HOW TO CLOSE THE RACIAL WEALTH GAP?
This video details an overview of the U.S Racial Wealth Gap from 1860-2020. Follow me on Instagram & TikTok @insightfulprinciples. Support Patreon for inclusive content / insightfulprinciples
Table of contents:
00:00-02:06 Intro
02:06-06:00 History of the racial wealth gap
06:00-09:33 What has created the racial wealth gap differences?
09:33-15:34 Dynamics of the racial wealth convergence 1870-2020
15:34-17:50 Steps to closing the wealth gap
17:50-21:00 Portfolio composition & future of the racial wealth gap
21:00-22:08 Closing
Wealth of Two Nations Research Paper:
https://www.nber.org/papers/w30101
Kevin described the research paper "Wealth of Two Nations, The U.S Racial Wealth Gap from 1860-2020". He explained the racial wealth divide, as well as the comparison between black and white households.
Kevin explained the driving factors and the economic barriers surrounding the black community in the early 20th century. The racial wealth divide begins to decline significantly after the Emancipation Era. However, at the start of the 1930, the wealth gap became stagnant. Over the last 70 years, the wealth gap is around 6 to 1.
Which means the average white households has six times the wealth compared to black households. Some of this is in result of the Jim Crow Era, inequality with financial institutions, and the violet destruction of black neighborhoods.
Savings and capital gains were the two main characteristics among the wealth convergence. Lower savings and capital gains for blacks over time reflect their lower average income and wealth levels compared to whites.
Kevin went over various charts in the research paper that explained the dynamics of the racial wealth convergence, portfolio composition, and the future evolution of the future wealth gap.
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