If you’re one of those people who are wondering why our so-called economic recovery is passing you by here’s why: Thanks to the devastating economic collapse that has plagued our nation for the last several years we know:
- Wealth has, with the assistance of federal policies and tax breaks, flowed into the hands of the few to an unprecedented extent. The top decile of pre-tax income earning Americans accounts for 50 percent of the total income of U.S. families—the highest level since 1917, with the top 1 percent of wage earners controlling nearly a quarter of the nation’s total income.
- Wealth disparities are falling disproportionately on people of color, especially their children. More than a third (34%) of African American and 29% of Latino children live below the poverty level in the U.S.
- Nearly half of African Americans born into middle-class families have spiraled down into the bottom 20% of income distribution compared to 16% of white children.
- Between 1984 and 2007 the wealth gap between blacks and whites increased four- fold. (Some sources here and here)
These facts not only reveal the increasing immiseration of people of color, but of working class and middle class whites. They are realizing the fallacy of the American Dream as they struggle to survive in the face of increasing costs for food and fuel and devaluation in personal property and assets.
People of color have long been on the short end, receiving far less compensation for wages and injuries awarded by judges and juries. The color of one’s skin not only affects employment, housing, educational, and health opportunities and outcomes, it follows some people to the grave. The question is “If you were queen or king for a day, which one of our social institutions would you try to reform and how would you do it?”
- Dr. H. Roy Kaplan, Racism Review