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Reply #39: Perhaps we could salvage this thread [View All]

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noamnety Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Mar-01-07 09:17 AM
Response to Original message
39. Perhaps we could salvage this thread
by turning it into a teach-in.

Submission #1:

Wealth Gap Between Blacks and Whites Has Grown Larger, Scholars Find
"Right now, almost 80 percent of black kids begin their adult lives with no assets whatsoever," said Oliver. "That's not the case for white kids. If they don't have financial resources in hand, they have access to them through their families. Most black kids don't have that available to them."

According to some researchers, as much as 80 percent of the wealth people accumulate over the course of their lifetimes actually begins as a gift from a relative, he added. That gift can come in the form of a down payment on a first home, a college education, or an inheritance from a parent or grandparent.

"If you look at lack of wealth, you find it among all sectors of the population," Oliver continued, "but even disadvantaged whites can generate more wealth and pass it on from generation to generation than disadvantaged African Americans."

"The overriding idea people bring away from this book is that the prism of wealth allows one to understand the historical accumulation of inequality and how it continues to structure the lives of African Americans differently from that of whites," Oliver said.
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