MUST READ THREAD!!!
We've come to a time in the United States where any non-historical, stagnant analysis of the racial wealth gap is outdated in 3-6 months. White wealth has been growing at lightening speed for years.
@tonetalks provided an excellent breakdown of the Federal Reserve's "Distribution of Household Wealth in the U.S. Since 1989"
Wealth 101: From Biden to Obama - the Truth about Boomer Wealth Transfers to Millennials #ADOS #ADOSAF
It inspired me to go back thru the chart & I took note of a few patterns. From 1990-2001, white wealth grew at about $1 trillion/yr, with exceptions in 1997 & 1999. 2002 is 1st yr in over a decade where whites had a loss of $0.88 trillion. federalreserve.gov/releases/z1/da…
Yet 2003 marked a new precedent. Whites ended that yr with $4.04 trillion. 2003-2008, whites gained about $2-3 trillion/yr. Until 2008 Q1-2009 Q1 in which whites lost $7.25 trillion, setting them back only 5 yrs.
By 2012 whites were recovered and their wealth started to grow like never before. Over $4 trillion/yr. From 2012 to now, there was just one year with a noticeable exception...
From 2020 Q1 to 2021 Q1, whites gained $20.99 trillion in wealth. In one year... In the middle of a global pandemic...
Also I must mention how whites have gained another $4.6 trillion since 2021 Q1.
Meanwhile, I hope you've payed attention to the figures for Black wealth too.
Black wealth is locked into pensions and homeownership of millennial parents & grandparents.
And It doesn't move.
But if Black wealth had grown from 1990-2020, even at a rate of $1 trillion/yr like it did for whites in the 90s, we would have at least over $30 trillion.
What happens when Black millennial parents & grandparents die? The little wealth we have dies with them. We won't get their pensions. We don't have liquid assests to maintain their homes even if we do inherit them. Research has predicted this catastrophe. ips-dc.org/report-the-roa…
Black Americans can't afford to stay in denial. Whites are living off inherited fortunes + social capital. We still believe a college education & a good job are keys to success. We still believe business ownership is key. Our ignorance is detrimental. #ADOS
We're witnesses to astronomical growth & development in the United States. Yet Black Americans are getting left behind in the country that our ancestors built. Now more than ever we have to take a stand for what this country owes us. #reparations #ADOSAF adosfoundation.org/reparations
Share this Scrolly Tale with your friends.
A Scrolly Tale is a new way to read Twitter threads with a more visually immersive experience.
Discover more beautiful Scrolly Tales like this.