Originally posted by Unregistered
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An estimated 19% of Black American families, roughly 3.5 million households, have a negative net worth because of a history of discriminatory policies from the government and private industry that has hindered their accumulation of wealth over time, according to a new McKinsey & Company study released Thursday.
Just 8% of White households have a negative net worth today by comparison, according to the global management consulting firm's comprehensive report on the economic state of Black America. An additional 4.3 million Black households have a net worth of less than $10,000, the study's authors said.
Before you pay, could this be the reason?
The study also quantifies how Black Americans, who make up about 13% of the US population, are concentrated in lower-wage occupations and underrepresented in higher-paying careers. Black workers represent just 5% of the nation's physicians and 4.5% of its software developers.
Yet roughly 35% of all US nursing assistants, an occupation with a median wage of just $23,000, and one-third of all security guards and school bus drivers are Black.
All about the STEM people....no one trying to fix that though. Just blaming slavery and systematic racism. Make SAT easier wasn’t the answer either. Maybe we need to make these kids do some homework and keep them off the streets at 2am on a school, night. Hard to get tased when you are home sleeping!
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