Study Shows Black Families Have Over 200 More Years To Accumulate Wealth Like White Families
A study by the Corporation for Enterprise Development and Institute for Policy Studies called the “The Ever Growing Gap” concludes that it will take black families 228 years to accumulate the same of wealth as white families.
The report says that “if the average black family’s wealth continues to grow at the same pace it has over the past 30 years, it will take black families 228 years to accumulate the same amount of wealth that white families have today.” If the trend continues, the average wealth accumulation in white households would grow by $18,368 per year, Latino households would grow by about $2,254 per year and black households by $765 per year.
What could fix this problem, or at least close the wage gap? The groups who conducted the study recommend fixing the “U.S. tax code and tax programs,” as well as “conducting a governmentwide audit of federal policies to understand how said policies may be affecting households of color.”
Read more about this study here.