The only way to truly solve the race problem in America is to narrow the wealth gap

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The only way to truly solve the race problem in America is to narrow the wealth gap

Post #1

Post by otseng »

From Market Watch:

The unrest in cities across the U.S. this week is just the latest manifestation of a struggle that will continue until the wealth gap between white people and black people is addressed, black economists said.

What is the wealth gap? It is the stark divide between how much capital white people and black people control.

By one estimate, the typical white family has wealth of $171,000. This is nearly ten times greater than the $17,150 for an average black family.

Put another way, the typical black household remains poorer than 80% of white households.

This stunning wealth gap between the races has persisted, in good times and bad, for the past 70 years. It did not get better after the civil rights era legislation was passed in the 1960s or during the Obama administration.

And it will continue to fuel unrest, economists said.

“As long as we have racial wealth gap, we’re going to have a problems with race,” said Patrick Mason, an economics professor at Florida State University.

“The wealth gap is one of the reasons there are protests today,” said Linwood Tauheed, a professor of economics at The University of Missouri-Kansas City and the president of the National Economics Association.

“I don’t necessarily want to use the phase it was the straw that broke the camels back...but we have lots of evidence that this economic system is not benefitting the majority of the population,“ he said.

“African Americans are dissatisfied with the way things are — that’s not new for us— but now you find young college students dissatisfied with their future.”

See: Protesters support Floyd, Black Lives Matter on 3 continents

The COVID-19 pandemic has highlighted the fact that African-Americans have a lack of income to buy necessary health care, food and medicine and are suffering in greater numbers than white Americans.

Since the 1960s, the wealth gap has been largely ignored by the economics profession, black economists say.

For years, black economists struggled in the American Economics Association to even study the subject of wealth disparity between the races, black economists said. Universities and think tanks also didn’t support the work.

Black economists formed their own association, the National Economics Association, in 1969 to study the economic situation of black Americans.

“It was very difficult for a black economist to present a paper at an AEA conference that was questioning whether mainstream economists were understanding the economic disparity between the white and black community,” Tauheed said.

So called “mainstream” economists were really interested in more efficiency. “The wage gap is a question of equity or how to expand the pie,” said Karl Boulware, an economics professor at Wesleyan University. “The best way to think of wealth is to think of it as power,” he said.

In a statement to her membership Friday, former Federal Reserve chairman Janet Yellen, who is the president of the AEA, said her organization has “only begun to understand racism and its impact on our profession and our discipline.”

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The causes

Black economists say one historical cause of the wage gap is slavery.

“I don’t want to offend anybody, and don’t want to be labeled a radical but the wealth gap has its roots in the starting of America,” said Samuel Myers, an economist at the University of Minnesota.

JIm Crow laws put in place shortly after the Civil War also kept black people impoverished.

A more recent and complex cause was the systemic exclusion of black people from the U.S. housing market beginning in the 1920. Housing is one of the main engines of accumulating wealth in America.

Restrictive covenants were put on houses that limited where black people could live, said Tauheed. These covenants, combined with discriminatory credit policies, kept black people from building wealth.

At the same time, government policies were put in place to assist whites to build wealth through housing.

For instance, in Minneapolis, where the current protests began after the death of George Floyd while being detained by police, white Americans first benefitted from the Homestead Act.

Then white soldiers coming home from World War II were given cheap loans to buy homes in the surrounding suburbs. These neighborhoods were off limits to black people, said Myers.

And the only prosperous black community in the city was razed to the ground to build a highway to St. Paul, he added.

“My feeling is until and unless white people acknowledge that their wealth holdings and therefore the wealth gap is attributable to unearned entitlements from public policy, then we’re not going to even have a conversation” about solutions to the wealth gap, Professor Myers said.

The solutions

Black economists think that reparations — the direct payment to descendents of former slaves — would narrow the wealth gap.

But they are under no illusion that this policy could be easily become law as blacks make up 12% of the population.

Reparations “run into conflict with the American mythology of how you get ahead, which says that it’s all individual effort,” said Professor Mason from Florida State.

Sen. Cory Booker, the black U.S. Senator from New Jersey, pushed for “baby bonds” during his brief run for the presidency last year. The accounts, presented at birth, would be seeded with $1,000 and receive up to $2,000 extra every year depending on family income. They could only be used once the child reached the age of 18, with the funds limited for paying college, a home, or to start a business.

This idea is race-neutral and poor whites would benefit the most from such a program, Professor Myers noted.

“I don’t really think in the final analysis baby bonds are going to dramatically narrow the wealth gap but I’d be really happy if I’m wrong,” Myers said.
(Note: this post does not necessarily represent any views of any posters on this forum, but is posted to provide one person's perspective.)

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Re: The only way to truly solve the race problem in America is to narrow the wealth gap

Post #21

Post by woodtick »

[Replying to koko in post #20]
Let's stop all white collar crime, racial prejudice, all hate, all stereotypes. Let's work together to make this a better society and a better world.
Last edited by woodtick on Tue Aug 04, 2020 7:43 pm, edited 1 time in total.

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Re: The only way to truly solve the race problem in America is to narrow the wealth gap

Post #22

Post by Zzyzx »

woodtick wrote: Sat Jul 18, 2020 9:24 pm Do we have a white history month?
Yes, twelve of them every year.

What is presented in the US as history is the record of European immigrants and their descendants -- with occasional or incidental mention of Native Americans or Africans.
.
Non-Theist

ANY of the thousands of "gods" proposed, imagined, worshiped, loved, feared, and/or fought over by humans MAY exist -- awaiting verifiable evidence

koko

Re: The only way to truly solve the race problem in America is to narrow the wealth gap

Post #23

Post by koko »

Zzyzx wrote: Sat Jul 18, 2020 10:05 pm
woodtick wrote: Sat Jul 18, 2020 9:24 pm Do we have a white history month?
Yes, twelve of them every year.

What is presented in the US as history is the record of European immigrants and their descendants -- with occasional or incidental mention of Native Americans or Africans.


That is true. As I mentioned in another post, historians have uncovered evidence that blacks comprised as much as 40% of Washington's troops - a matter ommitted from every history book we've read up to just a few years ago. Same with Hispanics who fought with Commander de Galvés against the British thereby sealing the victory for Washington.

Statues for Columbus? Queen Isabella? Robert E Lee? If anyone said we should put up statues for Hitler or Mussolini, people would say such a person needs to be institutionalized.

We can solve the racial problems in this society. But first we must have the full truth disclosed about American history while all lies are debunked. Then, all those who claim to be Christian need to actually practice what is taught in the Bible about treating everyone alike. Once done, the problem is solved.

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Re: The only way to truly solve the race problem in America is to narrow the wealth gap

Post #24

Post by Mithrae »

Zzyzx wrote: Sat Jul 18, 2020 7:09 pm
Mithrae wrote: Sat Jul 18, 2020 5:32 pm Wouldn't this incentivize poor households to have even larger families, and disincentivize any attempts at saving for college etc. (and the good example/habits such efforts imply)?
How does a family save for kids' college on minimum wage (or low wage) jobs? A year of minimum wage (2000 hours at $7.25) = $14,500

Average cost per year US public college = $20,770

Most Americans [60%] don't have savings to cover a $1000 emergency
You haven't answered either part of my question. While you've quoted $50,000 as the figure going to lowest-income people through this proposed baby bond program, The Atlantic article you referenced implies that it would grant ~$30,000 even at the median white range of wealth. Of course that's not to agree with any implication that if someone is a single parent on minimum wages when they have a child it is then automatically impossible for them to save for their child's future over the next twenty years.

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Re: The only way to truly solve the race problem in America is to narrow the wealth gap

Post #25

Post by woodtick »

Last edited by woodtick on Tue Aug 04, 2020 7:40 pm, edited 1 time in total.

koko

Re: The only way to truly solve the race problem in America is to narrow the wealth gap

Post #26

Post by koko »

woodtick wrote: Sun Jul 19, 2020 10:38 am [Replying to koko in post #23]

Do you ever balance your news intake or is ABC, CNN, CBS, NBC, MSNBC, the NY Times, Washington Post, Huff. Post etc. etc. your primary news source?

Thanks to the liberal agenda, race wars are coming to America and that's exactly what the liberal democrats want. They are ramping things up to attain a full blown race war in America. Phase three is coming after the election and then the defecation really hits the rotating oscillator. After the 2024 election, (if not before) all those who fell oppressed and repressed, i.e. LGBTQIA folks, Muslim's, blacks, liberals, will join hands and destroy America as we know it....and of course blame it all on the conservatives.

There's not a country on earth that has an unblemished history. It's the liberals who want to rewrite it and hide it.

2 Timothy 3:1 This know also, that in the last days perilous times shall come.

Perilous means troublesome, hard to take, savage, and dangerous times.

The only other place the word 'perilous' is used is in Mathew 8:28 where it describes the two demonic people that Mathew says were, "so fierce that no one could pass that way."

2 For men shall be lovers of their own selves, covetous, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy, Lovers of their own selves,... means just as it says as well as being selfish and too intent on one’s interest.
Covetous... means the love of money. However, the word has a variety of meanings determined by the context. It implies to fix the desire upon things whether good or bad.

Proud..."showing oneself above others" (huper, "over," phainomai, "to appear"), though often denoting preeminent, is always used in the NT in the evil sense of "arrogant, disdainful, haughty;" it is rendered "haughty."

Blasphemers...speaking evil, slanderous, reproachful, railing, abusive.

Disobedient to parents,... signifies "unwilling to be persuaded, spurning belief, disobedient. Unthankful,... denotes "ungrateful, thankless."

Unholy,...unholy, impious, wicked, profane.

3 Without natural affection, trucebreakers, false accusers, incontinent, fierce, despisers of those that are good, Without natural affection...

Trucebreakers... "one who cannot be persuaded to enter into a covenant," Vines..."of things not mutually agreed upon e.g. abstinences from hostilities."

False accusers...The word 'accuser' is used 34 times as a title of Satan, and 'false' accusers is used twice. A false accuser is... prone to slander, slanderous, accusing falsely, a calumniator, false accuser, slanderer, metaph. applied to a man who, by opposing the cause of God, may be said to act the part of the devil or to side with him.

Incontinent...without self-control, intemperate Fierce...without self-control, intemperate Despisers of those that are good...opposed to goodness and good men.

4 Traitors, heady, high-minded, lovers of pleasures more than lovers of God; Traitors...a betrayer.

Heady...headstrong, used metaphorically to signify "precipitate, rash, reckless.

Highminded...to be puffed up with haughtiness or pride, to blind with pride or conceit, to render foolish or stupid.
5 Having a form of godliness, but denying the power thereof: from such turn away....

A form of..."a form or outline," denotes, in the NT, "an image or impress, an outward semblance, Of Godliness..."to be devout," denotes that piety which, characterized by a Godward attitude.

Boasters... means an empty pretender.

Enough said!



Since when have I quote HuffPost here? You talk about false accusations and then claim I use a source which I don't use. In case you didn't know it, I also watch the local Fox and Chris Wallace on its national network when he is on.

Name the liberal Democrats who want a race war. If you cannot do so then it is you who are the false accuser.

Perilous days? Destruction of a nation? Yeah, the Bible tells us that happens when it oppresses the poor - see the Book of Amos and Ezekiel 16:49. Indeed, pride and haughtiness along with exploiting the poor - that's what causes destruction to a nation. As soon as people realize it and vote Democrat - the party of equity for all - that's when things will get better for everyone.

Traitors? Yeah, that's a proper fitting for right wingers who pretend there were WMD in Iraq and sent our troops overseas to get killed while billionaire corporations got $2 trillion in tax dollars wasted in order to increase their profits.

You are correct when you say there is quite a lot of unholiness in society, especially Pharisaism that we see from television evangelist types who preach a good sermon while pocketing truck loads of cash (all tax free, of course). Funny how all they vote Republican, isn't it?

It is sad that we have so many racial problems in society. But note how once we get Republicans in the White House when that really becomes a problem. If Trump were to demonstrate real leadership he would call for an end to all police abuses and social inequities. But he is a total FAIL in every regard with a poor economy, rampant disease, social discord, further enrichment of the wealthy elite, and his inability to deal with climate disasters. Big total FAIL. Small wonder why the right wing loves him when they should be praying that he repents and changes his wicked ways.

koko

Re: The only way to truly solve the race problem in America is to narrow the wealth gap

Post #27

Post by koko »

Central Park Five pay a tribute to victims of racial injustices:






It will be recalled that Trump called for the death penalty for those five innocents. To this day, he has refused to take back his wicked words. That's what aggravates social problems.

koko

Re: The only way to truly solve the race problem in America is to narrow the wealth gap

Post #28

Post by koko »

more police abuses:






Again, this abuse is criminal and contributes to the charged atmosphere that we have in society. Those who are conservative and oppose government should be outraged at this misconduct. If they had any principle at all, they would agree with me.

Narrow the wealth gap, disclose the full truth about police abuses, stop those police, and treat everyone alike - that is what will solve the problems we see in society today.

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Re: The only way to truly solve the race problem in America is to narrow the wealth gap

Post #29

Post by Difflugia »

woodtick wrote: Sun Jul 19, 2020 10:38 amDo you ever balance your news intake or is ABC, CNN, CBS, NBC, MSNBC, the NY Times, Washington Post, Huff. Post etc. etc. your primary news source?
You just listed eight distinct news organizations (let alone "etc. etc.") and have the temerity to suggest that together they lack "balance" without (if I may offer a guess) Fox News?
woodtick wrote: Sun Jul 19, 2020 10:38 amPhase three is coming after the election and then the defecation really hits the rotating oscillator.
That's not how I would have characterized President Trump speaking into a microphone, but your colorful euphemism is both picturesque and apt.
woodtick wrote: Sun Jul 19, 2020 10:38 amAfter the 2024 election, (if not before) all those who fell oppressed and repressed,
One doesn't just fall oppressed, someone has to do the oppressing.
woodtick wrote: Sun Jul 19, 2020 10:38 ami.e. LGBTQIA folks, Muslim's, blacks, liberals, will join hands and destroy America as we know it....
So, everyone except old white guys? Yeah. Who let everyone except old white guys start thinking that they should have a say in the directions that America moves in? Are you perhaps suggesting that members of the everyone except old white guys group are starting to get a little uppity?

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Re: The only way to truly solve the race problem in America is to narrow the wealth gap

Post #30

Post by Mithrae »

koko wrote: Sun Jul 19, 2020 1:09 pm Again, this abuse is criminal and contributes to the charged atmosphere that we have in society. Those who are conservative and oppose government should be outraged at this misconduct. If they had any principle at all, they would agree with me.
As you probably already knew (and I learned from a couple of minutes googling), according to the LAPD this man is a convicted felon who was in possession of a loaded firearm, punched a police officer in the face and then tried to steal one of the officers' batons. The video you posted clearly shows the attempt to grab a baton at least (at 11 seconds in this YouTube clip), and also shows what might be a swing at the officer's face at 3 seconds.

Claiming that others have no principle at all unless they agree with you that the officers' actions constituted criminal misconduct doesn't seem to be justified; in fact it seems like the kind of rhetoric which contributes a great deal to the charged atmosphere. Reality is rarely black and white - not even something as specific as this incident, let alone the broader societal issues being protested - and the kind of attitudes which insult and demonize anyone who doesn't share the same perspective as oneself are exactly the sort of thing which firstly encourage not even bothering to really listen or communicate with one another at all, and eventually escalating rhetoric and potentially violence against one another. What else would those 'racist, heartless unprincipled conservatives' deserve?

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