fracchia, United Way of Lane County
Nancy Yuill, Innovative Changes
ATS14- What meaningful engagement means: capacity-building as a tool to impro...BTAOregon
Federal, state and local transportation guidelines strongly encourage or even require that transportation officials conduct “meaningful” public engagement as part of their planning and decision-making processes. But the most well-intentioned efforts can fail to reach low-income and minority communities that are often still not at the table when important decisions are being made. In order for marginalized communities to participate effectively in public process, government agencies and private funders must invest in their time, skills and capacity to engage in time-consuming and complex discussions such as those around transportation, planning and funding decisions. Attendees will discuss what capacity-building is and why it is important, and learn from recent capacity-building efforts in health, community planning and transportation.
Communicating the importance of housing to and in our communities is key to our success as advocates. The Housing Alliance and local and national partners have worked hard to develop communications skills, techniques, and common messages. Come hear the latest in our thinking about what works, how to inspire passion for housing opportunity, how to elevate diverse voices, and our tools and plans for helping you be the strongest possible advocates for housing.
Michael Anderson, National Housing Trust Fund Project, Center for Community Change
Jes Larson, Director, Welcome Home Coalition
Jill Winsor, Neighborhood Partnerships
Matt Kinshella, Neighborhood Partnerships
Investor deck detailing disruptive marketability of a process to address housing crisis based in Washington DC. Deck reveals the NPO's strategic tactical approach and investment opportunities.
LISC Bay Area Presents Solutions To San Francisco Housing CrisisBay Area LISC
Peggy Jen, Senior Program Officer at Bay Area LISC, or Local Initiatives Support Corporation, talks about cap-and-trade as a possible solution to the housing crisis at San Francisco Public Press thought leader event "Hack the Housing Crisis." Peggy presented both the problem and some solutions to address the Housing Crisis
Integrating Immigrant Workers into the U.S. EconomyLiving Cities
Living Cities is beginning to learn learn about what it takes to better prepare low-income people for quality jobs. On September 17, we took our learning one step further by hosting a webinar with other organization also exploring approaches to help immigrant job-seekers access opportunity and integrate into the US economy. Presentations by the National Skills Coalition, CASA de Maryland, the Workers Defense Project, and Casa Latina in Seattle.
Similar to Kylie Patterson, Senior Policy Manager, CFED – Closing the Racial Wealth Divide (20)
Every year the Oregon IDA Initiative helps thousands in Oregon buy homes, start small businesses and get an education. Here's the data behind the Initiaitve.
Regulatory requirements for improving access to housing are powerful tools for removing barriers to housing choice and increasing housing opportunities. Local, state and federal laws can help you address unreasonable barriers put in place by neighbors or advocate for inclusive housing through planning and land use processes. The new affirmatively furthering fair housing rules at US Department of Housing and Urban Development will shape housing options for years to come. This session will provide an overview of applicable regulatory tools and practical discussion of how to apply them
Margaret Solle Salazar, Portland Field Office Director, US Dept of Housing and Urban Development
Pam Phan, 1000 Friends of Oregon and Anti-Displacement PDX
Martha McLennan, Executive Director, Northwest Housing Alternatives
Building housing that will remain affordable for years to come is a complex undertaking. It can also be expensive. How do we talk and think about cost comparisons, cost containment, and new approaches? What has recent analysis taught us about costs and alternative development models? We’ll get a preview of the work that’s still ahead to reach agreement on priorities and to communicate well about the tradeoffs and choices we make.
Margaret Van Vliet, Director, Oregon Housing and Community Services
Michael Parkhurst, Affordable Housing Initiative Program Officer. Meyer Memorial Trust
“Housing First” models offer great hope for housing individuals and households who face significant barriers to housing. Oregon has been a leader in this work, but more needs to be done in every community, and we need opportunities to learn from one another. Join us as we hear about and map examples of work being done now in Oregon to move this approach forward.
Bill Hall, Commissioner, Lincoln County
Kenny La Point, Systems Integrator, Oregon Housing and Community Services
Marc Jolin, Director, A Home for Everyone
Heather Lyons, Corporation for Supportive Housing
What’s working? Strategies to create inclusive communities, mitigate and reve...NeighborhoodPartnerships
Working to address and mitigate barriers to housing opportunity requires passion, creativity and a clear vision of how prosperous, equitable communities work. Community-based organizations are innovating approaches to mitigating residential displacement, inclusive anti-poverty strategies, and creating successful pathways to homeownership for those who experience the greatest barriers to this core asset building step. Learn from leaders from across the state what new strategies are working, how community engagement supports self-determination, and how funding is being secured for these innovations in creating inclusive and prosperous communities.
Moderator: Roberto Jiménez , Farmworker Housing Development Corporation
Travis Phillips, Pathways 1000 Plan, Portland Community Reinvestment Initiatives (PCR!)
Jen Matheson, Northwest Health Foundation
Amy Cubbage, Habitat for Humanity Mid-Willamette Valley
Lending Circles demonstrate the ingenuity and resilience of communities that are outside of mainstream banking. Lending Circles have long been used in different communities across the world as an alternative way to support savings or provide an emergency reserve to meet community needs. Here in the US, lending circles are beginning to receive more and more attention as a tool that works for a range of communities. Join us to learn how Lending Circles work and hear from organizations in the Pacific Northwest that have started Lending Circles.
Mohan Kanungo, Mission Assets Fund
Gabriel Muro, The Next Door
Moderator: Lynne McConnell, Neighbor Impact
Supersize that IDA: How enhancing your programs with credit building can achi...NeighborhoodPartnerships
Credit building accelerates asset building. Participants in this session will learn the value of credit building as an asset building strategy and an opportunity for strengthening your clients’ financial capabilities. Participants will learn about what credit building is and basic considerations for integrating credit building into your programs. We will explore credit building innovations including a pilot program here in Oregon that helps clients automatically build credit while fulfilling their IDA savings plan.
Sarah Chenven, Credit Builders Alliance
Nancy Yuill, Innovative Changes
Asset building is a powerful tool that allows people to pursue their dreams, push past generational poverty and create economic security for their families. Yet for many taking that first step toward building a financial foundation is simply out of the question. What if there was a way for everyone to help support those first steps? We believe there is! No matter what your client base is, or what kind of interface you have with clients, this session will explore opportunities for starting conversations that can impact our client’s long term financial success – the gateway conversations that will open the door to prosperity. We will explore tools and resources such as Your Money Your Goals, the CFED Integrating Financial Capability Toolkit and Bank On Oregon that help support clients in finding their path toward financial resilience.
Elena Fracchia, United Way of Lane County
Lynne McConnell, NeighborImpact
Consumer Protection Listening Session: How Can You Protect Your Clients From ...NeighborhoodPartnerships
Sometimes the field of Consumer Protection feels like whack-a-mole. It seems like every day a new scam pops up to entrap our community members. What consumer protection issues are your clients facing? This session offers a chance for you to share your concerns and hear from your colleagues. Experts in the field will offer resources and tools to help keep your clients safe. We will also explore policy solutions to change the landscape of Consumer Protection in Oregon.
Diane Childs, Oregon Department of Consumer and Business Services
Jonathan Groux, Consumer Protection Section of the Oregon Department of Justice
Moderator: Sybil Hebb, Oregon Law Center
Oregon communities across the state are resilient, innovative and tough. Many communities, especially communities of color, face incredible barriers to opportunity, barriers that limit their ability to grow assets and build wealth. Join us to learn about work being done within communities of color in Oregon to remove barriers to asset building and create more equitable outcomes.
Katie Sawicki, Urban League of Portland
Andrea Paluso, Family Forward Oregon
Moderator: Janet Byrd, Neighborhood Partnerships
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
What is the point of small housing associations.pptxPaul Smith
Given the small scale of housing associations and their relative high cost per home what is the point of them and how do we justify their continued existance
Presentation by Jared Jageler, David Adler, Noelia Duchovny, and Evan Herrnstadt, analysts in CBO’s Microeconomic Studies and Health Analysis Divisions, at the Association of Environmental and Resource Economists Summer Conference.
ZGB - The Role of Generative AI in Government transformation.pdfSaeed Al Dhaheri
This keynote was presented during the the 7th edition of the UAE Hackathon 2024. It highlights the role of AI and Generative AI in addressing government transformation to achieve zero government bureaucracy
Jennifer Schaus and Associates hosts a complimentary webinar series on The FAR in 2024. Join the webinars on Wednesdays and Fridays at noon, eastern.
Recordings are on YouTube and the company website.
https://www.youtube.com/@jenniferschaus/videos
A process server is a authorized person for delivering legal documents, such as summons, complaints, subpoenas, and other court papers, to peoples involved in legal proceedings.
Understanding the Challenges of Street ChildrenSERUDS INDIA
By raising awareness, providing support, advocating for change, and offering assistance to children in need, individuals can play a crucial role in improving the lives of street children and helping them realize their full potential
Donate Us
https://serudsindia.org/how-individuals-can-support-street-children-in-india/
#donatefororphan, #donateforhomelesschildren, #childeducation, #ngochildeducation, #donateforeducation, #donationforchildeducation, #sponsorforpoorchild, #sponsororphanage #sponsororphanchild, #donation, #education, #charity, #educationforchild, #seruds, #kurnool, #joyhome
1. Closing the Racial Wealth Divide
2016 Re:Conference
Kylie Patterson, Sr. Program Manager
Racial Wealth Divide Initiative
@kyliepatt
kpatterson@cfed.org
2.
3. Ever-Growing Gap
• It would take Latino families 84 years to amass the same amount of
wealth White families have today.
• Black families would not reach wealth parity with White households until
the year 2241. That means Black families will not reach wealth parity
with White households for 228 years.
6. Current Wealth-Building Policies Benefit Wealthy Households
In the past 20 years, the federal government has spent more than $8 trillion through tax
programs to help families build long-term wealth.
7. Federal Interventions:
•Conduct an evidence-based, government-wide
audit of Federal Policies to understand the role
current federal policies play in perpetuating or
closing the racial wealth divide
•Fix unfair, upside-down tax incentives to ensure
households of color also receive to support to build
wealth
•Address the distorting influence of concentrated
wealth at the top through the expansion of existing
progressive taxes and exploration of a dedicated
wealth tax
20. State Interventions:
•Conduct an evidence-based, government-wide
audit of Oregon State Policies to understand the
role current Oregon policies play in perpetuating or
closing the racial wealth divide
•Maintain and increase funding for Children's
Savings Accounts to support more households of
color in either starting a business or pursuing higher
education
•Increase the support for first-time and low-income
home buyers
22. Build High Impact Nonprofits of Color Project
• Assist in developing high-impact nonprofit organizations
of color focused on advancing economic opportunity
nationally;
• Build an understanding of the intersection of income,
assets and the racial wealth divide;
• Establish networks across sectors to have lasting local
influence and advance social change;
• Improve relationships between organizations of color,
local organizations and asset-building institutions; and,
• Equip organizations of color to become leading voices in
local and national asset-building dialogues and decisions.
24. Bridging the Racial Wealth Divide
https://www.facebook.com/
racialwealthdivide/
https://soundcloud.com
/rwdpodcast
http://cfed.org/programs
/racial_wealth_divide/
Find us online!
Racial Wealth Divide
25. Closing the Racial Wealth Divide
2016 Re:Conference
Kylie Patterson, Sr. Program Manager
Racial Wealth Divide Initiative
@kyliepatt
kpatterson@cfed.org
Editor's Notes
Give overview of CFED and RWDI.
Present the report – there are copies for you to take home. This was featured in multiple news outlets including VOX, the New Yorker, Salon, NPR and the Wall Street Journal.
The trends for median wealth among Black, Latino and White families clearly show that we aren’t on a path to reach racial wealth equality any time soon, if at all. If we continue at similar rates, even after an infinite number of years into the future, the racial wealth gap won’t close. If we do nothing, the racial wealth divide will just keep getting worse.
The other day I met a young black woman who was born in the year 2000. I almost chocked. You see, I was born in the late great 20th century, but it pains me to consider that she can live, work and save a lifetime and still not achieve the same level as her white peers. The wait is so long that for blacks, the amount of time it will take to reach white wealth is just 17 years shy of the time African Americans spent in bondage and slavery.
This is looking at median wealth – which better depicts what the average American has as far as wealth Later slides will include averages – which includes those at the far end of the wealth spectrums.
For White households, repeating the past 30 years would mean an average wealth increase of $18,368 a year— topping out at $1.2 million. Were Latino households to repeat the past three decades, they would see their wealth increase by only $2,254 a year, for a total of about $165,000. When it comes to Black households, their wealth would only increase by $765 per year, reaching over $107,000 by 2043. By then, the racial wealth divide between White households and Black and Latino households will stand at over a million dollars
Now we are talking about median , what the average person has instead of averaging in billionaires. Black and Latino wealth will actually decrease, while white wealth will Increase by 2043.
You’ll notice as you review this slide that black and white wealth has decline and continues to decline, while white wealth has increased since 1983.
Although a number of wealth-building policies over the years have favored the wealthy over typical wage earners, the largest and most powerful of these programs flow through the U.S. tax code. These federal tax programs overwhelmingly favor building the wealth of those at the top, contributing to the extreme rise in overall wealth inequality over the past several decades.
In the past twenty years, the federal government has spent more than $8 trillion through tax programs to help families build long-term wealth by helping them save for retirement, purchase a home, start a business or access higher education.
Since 1994, the federal government’s massive wealth-building spending has more than tripled, going from a little over $200 billion48 to $660 billion in 2015. 49 Unfortunately, the result of this spending today is that the typical millionaire receives about $145,000 in public tax benefits to grow their wealth, while working families get a grand total of $174 on average.
One way to address this disparity, is to look at changing our federal tax policies right side up, instead of continuing to support the wealth building of the super wealthy.
How can states mimic or support these interventions? (Jill Winsor asked)
Oregon retirement savings plan
Tax incentives
When looking to affect the racial wealth gap, it is important to investigate its ability to achieve your aim. Meaning, will this intervention have the intended benefit, beyond my gut feelings.
People often assume that progressive polices will help address the racial wealth divide, however that is not the case.
This does not work – although it is a very progressive and popular policy proposal.
In 2013, the Median Net Worth of Young Adult Households was:
15,100 (White)
9,000 (Latino)
1,400 (Black)
With a $7,500 CSA investment, the wealth gap would persist, however the gap would narrow for latino’s by 23% and for blacks by 28%
This would close the gap for latino’s by 78% and for blacks by 84%!
The return on investment in college is much higher for whites than for blacks and Hispanics: A white family at the median sees a return of $55,869 from completing a four-year degree. A black family sees $4,846 and an Hispanic family $4,191.”
According to a Demos-Institute on Assets and Social Policy at Brandeis University report, “ The Racial Wealth Gap – Why Policy Matters” we find that when homeownership is equalized the racial wealth gap is reduced by as much as 31%!
“Using a similar model to estimate the wealth effects of homeownership on Black households, we find that the wealth returns to homeownership for Black households amount to $71,715—just 75 percent of the returns that accrue to White households. This difference of $24,533 means that for every $1 in wealth that a Black family builds as a result of homeownership, White families accrue $1.34.14 Meanwhile, the wealth returns to homeownership for Latino households amount to $62,647—just 65 percent of the returns that accrue to White households. This difference of $33,601 means that for every $1 in wealth that accrues to Latino families as a result of homeownership, White families accrue $1.54.
The Racial Wealth Divide recently released two racial wealth inequality profiles looking at New Orleans and Miami. We will release similar profiles for Baltimore and Chicago in the coming months. We find that wealth inequality looks different in each state. Still we find that wealth inequality in cities is worse than national averages, as white people in cities often have more wealth and communities of color in cities have less wealth.
Recognizing the importance of local data – we have some Oregon data to present today. It should be noted that given Oregon’s demographics, in some cases we were not able to locate racialized data due to sample size issues.
The racial wealth divide nationally and in Oregon is primarily driven by homeownership, employment and income/savings. To a lesser degree, it is also driven by education and entrepreneurship.
You need a shovel to dig a hole. Simply put, you need a job if you endeavor to acquire wealth. However, in Oregon the unemployment rate is consistently higher for black and latinos, 2 times and 1.5 times greater.
This type of persistent unemployment among within communities of color coupled with the types of jobs people of color most often attain, we find that what income is earned while employed goes toward emergency expenses. As opposed to having an employer with paid health benefits and retirement savings programs.
This data comes from our 2016 cfed scorecard and therefore the employment numbers are actually from 2015. However, looking at the most recent unemployment numbers – the rate of disparity has remained essentially constant.
It should be noted that education alone does not close the racial wealth divide (as discussed previously), that is a person of color with a BA still has far less wealth than a White person with a high school degree.
Also, students color often have more debt than white students.
Homeownership is the greatest contributor to wealth building for the average American. On average, nearly 65% of white families own their homes, compared to just 30% of black families.
Lower rates of homeownership are largely due to historical federal and private policies that prohibited families of color from securing loans to purchase homes. Though redlining was outlawed in the ’60s, the effect persists today in the form of neighborhoods consisting mostly of people of color that have high poverty rates, low home values and declining infrastructure.
In fact, people of color were 2 times more likely to be sold sup-prime loans prior to the recession that whites, further exasperating the rate of foreclosure within minority communities, including Oregon’s.
Discriminatory lending also exists today: Mortgages obtained by households of color tend to have higher interest rates. Even as recently as 2012, Wells Fargo admitted it had steered black and Latino households into subprime mortgages but had offered white borrowers with similar credit profiles prime mortgages.”
These are general asset building policies CFED recommends for Oregon:
Racial audit – progress policies in and of themselves, that are not targeted to support minority communities, do not strengthen minorities
As discussed earlier- the goal for CSA’s is to reach a level of 7,500.
We know supporting homeownership and closing the gap will
Overall, Oregon has one of the highest policy ranks on our Scorecard, however, of the 69 policies identified by CFED as progressive in supporting low-income families achieve financial security, Oregon has adopted 37 of them.
One policy that CFED proposed is that the state’s EITC, or earned income tax credit be at least 15% of federal EITC.
Another is tax fairness, the state’s effective tax rate for the bottom 20% of earners is higher than the top 1% of earners.
State offer direct lending programs to first-time homebuyers.
CFED’s Racial Wealth Divide’s flagship project is building high impact nonprofits of color project in which we – assist, build, establish, improve relationships and equip organizations to have greater impact in their communities to deliver asset building services and help address the racial wealth divide.
In Miami and New Orleans we are working with a total of 10 organizations, serving the African American, Haitian, Latino and Vietnamese communities. These organizations that are both led primarily by people of color and serving people of color work in their communities to build wealth and advocate for policies and practices to close the racial wealth divide.