wealth gap widens between whites and minorities

[Craig234]

That's your second race-baiting response counting the OP, thanks for your insight.

+1

He's being a racist ass IMO. "Being" probably an unnecessary word.

 

[Fern]

This is really P&N but what the hell.

Fox News: Under Obama, Blacks don't pay property tax!!!!

LOL

Fern

 

[Fern]

I-snip-
, and ALL of the uber-rich in this country are white... Well, DUHHHH, if you average them in with all whites, then of course whites are getting richer faster than other races.

Nah. All of the uber rich are not white, not close.

You've got the guy that owns the BET channel, people that own record labels, musicians, actors, athletes. Heck, what's Opra's net worth?

Fern

 

[werepossum]

You have to remember too that WWII still has an affect on how people think in Europe. There were very tough decades following the war and many older people are more geared towards saving. It is the same affect the Great Depression had on the US but those generations are dying off and the US experienced very long boom right after the war that lasted for half a century. From my experiences and travels I find Europeans to be more fiscally conservative. The US is full of a bunch of idiotic spendthrifts. I feel like an outlier.

"Spending money you don't have to buy things you don't need to impress people you don't like." - Dave Ramsey

 

[spidey07]

in any case some of these figures are just ridiculous, I can not understand how an adult person can only have a net worth of 7k. What the heck are these people doing? Is the collapse of the housing market in the USA so devastating?

Welfare, food stamps, government assistance, free housing, free cell phones, free cable, free or reduced everything essentially force the poor and/or inner city dweller to not build wealth. If they do, no more gravy train.

Why work or build wealth/save? If you do you lose your "free" stuff. It's a systemic trap thanks to democrats to enslave a significant sector of the population. Coupled with cultural issues and this is what you have.

 

[halik]

Welfare, food stamps, government assistance, free housing, free cell phones, free cable, free or reduced everything essentially force the poor and/or inner city dweller to not build wealth. If they do, no more gravy train.

Why work or build wealth/save? If you do you lose your "free" stuff. It's a systemic trap thanks to democrats to enslave a significant sector of the population. Coupled with cultural issues and this is what you have.

TANF was designed specifically to prevent the incentive issue, tough I suppose with enough kids...

 

[werepossum]

Welfare, food stamps, government assistance, free housing, free cell phones, free cable, free or reduced everything essentially force the poor and/or inner city dweller to not build wealth. If they do, no more gravy train.

Why work or build wealth/save? If you do you lose your "free" stuff. It's a systemic trap thanks to democrats to enslave a significant sector of the population. Coupled with cultural issues and this is what you have.

This is quite true. I remember a previous thread showing that a woman with two children and no husband would need to earn over $60,000 before being better off at her minimum wage job, and if memory serves over $30,000 before she and her family would be better off than on welfare. And that was freakin' Mississippi if I remember correctly - hardly a state known for welfare largesse. Our system provides a powerful disincentive to learn and develop job skills, especially considering that most inner city school systems do not prepare their students to earn that kind of money. And the systematic discrimination against families with a father discourages the formation of marriage bonds to form a stable two-earner, two-parent family unit.

 

[piasabird]

This is all Crap. If you choose to fail, you fail. Everyone has the same opportunity. Blacks have been given every program from welfare to free healthcare, to education. If a person's family is dirt poor that person will receive around $6,000 a year to go to school under a PELL Grant. Maybe more in some instances. However, if you decide to drop out of high school you will probably fail. First you have to believe in yourself.

 

[spidey07]

This is all Crap. If you choose to fail, you fail. Everyone has the same opportunity. Blacks have been given every program from welfare to free healthcare, to education. If a person's family is dirt poor that person will receive around $6,000 a year to go to school under a PELL Grant. Maybe more in some instances. However, if you decide to drop out of high school you will probably fail. First you have to believe in yourself.

You can call me racist all you want, but what you described is "acting white" and highly discouraged. One of my best friends in high school was a black girl who was wicked smart and had everything going for her (high school valedictorian, full ride scholarship to anywhere) and she would tell me constantly how her entire family and just about everybody in her circle was trying to drag her down like crabs in a bucket pulling the lone escapee back in. We were both part of an academic competition team that traveled the state. We were the only ones giving her encouragement along with the school/teachers/admin. Her doing well in school was her only mental escape and focus.

She was so committed to getting out that when she got pregnant at age 19, she killed and buried her own kid out of the womb. She was sent to prison and I haven't heard from her since partying with her a week before she had to go serve. In her mind, it was her only way out.

Don't think I'm kidding or trolling. I can try to find the story but it was about 20 years ago. To a very significant portion of the population getting a job and bettering yourself is "acting white" and "ruining your life". It boggles the mind. Hell, she caught flack for being friends with me.

-edit-
And thanks ATPN, I had almost forgotten her. It burns me up that I can't remember her name.

 

[pcgeek11]

Welfare, food stamps, government assistance, free housing, free cell phones, free cable, free or reduced everything essentially force the poor and/or inner city dweller to not build wealth. If they do, no more gravy train.

Why work or build wealth/save? If you do you lose your "free" stuff. It's a systemic trap thanks to democrats to enslave a significant sector of the population. Coupled with cultural issues and this is what you have.

This is the whole problem in a nutshell. I agree 1000%

 

[Naeeldar]

in any case some of these figures are just ridiculous, I can not understand how an adult person can only have a net worth of 7k. What the heck are these people doing? Is the collapse of the housing market in the USA so devastating?

Credit debt. I'm 27 now and own my own home, car paid off, and no cc debt. But the fact is I'm the odd ball. You post on many an internet forum and you'll see plenty of people who either talk about how credit cards are the devil (they aren't) because of the fact they ruined their credit by going 20-30 hell even 40-50k in debt.

I know plenty of people who carried 10-20k cc balance. It's stupid but thats why the net worth is so low.

 

[kami333]

Nah. All of the uber rich are not white, not close.

You've got the guy that owns the BET channel, people that own record labels, musicians, actors, athletes. Heck, what's Opra's net worth?

Fern

Oprah has a net worth of about $2.7billion, which is impressive but only puts her at #130 on the Forbes 400 richest Americans list. http://www.forbes.com/wealth/forbes-400/list

The guy that own(ed) the BET channel (Robert Johnson), people that own record labels, musicians, actors, athletes, etc many of them are black and many of them are rich, but they are millionaires. The uber rich are billionaires and in a completely different league.

 

[Carmen813]

This is quite true. I remember a previous thread showing that a woman with two children and no husband would need to earn over $60,000 before being better off at her minimum wage job, and if memory serves over $30,000 before she and her family would be better off than on welfare. And that was freakin' Mississippi if I remember correctly - hardly a state known for welfare largesse. Our system provides a powerful disincentive to learn and develop job skills, especially considering that most inner city school systems do not prepare their students to earn that kind of money. And the systematic discrimination against families with a father discourages the formation of marriage bonds to form a stable two-earner, two-parent family unit.

Those numbers were shown to be completely bogus. I work with low income people everyday, it's not a life of luxury. I do better as a grad student working part time.

 

[spidey07]

Those numbers were shown to be completely bogus. I work with low income people everyday, it's not a life of luxury. I do better as a grad student working part time.

As a student you don't get all the free shot. Surprise surprise you work harder.

 

[Phokus]

These kind of news stories are so biased, notice how they don't even mentions Jews. Why? Because Jews do just as well or better than whites, proving that racism isn't the cause of financial differences amongst racial groups. These stories are made to be decisive, and to make blacks angry.

Asians have gone backwards. That proves it; Obama is a racist keeping Asians down.

Does that mean Obama likes whites, despite Glenn Beck's proclamation that he has a deep seated hatred of whites?

I imagine as businesses are downsizing, they're getting rid of minorities first.

 

[Doppel]

in any case some of these figures are just ridiculous, I can not understand how an adult person can only have a net worth of 7k. What the heck are these people doing? Is the collapse of the housing market in the USA so devastating?

SPEND MOTHER EFFER, SPEND! A lot of people's view of money and credit is so demented that they never even try to save money. Any money not spent now is some crap from Walmart that they are not "consuming". And then among poor people in particularly you gotta represent when you're cruisin' in the ghetto, son, so if that means blow half your mcdonalds check on a new pair of sneakers well that's what you're gonna do.

But there are ample middle class people with no clue, either. Chronic credit card debt, it's really a sickness. Even when it's paid off it creeps up again because of zero fiscal constraint. It's a country of consumption. Consumption of electronics, cars, food, endless excesses are not compatible with saving.

Of course, a lot of people are not like this, but a lot are.

credit cards are the devil (they aren't) because of the fact they ruined their credit by going 20-30 hell even 40-50k in debt.

I think they are the devil, but not because I got in under water. I didn't get in underwater because I think they are the devil and had the strength to say no. I use them only for online and a gas reward card. Credit cards for a huge portion of the population are certainly the greatest drag on their fiscal health. A huge portion.

As a student you don't get all the free shot. Surprise surprise you work harder.

Still bogus. A single mom making, say, $50k in Miss will end up with at least $3500 net/month and day care on those two kids at middle-grade day care won't run more than $1300/month or so. She won't be living large but it will be comfortable if she's not an imbecile with her money.

 

[Engineer]

Is it me, or does this seem like an incredibly high figure?

Well, only if you factor in the folks from AT...especially ATOT....it sort of skews the numbers up greatly! :biggrin:

 

[spidey07]

Well, only if you factor in the folks from AT...especially ATOT....it sort of skews the numbers up greatly! :biggrin:

Median. Median. Median.

Most posting don't know what that is. Let alone the general population. I already saw an article about a national community organizer saying this is an outrage and gubment needs to correct it.

 

[Naeeldar]

Of course, a lot of people are not like this, but a lot are.I think they are the devil, but not because I got in under water. I didn't get in underwater because I think they are the devil and had the strength to say no. I use them only for online and a gas reward card. Credit cards for a huge portion of the population are certainly the greatest drag on their fiscal health. A huge portion.

Shrug. I get what your saying. Same time I run 15,000+ every single year through my credit card because of cash back and the simplicity. There are also other bonuses.

I hate carrying cash so I never use it. On the other hand I pay my bill every month.

 

[Svnla]

.... a black girl who was wicked smart ......
She was so committed to getting out that when she got pregnant at age 19, she killed and buried her own kid out of the womb. She was sent to prison .....

I don't get it. She was so smart but got knock up at 19 and then killed the child? I believe there is a thing called adoption.

 

[ProfJohn]

You must be expecting one hell of a boom over the next decade to have 50,000 appreciation plus a doubling of the $50,000 you put in there over a 10 year period. It would take a 12.07% return over those 10 years go get that 5,000 per year to $50,000 + $50,000 gain.

The math was guess work.

House was $220 when I bought it.

In ten years I should owe less than $170 and it should be worth $250-260ish.

Hence the $100,000 gain in my net wealth. If i spent those 10 years in an apartment or renting I'd have nothing to show for it.

 

[spidey07]

I don't get it. She was so smart but got knock up at 19 and then killed the child? I believe there is a thing called adoption.

Her family and peers were telling her to have the baby as her ticket to free stuff and a way of life. Fucked up all around.

 

[Engineer]

The math was guess work.

House was $220 when I bought it.

In ten years I should owe less than $170 and it should be worth $250-260ish.

Hence the $100,000 gain in my net wealth. If i spent those 10 years in an apartment or renting I'd have nothing to show for it.

How did the last 10 years work out? How bout the stock market?

Sometimes, guess work (and history) is no predictor of future results.

By the way, I wouldn't mind if your prediction came true....I'm tired of sitting in the market lull that we're in now.

 

[Engineer]

Median. Median. Median.

Most posting don't know what that is. Let alone the general population. I already saw an article about a national community organizer saying this is an outrage and gubment needs to correct it.

It was a joke dude. Get your panties out of your anti government "all serious" wad.D:

 

[BlahBlahYouToo]

+1

He's being a racist ass IMO. "Being" probably an unnecessary word.

whoa whoa... if stating common observations is racist, then i guess i am.
people are so sensitive about the race issue.