Educated African Americans tend to be better off economically than uneducated African Americans. African Americans that are educated are getting well-paying middle class jobs while African Americans with no education are sticking with low wage jobs and poverty. Middle class Americans that have a high level of education are eligible for higher paying jobs in the private and government job market while poor African Americans with little education are stuck with labor jobs that pay low wages, keeping them on government assistance, and keeping them in a cycle of poverty. William Julius Wilson pointed out this occurrence when he published a book called “The Declining Significance of Race” that asserted the shift in the economy and the law had led to a change in the importance of race and class in society. In his publication one of his arguments is that the success of Middle-class African Americans was clear evidence of the declining relevance of race in this country, “talented and educated blacks are experiencing unprecedented job opportunities in the growing government and corporate sectors” (753).
Wealthier individuals are better positioned to afford elite education, access capital to start businesses, reside in higher-amenity neighborhoods, exert political influence through campaign contributions, and withstand financial hardship resulting from an emergency (Hunt, 2004). African American men suffer disproportionally from gaps in wealth compared to Caucasians (Cambell & Kaufman, 2006). Lay explanations on perspective views relating to what constitute wealth have been neglected in today’s research. This study compares the nature and psychology behind racial groups’ definition of wealth within the United States Coast Guard. Using survey data collected, descriptive and multivariate procedures, an analysis of service members’ views on wealth undertaken.
· What is the best way to increase savings and wealth in the black community? · Would African Americans be helped or hurt by privatizing the system? · How would other proposed Social Security reforms impact minority workers and retirees? Perhaps no group has as much at stake in the debate over Social Security reform as African Americans. Elderly African Americans are much more likely than their white counterparts to be dependent on Social Security benefits for most or all of their retirement income.
"Everyone believes the face of poverty is black. The white poor blend in, the black poor stand out," suggests social activist Bell Hooks (4). At first glance, Hooks's observation seems statistically relevant: 24.7% of African Americans in the United States were living below poverty level in 2008, compared to 11.2% of whites (DeNavas-Walt, Proctor, and Smith 14). However, this casual analysis fails to compare the size of the two populations, which balloons the seemingly paltry 11.2% up to nearly 27 million, versus 9 million for blacks (DeNavas-Walt, Proctor, and Smith 14). As SUNY economist Michael Zweig notes, "The fact that minorities are poor in greater numbers than their share of the total population contributes to the misconception that the face of poverty is black or brown, not white" (88).
(Henslin 2009 p202). Currently or poverty level is 13% (Henslin 2009 p215), this means that, out of ten randomly selected citizens ... ... middle of paper ... ...200) While the nationalization of the banking industry will not directly solve the stratification of society, as the rich and poor are separated by more than property, it will help provide upward mobility for the lower classes (and downward mobility for the upper classes). If the banks are nationalized bankers will have an incentive to help the poor and it will likely become a public service job. There will be, of course, potential for the nationalization of the banking industry to have adverse effects. One such effect would be corruption within the bank and political sphere; leading to favoritism in lending or the falsification of documents to further the political goals of a corrupt group.
According to the authors, wealth is what you accumulate and not what you spend. Based on the author’s definition of wealth, only 3.5% of American households meet their criteria for status as a millionaire. Of this small percentage, 95% of millionaires have a net worth between $1 million and $10 million. The authors chose to focus on this segment of millionaires because this level of wealth can be attained in one generation and by many Americans. The characteristics of the affluent researched in the book share seven common traits that have helped them achieve financial success: 1.
This proves that although some blacks' incomes have increased, they do not always live in neighborhoods they can afford because the area is usually predominately white. The U.S. Department of Housing and Urban Development found that anti-black discrimination was widespread in the housing industry in 1992 (Smith 105). This practice can be found in the workplace. Ed Smith, Ph.D. found that "blacks with college degrees had a 13 percent unemployment rate in 1987 compared to five percent for whites" (Smith 112). Many studies exist that prove that college-educated blacks are not much better off than high-school graduates.
Although our nation takes great pride on its classlessness there is still a one quarter percent of our country’s population that still lives in a poverty level. Some of these areas also included some inner city blacks, farmworkers, Appalachian whites and elderly people. Harrington’s book “The Other America” also tells us how as a country we have managed to hide the poverty level class from being seen while our country screams we are the wealthiest country in the world! America has done just that. Encourage the wealthy to become wealthier and poor to be poorer.
Running head: ARGUMENT ESSAY 1 Argument Essay Name: Course: Institution: Introduction Wealth inequality is the uneven distribution of resources in a given state or population, which can also be called the wealth gap. The sum of one’s total assets excluding the liabilities equates the person’s wealth also known as the net worth. Investments, residents, cash, real estates and everything owned by an individual are their assets.In reality, the United States is among the richest countries in the world, though a few people creating a major gap between the richest, the middle class and the poor control most of its wealth. For more than a quarter of a century, only the rich American families have shown an increase to their net worth.Thisis a worrying fact for the less fortunate in the country and calls for assessment (Baranoff, 2015).
Time is Money A plethora of research studies exist on the topic of wealth inequality in America. There is no question that the top one percent of earners consume a large portion of wealth in this country while the other 90 percent of earners share the left-overs. Some of the related questions that I found during the course of my research are 1) Why are wealth and income distributions so vastly disproportionate? 2) Can America bridge the wealth gap? 3) If so, how?