· 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.
A model minority is a minority group whose members are perceived to achieve more socioeconomic success than the population average. This success is typically measured in income, education, low crime rates and high family stability. According to Bennett (2015), “The term model minority originated during the 1960’s at the height of Black protests against institutional racism” (p. 258). In stark contrast prior to the 1960’s the United States government passed legislation to keep Asians from immigrating to America. However, when faced with civil unrest from the Black community over civil rights, White
Men are more likely to lose their jobs than women in current financial crisis. This recession hit heavily upon men-dominated industries, such as construction, finance and manufacturing. However, sectors have held up relatively well in education, health care and service, which will create more jobs for women (Peck: 14). However, the chart 3 in the following page demonstrates that females are more likely to receive EI benefits than males. The logistic regression shows the group of female is 2.067 times the odds change as compared to the odds in the comparison group of male, which can be seen the blue bar of female is 2.067 times higher than the bar of male.
While America is argued to be the land of opportunities, this is not always true, as there is less social mobility tied with immense differences among us. It has become harder for the poor to move up while the gap between the poor and the rich has gotten larger. A person can succeed just by being in the middle class, having a secure home and job, and work hard for what he wants. Nevertheless, lately, Americans feel that the American dream is dead because the middle class is slowly shrinking, people are feeling less secure because of increased struggles, and Americans are losing motivation to work hard. One reason the American dream is dead is because the middle class is slowly shrinking.
In today’s economy if you were born into the right income bracket you would survive. The economy favors people who have a good education and money to burn. When the economy is not doing well, minorities experience hardship compare to their white counterparts. They struggle to pay for the basic necessities like food, transportation and shelter. African-American and Latinos find themselves lagging behind the income bracket.
Still to this day, African Americans experience higher unemployment rates and earn a large proportion less compared to White men in this country due to persistent discrimination. Samuel Cohn showed that the black male unemployment rate has consistently been higher than their white counterparts since midcentury. This employment disparity can be explained by many different discriminatory factors. While it may not be intentional discrimination, many businesses are choosing to move out of inner-cities where most poor minorities reside and locate in more urban areas. These relocations make it a lot more difficult for blacks to hear about and reach potential job openings.
while average American chief executive officer earned 42 times as much as the low-level employees, currently the top managers make 531 times higher than the average workers. The class struggles that Marx described in his economic theories played a critical role in widening the income gap (Royce, 2015). The existing economic policies such as free trade mean that the high class can quickly supply their products throughout the world. On the other hand, the low-income households mainly benefit from the increased competition that forces the local firms to reduce the prices for their products. However, such advantages do not impact directly on the disadvantaged families’ wealth stators.
It could also be why African-Americans earn an average of 25% less than White Americans. Many variables were tested in addition to the ethnicity projected by the job seeker’s name. Findings to the examination concluded that resumes with better credentials and less “gaps” improved the call back rate by 30% of White-sounding names, but did not do so at all for Black-sounding names. They also tested the effects of the job seeker’s address. Data shows that living in a better, more White-sounding neighborhood (more educated, higher income), is beneficial for White-sounding names, but is not helpful for Black-sounding names.
Minorities will increasingly surpass Whites in the labor force, which not only means they will significantly impact the trend of the economy, but will, also, become critical for recruiting in high demand industries. Minorities had better opportunities to prosper than they had in the past, which allowed US to reach an eminent moment of electing their first African-American President and appointing their first Hispanic Supreme Court justice. Many minorities are increasingly educated and participating in business, science, and technical innovation as well as, enjoying their middle to high income status. Despite many accomplishments, minorities are still facing several barriers in breaking several vicious cycles that continue to plague their communities. “Blacks will also increase their share of the labor force, growing from 11.4 percent to 12.3 percent” (DOL 2003).
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.