Study: Black Families Are 228 Years Away From Building The Same Wealth As White Families
A recent report sheds a sad and sobering light about the racial wealth gap in America. If the average Black family’s wealth continues to grow at the same pace it has over the past 30 years, it would take a whopping 228 years to accumulate the same wealth as Whites.
Conducted by the Corporation for Enterprise Development and Institute for Policy Studies, the “Ever-Growing Gap” study also found that over the span of 30 years, the average White family’s wealth has grown by a stupendous 84 percent. That’s 1.2 times the rate of growth for Latinos and three times the rate of wealth growth for African-Americans.
In lamest terms, if this pattern were to repeat itself for the next 30 years, it would mean that White wealth has grown, $18,000 per year, while Latino and Black households would see their wealth increase by $2,250 and $750 per year, the report noted.
So how can we level the playing field?
The report’s authors suggest reforming the tax code, taxing the 1 percent, fixing unfair tax programs that ensure households of color can build wealth, and conducting a government-wide audit of federal policies to understand how our existing policies may affect families of color.
Will that actually happen? Only time will tell.
Michael Jordan Donates $5M To National Museum Of African American History And Culture
Basketball icon Michael Jordan is really working hard for his Black card. His most recent effort is his $5 million donation to the Smithsonian’s new African-American history museum in the National Mall in Washington, D.C. According to the Associated Press, officials confirmed his gift on Monday.
In a statement Michael said, “I am grateful for the opportunity to support this museum. I also am indebted to the historic contributions of community leaders and athletes such as Jesse Owens, whose talent, commitment and perseverance broke racial barriers and laid the groundwork for the successful careers of so many African-Americans in athletics and beyond.”
Museum Director Lonnie Bunch echoed Michael’s sentiments, saying this gift will allow them to “explore how Black athletes have changed sports and changed American society.”
“We are extremely grateful to Michael Jordan for his game-changing support. His gift will enable our visitors to explore how sports were used to break barriers as a way to gain full participation in American society,” Bunch said.
The African-American history museum is set to open on September 24.
Thank you, Mr. Jordan!
Uh Oh! Two More Women Accuse Bill Cosby Of Assault, Bringing Total Number Of His Accusers To 60
The sexual assault allegations against Bill Cosby have reached 60, with two new women stating the iconic comedian sexually assaulted them. According to Think Progress, the accusers, both unidentified — Jane Does Nos. 6 and 8 — have joined an existing lawsuit against Cosby and this is first time either has told her story to the public.
First, Jane Doe No. 6 told The Washington Post she first met Cosby after he performed at Clemson University sometime in the mid-80s. She stated she drank a Kahlua and coffee and later that night Bill asked her, “Do you like back rubs or belly rubs?” Soon after rubbing his belly, she states she passed out.
Jane Doe No. 8 said she was a booker for a modeling agency when she met Bill in 1984 and had dinner with him and a model from her agency. According to her, later that night she called her friend Tony Hogue, a male model, to come pick her up, Think Progress noted. Hogue backs up her claim telling The Washington Post that when he spoke with Jane Doe No. 8, she told him she felt “very uncomfortable” and that her “clothes were messed up.” When Hogue asked if she wanted Bill’s driver to take her home, she said “she couldn’t even really move.”
He continued to say he knocked on Bill’s door for a “long time” and ended up leaving with Jane Doe No. 8 and another woman, model Beth Ferrier, who also accused Cosby of rape.
This story continues to get messier and messier.