Economy
Structural Racism's effect on the economy is blatant according to Joel Edward Goza. "For the wealthy, who are predominately white, radical wages and wealth were justified to incentivize work. But for disproportionately poor Black people, menial wages and scarce public assistance were justified to prevent sloth. The need to incentivize the work of the predominately white and wealthy and prevent the sloth of the disproportionately Black and poor displays how the political rationalizations linking work, rewards, and public assistance were filtered through racial lenses that corrupted our common sense." Rebirth of a Nation: Reparations and Remaking America, (2024), page 264.
- The racial wealth disparity is the best single indicator of the cumulative impact of White racism over time. 1
- The wealth gap is where the injustices sown in the past grow imperceptibly in the present. 2
- College-educated White families nationally have on average over $300,000 more wealth than college-educated Black families. 3
After the Great Migration, northern suburban neighborhoods had covenant restrictions against selling to Blacks. New Orleans also had covenant restrictions against selling to Black families. In a recent WWL TV documentary, a Black woman reported she was shocked to find the covenant restriction on her deed after 30 years.
Studies have shown that removing any decorations that could reveal a home is Black-owned is recommended for appraisals and potential buyers. Although lower appraisals are now against the law, unconscious bias still affects the appraisal process.
The national average family wealth in 2022 for people aged 68 to 79 was nearly 2 million for Whites, and less than $500.000 for Black Families.
1 William Darity Jr, From Here to Equality
2 Meras Baradar, The Color of Money
3 William Darity Jr, From Here to Equality