According to new economic numbers, white Americans were the only ethnic group to see their wealth rise in the wake of the “Great Recession.”
White households’ median wealth ticked up to $141,900 in 2013, up 2.4% from three years earlier, according to a Pew Research Center report released Friday.
Net worth for black households dropped by a third during that time to $11,000. Hispanic families experienced a 14% decline in wealth to $13,700.
Whites have 13 times the net worth of blacks, the largest wealth gap that’s existed since George H.W. Bush was president in 1989. The ratio of net worth between whites and Hispanics now stands at more than 10, the widest it has been since 2001.
According Federal Reserve Bank data, non-white households’ median income fell 9% between 2010 and 2013, compared to a 1 percent drop for white households. White people also own and trade stocks at a much higher rate than blacks, so the stock market’s recent explosion hasn’t been felt in minority precincts.
Just 47.4% of minorities owned homes in 2013, compared to 73.9% of white home owners.
I have long-argued that most black uplift is held hostage by a confluence of cultural cancers that are constantly overlooked as being part of the problem.
It’s no secret that the secret to achieving middle class success is really just four things:
Finish high school.
Get a job.
It’s also important to do them in this order. But the Left’s century-long War on Bourgeois Values has had a predictable — and intended? — effect of undermining families and creating dependency.
Anyway, do go read Hudson’s whole thing.