Racial Wealth Inequality: Myths, Realities, and What Can be Done About It Workshop
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This document summarizes key points about racial wealth inequality in the United States. It discusses how the average white family has significantly more wealth than black and Hispanic families. Several policies throughout American history have contributed to the racial wealth gap, such as discriminatory housing policies. The document argues that addressing racial wealth inequality will require major policy interventions and redistributive efforts. A multifaceted approach is needed that includes student loan forgiveness, equalizing homeownership and college graduation rates, and universal savings accounts at birth. Individual action such as educating oneself and getting involved with advocacy groups like RESULTS can also help address the issue.
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Racial Wealth Inequality: Myths, Realities, and What Can be Done About It Workshop
- 1. Racial Wealth Inequality: Myths, Realities and What Can be Done About it FUNKE ADERONMU BILL EMERSON NATIONAL HUNGER FELLOW RESULTS/CONGRESSIONAL HUNGER CENTER JUNE 6, 2018
- 2. Intro Hosted by Congressional Hunger Center Hunger Fellows: • Tackle U.S. hunger and poverty at local and national levels • Bridge field experiences with policy work • Develop racial justice lens in anti-hunger and anti-poverty work • Build leadership capacity Field Placement - DC Greens Policy Placement - RESULTS Educational Fund 24th Class Emerson National Hunger Fellow “a social justice program that trains, inspires, and sustains leaders. Fellows gain field experience fighting hunger and poverty through placements in community based organizations across the country, and policy experience through placements in Washington, D.C. ”
- 3. Understanding Wealth Wealth is... Assets Assets Liabilities/Debt MINUS = NET WORTH
- 4. Understanding Wealth Wealth is... THE FOUNDATION OF ECONOMIC WELLBEING "Parental wealth, in addition to parent income, plays an important role in college attendance and graduation...Parental wealth is also a critical determinant of where children live and the quality of schools they attend. It can affect the kind of job they have, if and when they marry, and whether they own their homes." - Christina Gibson-Davis, professor of public policy at Duke; Christine Percheski, professor of sociology at Northwestern
- 5. Wealth and Race in America In 2016, white families on average had 7 times more wealth than black families and 5 times more wealth than Hispanic families - Urban Institute, "Nine Charts About Wealth Inequality in America."
- 7. What’s Behind the Racial Wealth Gap?
- 8. What’s Behind the Racial Wealth Gap?
- 12. About the AAPI Community •While AAPI incomes may be high overall, there's a lot of variation in wealth and economic wellbeing once you dig deeper (disaggregate the data) •Thus, wealth inequality also negatively impacts AAPI households
- 14. How Did We Get Here? The History Behind the Racial Wealth Gap "the racial wealth divide is the natural byproduct of an endless series of policy choices that have boosted the ability of white Americans to build long- term wealth, while blocking communities of color from doing the same." - Prosperity Now, "Running in Place: Why the Racial Wealth Divide Keeps Black and Latino Families From Achieving Economic Security"
- 15. Policies that Created Racial Wealth Inequality 1865 Land Reversals (1865) and Land Seizures (1865-Present Day) 1934 National Housing Act 1935 Social Security Act 1938 Fair Labor Standards Act 1944 G.I. Bill 1970s- Present Subprime Loans (1970s- Present Day 1971-Present "War on Drugs" (1971- Present Day) - Bread For the World Racial Wealth Gap Simulation Policy Packet
- 16. Housing and Racial Wealth Inequality Housing is a major source of wealth for many middle class Americans and remains a common path to wealth building Where you live has implications for health, education, job access and security outcomes that all affect overall economic well being The history of housing policy in the U.S. has been one where federal policies provided white Americans opportunities to build wealth while excluding Americans of color, particularly blacks from doing the same.
- 17. Housing and Racial Wealth Inequality Video: https://youtu.be/O5FBJyqfoLM?t=9s
- 19. Racial Wealth Inequality and the 2017 Tax Cuts and Jobs Act Benefits mainly go to high-income households. Given our nation's history of racial economic discrimination, white families will largely benefit more than families of color The law primarily benefits holders of existing wealth rather than creators of new wealth. This will likely exacerbate racial wealth inequality Due to limits on state and local deductions, state gov'ts will increase fines and fees to gain revenue. This is regressive and disproportionately impacts low- income individuals and people of color Cuts to public sector and public employment due to tax law will impose burden on black workers and black communities
- 20. Racial Wealth Inequality and the 2017 Tax Cuts and Jobs Act
- 21. What Will it Take to Close the Racial Wealth Gap? Myths About Closing Racial Wealth Gap More educational attainment by blacks will close the gap Homeownership disparities drives racial wealth gap Buying and banking black will close the gap Black families saving more will close the gap Greater financial literacy in the black community will close the gap Entrepreneurship will close the gap Emulating “model minorities” will close the gap Improved “soft skills” and “personal responsibility” will close racial wealth gap The rise of black celebrities proves the racial wealth gap is closing Black family disorganization is a cause of the racial wealth gap
- 22. What Will it Take to Close the Racial Wealth Gap? "Addressing racial wealth inequality will require a major redistributive effort or another major public policy intervention to build black [and brown] American wealth."
- 23. What Will it Take to Close the Racial Wealth Gap? •Asses ways in which current federal policies continue to perpetuate racial wealth inequality •Fix upside-down tax incentives that primarily benefit the wealthy, to ensure low-income and households of color receive support to build wealth •Use progressive taxation to address the distorting influence of concentrated wealth at the top
- 24. What Will it Take to Close the Racial Wealth Gap? •There is no single policy that can fully address the racial wealth divide •We need a multifaceted approach Policy IASP Audit: Reduction of Black-White Wealth Gap Student Loan Forgiveness for Low-Income Families 7 percent Student Loan Forgiveness for Low-Wealth Families 37 percent Student Loan Forgiveness for Everyone WORSE Equalize Homeownership Rates 31 percent Equalize College Graduation Rates 1-3 percent End Income Inequality 9-11 percent Universal Savings Accounts at birth, with additional deposits 20-80 percent
- 25. What’s Your Role in Tackling Racial Wealth Inequality? • Racial Wealth Divide Simulation • Available at bread.org/simulation Educate yourself! • Join advocacy organizations like…RESULTS! Get Involved!
- 26. What is RESULTS? RESULTS is movement of passionate, committed everyday people. Together they use their voices to influence political decisions that will bring an end to poverty. Grassroots Advocacy Model: Influencing policy through Relationship Building and Storytelling
- 27. Relationship Building Community organizing through RESULTS volunteer chapters and REAL Change Fellowship Working with members of Congress on both sides of aisle to advance anti-poverty policy
- 28. Storytelling Experts on Poverty program Media trainings “Without SNAP, I’d be on the cusp of homelessness. With SNAP, I’m on the cusp of law school.” - Asia Bijan Thompson, RESULTS Expert on Poverty
- 29. RESULTS International Conference! July 14-17th | Washington, DC Speakers include: World Bank President, Members of Congress, City Officials, Activists, Writers and more! 15+ workshops and plenaries including a session on Running for Office Connect with peers and anti-poverty advocates from across the country Lobby Day on Capitol Hill Register at: resultsconference.org SCHOLARSHIPS AVAILABLE!
Editor's Notes
- Demonstrate links between wealth and housing, education, health, etc. Take graphics from AmeriCorps presentation.
- Demonstrate links between wealth and housing, education, health, etc. Take graphics from AmeriCorps presentation.
- Draw from AmeriCorps presentation What’s the state of wealth inequality in America? Perhaps set the frame for understanding that wealthy inequality in America is very much tied to racial economic inequality
- A history of policies that have created a legacy of inequality dating back to slavery
- Pick policies that relate to factors driving the wealth inequality; look into bread for the world racial simulation policy packet and summarize laws
- Insert graphic from opportunity starts at home campaign about links between housing and other outcomes
- Include time for thoughts/initial reactions after video
- How the tax code subsidizes wealth building by the wealthy (Upside Down) Impact of 2017 tax law
- "Blacks cannot close the racial wealth gap by changing their individual behavior...if the structural sources of racial inequality remain unchanged."
- List recommendations from Prosperity Now’s ever growing gap report
- Draw information from AmeriCorps presentation Why relationship building and storytelling?