If we were to look at a map showing the race and net worths respectively of each family living in the United States, we would see a striking gap between the different families, especially between the different races. Why is it that non-whites, like African Americans and other minorities tend to be much less wealthy than whites?
Dalton Conley writes, in his book Being Black: Living in the Red:
If I could cite one statistic that inspired this book, it would be the following: in 1994, the median white family held assets worth more than seven times those of the median nonwhite family.
That statistic is shocking. One of the key parts that makes up the United States is the basis of equality, and equality of oppertunity. Where is this equality if there is such a striking difference in the amount of money that whites have, compared to minorities? Well… lets see.
First of all, history has a lot to do with it. Some white families who have been here since the first settlers arrived from England, still have money left over from their ancestors who arrived here. Assuming that those early settlers’ families stayed in America, it can be presumed that many of them went on to be wealthy slave owning families, and if not, they had the time while they were living in America, to accumulate money. If we compare these white Anglo-Saxon families to black families, or families of other minorities, the case is not the same. Up until and during the 19th century most of the blacks living in the United States had come over from Africa and various other places in order to become slaves. Then, when slavery was outlawed at the finish of the Civil war in 1865, and were free to go, they had to start to earn money, becasue at that time they had nothing, since they hadn’t been paid to do their labor. Then, other minorities, tended to immigrate to the United States later on, and when they came over they were given the lowest paying jobs, so it took them longer to generate money. So, this history has a lot to do with the current wealth gap because white families tended to have a longer time to generate money than their black or minority counterparts.
yet another reason which accouts for the prevelent wealth gap, is the rascism and segregation which was the norm up until the civil rights movement in the 1960’s. Up until that time, whites had been paid more and got better jobs than blacks and other minorities, which explains part of the reason why there is such a large gap. There was also the problem of steering, which was when realtors wouldn’t show blacks or minorities the nicer houses in the better neighborhoods by “steering” them away (though today i’m pretty sure that steering is illegal.) Therefore, white families would usually live in nicer neighborhoods, with better schools and low crime rates, as opposed to the minorities who would live where there was a high crime rate, bad schools, and bad areas of town.
Since the minorities often lived in the worse parts of town, the banks would ofted be predjudiced against them. Often “redlining” would occur. Red lining is when the banks would specify a “bad” part of town (sometimes by marking its boarder with a redmarker
) and refuse to give out loans to any person living with in that part of town. Today, however, this practice is completely illegal, but some banks tend to do it anyway.
Steering and redlining put blacks and other minorities in a bad position. First of all, it meant that those who had been affected by those practices would not live in good safe neighborhoods, and secondly, it was setting them up for poverty because they did not have the bank on their side, and backing them up. To me, these practices are sickening, there is no reason why people of different races should be able to live in the same communities, or belong to the same bank. It seems as though there is such a wide wealth gap because we made it this way. By steering and redlining, minorities were not given equality of oppertunity, instead they were cheated into taking only what racists believed that they deserved. 