Reaching the American Dream

For John, BLUF:  There is no doubt in my mind that some groups have not achieved the American Dream.  Nothing to see here; just move along.

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That was no typo:  The median net worth of black Bostonians really is $8

Yes, this is from three years ago, but it is still pertinent in this time of COVID-19 Pandemic and Protests in the streets.

From The Boston Globe, by Reporter Akilah Johnson, 11 December 2017.

Here are the two key paragraphs:

The cities were selected because their diversity allowed researchers to disaggregate data among subgroups within broader racial categories.  In Boston, the report said researchers focused on “multigenerational African Americans (referred here as US blacks), Caribbean blacks (including Haitians), Cape Verdeans (both black and white), Puerto Ricans, and Dominicans.”  A total of 403 people were surveyed.

The household median net worth was $247,500 for whites; $8 for US blacks (the lowest of all five cities); $12,000 for Caribbean blacks; $3,020 for Puerto Ricans; and $0 for Dominicans (that’s not a typo either.)  The sample size for Cape Verdeans was too small to calculate net worth, the report said.

These numbers suggest strongly that some groups have failed ot achieve the American Dream.  The why needs to be explored, but the existence of "Red Lining" for decades, is surely one of the factors.  Real estate is how many Americans build up their family wealth.  That option was closed to many, including many Blacks.  That needs to be fixed.  Reversed would be a good word.  While the idea of "Reparations" (for Slavery) does nothing for me, the idea of correcting bad economic conditions has an appeal.  We need to be helping individuals who have been trapped in poverty due to past discriminatory practices.  Not to make them rich, but to put them on the launching pad to success.

First we need the statistics, so we understand the dimensions of the problem.  Then we need Federal Assistance to help those who had been squeezed out to get in, a sort of new GI Bill.

Regards  —  Cliff