,
10 tweets,
4 min read
Read on Twitter
At first glance, this appears to be a disingenuous question.
Treating this as a thought experiment as if it is not, let's go forward.
This is an issue that has been explored with academic rigor. Any cursory JSTOR search would reveal that history. #ADOS
Treating this as a thought experiment as if it is not, let's go forward.
This is an issue that has been explored with academic rigor. Any cursory JSTOR search would reveal that history. #ADOS
Given that you are entirely unaware of the history of American Black reparations analysis, I am also inclined to assume that you are unaware of the socioeconomic status of #ADOS in this nation. America's racial wealth gap is a real thing.
If you had a grasp of the profound lack of wealth amongst #ADOS, I do not believe that would be a question that you would have bothered to ask.
When 13% of the American population only holds 2.6% of the national wealth, and 90.8% of that 2.6% is concentrated amongst the top 20 percent of #ADOS, when you see the gentrification of American cities & the increasing # of homeless...you come to understand the scope.
Let's do some (very) rough back-of-the-napkin calculations, shall we?
As of the 2017 Federal Reserve report, the total US household wealth was $94.8 trillion.
$94,800,000,000,000.
As of the 2017 Federal Reserve report, the total US household wealth was $94.8 trillion.
$94,800,000,000,000.
2.6% of that total is $2.46T.
$2,464,800,000,000 to be exact.
The top 10 percent of Black Americans, overwhelmingly Baby Boomers, possess 75.4% of that wealth. The following 10 percent, also overwhelmingly Boomers, hold 15.4%. Combined, the top 20%? 90.8% of the Black total.
$2,464,800,000,000 to be exact.
The top 10 percent of Black Americans, overwhelmingly Baby Boomers, possess 75.4% of that wealth. The following 10 percent, also overwhelmingly Boomers, hold 15.4%. Combined, the top 20%? 90.8% of the Black total.
That means 9.2% of the wealth—$226.8B ($226,761,600,000) is possessed by the bottom 80% of African Americans. At a 2019 estimate of 42,000,000 African Americans, let's conservatively say that 80 percent of that total number are #ADOS, 33.6 million people.
We also know that the bottom 50 percent of African Americans are worth less than $1. They have no net worth, they owe more than they own. #ADOS
The next 30 percent from the top, 10 million #ADOS, are holding that $226B in net worth. Not a non-existent amount, but that's the kind of savings that gets knocked out with the first medical emergency or piled up financial crises.
When over 12 million white American households have a net worth of $1 million or more, I honestly wonder how you fixed your fingers (or thumbs) to type that question.
Again, rough calculations...but probably not that far off. #ADOS
Again, rough calculations...but probably not that far off. #ADOS
