There is a specter haunting America…
Black people love to spend money. Purchasing flashy items to adorn the ear lobe, teeth, neck, body, feet, car or other property is the primary reason saving money for the future is greeted with difficulty in the Black community.
Though most Black children aspire for a career as a professional athlete, the onus on the barbershop will continue to grow as these dreams are continually dashed and graduation rates plummet.
The largest disparity exists in Bridgeport-Stamford, Conn., where the per capita income for black residents is $20,368, which is 35.9 percent of the comparable figure for whites, $56,729.
The next four metros with the largest income gaps between blacks and whites are Boise, Idaho; Portland, Maine; Salt Lake City and Miami-Fort Lauderdale. Per capita incomes for blacks in all four of those areas are less than 41 percent of the per capita incomes for whites.
Business First generated racial income comparisons from the 2009 American Community Survey, which was released Monday by the Census Bureau. The study included 101 metropolitan areas with estimated populations greater than 500,000. (The 102nd metro above that threshold, Jackson, Miss., was excluded because its racial income data were incomplete.)
Business First matched up the per capita incomes for white, black, Hispanic and Asian residents of each metro. Per capita income (PCI) is defined as the average amount of money received by a residents of a given a area in a given year, encompassing such diverse sources of income as salaries, interest payments, dividends, rental income and government checks.
Four New York metros are below the 50 percent mark when black incomes are compared with those of whites: Syracuse (where black PCI is 44.5 percent of white PCI), New York City (47.8 percent), Rochester (48.8 percent) and Albany (49.2 percent).
The Southern states of the United State s house 54 percent of the entire Black population. Curiously, these states also see 50 percent of the people living below the poverty line. Many of the metro areas listed in this study are found in the South.
When one recalls that single Black women have a net worth of just $5 dollars, the reality of income inequality becomes glaringly obvious:
A recent study which found that the average single black women has a net worth of just $5 may appear to some people to be absurdly, shockingly eye-opening. But the sad truth is that this study represents just one facet of the mounting financial challenges and obstacles facing African American females, and African Americans as a whole.
Indeed, it’s very well documented that Blacks in general lag behind their white counterparts on a number of financial measures, including:
– Homeownership rates (did you know 1 in 3 African American homeowners is currently in foreclosure?)
– Income levels
– Net worth
– College degree rates
– Dollars invested in the market
…And so on.
But the dilemma facing single black women may be particularly acute when you consider that many have no one to fall back on when times get tight and no real financial safety net. Add to the mix that many of these women are also parents, trying to raise children, and it’s easy to see why this situation is so very dangerous. The plight of single black women has the ability to negatively impact an entire generation.
Barbershops provide steady employment (Black people don’t like their own hair that much and rely on Korean businesses for remedies to ameliorate nature’s cruelty), but the paycheck pales in comparison to whitey’s.
Businesses have no incentive to discriminate, for the power of the EEOC to destroy small, medium or large firms over lawsuits grows by the day. The government provides outstanding jobs paying well above the private sector, but only so many are available. High unemployment is also a nagging problem.
Just as Black people practice “Waiting for Superman” to improve education and thereby removing the racial gap in learning, Black people await passing Go and collecting $200 in an all-out bid to remove income inequities.
Sadly, Black people are stuck with self-blighted properties and land behind bars in numbers far out of proportion to their number in society, while dreams of landing on Boardwalk and Park Place are replaced with a perpetual existence in the proverbial Baltic Avenue:
Today, African American men working full time and year round have 72 percent of the average earnings of comparable white men. For African American and white women, the ratio is 85 percent. And during good times and bad, the black unemployment rate is typically stuck at about double the white rate.
The persistence of these gaps is the subject of both a scholarly and a popular debate that is ideological as well as technical.
There are two broad views of what is occurring. One view attributes persistent earnings inequality to the injuries of social class compounded by the legacy of segregation and slavery: family background and poor schools and a resulting deficit of cognitive skills are said to explain most of the gap. But a second strand of thinking identifies changes in the labor market and lingering racial discrimination as major factors.
It’s not as if this debate is just so much conjecture. There is an extensive body of research on the subject. Numerous studies, in fact, find that not even half of the racial differences in test scores can be explained by family background and school quality. They also show that the economic returns to the test scores and their determinants vary by race and that even when test results are effectively equal, racial earnings gaps remain. So, plain discrimination remains part of the story.
Income inequality will forever haunt Black people who desire to move on up, and for this reason it must be included in Stuff Black People Don’t Like . Spend an hour on this Web site, and you might understand why these income inequalities really exist.