Though many seem to be rejoicing over a blossoming economy in America, the story is different for the African-American who is still at the bottom of the racial wealth gap.
According to a Census Bureau in the past week, the median household income had appreciated by 5.2%, increasing the figure from $53,718 in 2014 to $56,516 in 2015. This came as a piece of good news for many economists in the country since it is on record to be the first real gain since 2007. The report further added that it is the largest gain ever since 1967.
Per the analysis made in the report, it concluded that the increase in the household income figure has seen a decline in the poverty rate and an increase in income of the middle class.
One may see this as welcoming news which needs to be celebrated but there seem to be some missing facts in the reports. If this report actually reflects the conditions in the country, why then is the Black-American still lacking behind?
The real state of the economy is a true reflection of the racial wealth gap in America. For instance, an African-American household was due about $30,000 in the mid-1970s. The amount increased to $36,898 by 2015. This means that the actual increase for more than four decades is just a little over $7000.
At this moment, if we juxtapose this analysis to that of white household income within the same period, it will reveal some shocking realities. The white household income was recorded at $50,000 in the mid-1970s, already much higher than that of the Black household income in that same period. In 2015, the household income of the whites has increased to about $63,000, pegging the difference at $26,000.
It is clear that the progress in the economy America seems to be celebrating is actually a progress for “white economy.” The Black household still woefully lags behind. The economic gap between the Blacks and their white counterparts is closing at a very slower pace.
So why then are we supposed to rejoice over these economic figures? It only informs us about the widening economic gap between the Blacks and whites. The income of the African-American isn’t increasing well enough hence they suffer under the very seemingly good economy. The business headlines always try not to tell this part of the story.
Source: Dallas News
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