Recent reports state that the median of black wealth will drop to 0 in 2053. The Guardian reports on this brand new study, “But Hamilton is in the minority, in execution if not intention. A new report calculates that median wealth for black Americans will fall to $0 by 2053 if current trends continue. Latino-Americans, who are also experiencing a sustained downward wealth slide, will hit $0 about two decades later, according to the study by Prosperity Now and the Institute for Policy Studies.
“By 2020, median black and Latino households stand to lose nearly 18% and 12% of the wealth they held in 2013 respectively, while median white household wealth increases by 3%,” the report states. “At that point – just three years from now – white households are projected to own 86 times more wealth than black households, and 68 times more wealth than Latino households.”
“Three years from now, white US households are projected to own 86 times more wealth than black households”
“African-American households are making ‘middle-income money’ – but have the wealth of a white high-school dropout”
Dedrick Asante-Muhammad
The study confirms that we have the wealth, but we use it poorly, the trends of financial irresponsibility has been detrimental to us economically.
“With the US set to become “majority-minority” by 2044, researchers say this spells major economic peril for the nation. “If the racial wealth divide continues to accelerate, the economic conditions of black and Latino households will have an increasingly adverse impact on the economy writ large, because the majority of US households will no longer have enough wealth to stake their claim in the middle class.”
The solution was given to us by The Honorable Elijah Muhammad do for self he said and pool our resources by setting money to the side, but this effort takes unity, so the problem is our unity, and putting our dollars together will push us into the right direction.
NNV Writer Hasan Ali
