Thread by @michaelharriot

A lot of “majorities” aren’t educated that their financial advantage isn’t because of their investments. It’s because of whiteness.

Let me show you how:

https://twitter.com/Steve_A_Nat0r/status/1231629694891679745

First of all, of you live in a home in a black neighborhood, it’s worth, on average, $48,000 less than an identical home in an identical white neighborhood.

Part of this is because of the history of redlining and it’s partly because white people just don’t want to live around us

But, for the sake of argument, let’s say that all things are equal. Simply because you are awhite homeowner, you now have $48,000 in equity that a black homeowner doesn’t have.

We know that schools are funded by property taxes. So, if you’re white, your kids get to go to a better school. This has nothing to do with your “investments.”
It’s white privileged.

Now that your kid is in a better school, those tax dollars are used to give you a better advantage.

For instance, every kid in my child’s HS got free SAT tutoring, including sample tests.

2 miles away, black kids got no such thing unless their parents came out of pocket.

So, of course, the white districts are considered better because they had higher scores, more college attendees and more programs.

But the advantages were built in.

But let’s get back to home ownership. When those white kids got a chance to go to college, their parents could use that $48,000 in equity to pay for college while black students had to take out loans.

But let’s say both kids graduated from college.

I mentioned a study by @theSBPC yesterday. The study was really incredible in revealing institutional racism.

Here’s what they did.

They created a profile of a student. 24 yrs old, recent college grad making $50,000 per year. The only difference was that they went to different institutions. They went ONLINE to refinance their loans

The study found that kids who went to majority black schools were charged higher rates than any other group—even though their credit, income, jones etc were IDENTICAL.

So now you’re a black college grad with more debt than a white student. Regardless of what you do, if you’re black, it’s impossible to avoid. So, what happens?

Part of your credit score calculates debt. So, simply being black—NOTHING ELSE —means you have a higher credit score.

But now you need a car. Remember, your debt is already higher bc you’re black

Well, @CRLONLINE found that auto lenders charge black borrowers higher rates

Now car lenders might say that blacks have lower credit scores but we know why that is. Instead of looking at payment history and income, they compound the problem.

In 2018, congress eased rules making it easier for car lenders to discriminate

So you have a car, an education and you want to buy a home.

In 2018, @reveal did a study. They didn’t look at a group@of black borrowers v whites. They essentially looked at the govt data from every mortgage over a decade—31 million loans

They found that black borrowers were denied at 3 times the rate of white borrowers and ALWAYS got higher interest rates.

But, according to some people “minorities” need to study investment.

Now, here’s a real-world example.

That study by @theSBPC found that a student who graduated from Howard would have to pay $3800 more than an identical NYU grad to refinance a student loan.

A Berkeley study found interest rates for black and Hispanic homeowners is 5.6 to 8.6 points higher than whites even when the study controlled for credit

Over the course of a loan, that’s hundreds of thousands of dollars that blacks incur in debt, simply because they are black,

When you combine that debt with the fact that black employees are paid less than whites with the same education and experience according to @EconomicPolicy

Combine that with the $156 billion in undervalued black homes according to @BrookingsInst

Combine that with higher prices for groceries in black neighborhoods.

denverpost.com/2008/04/04/pri…

Add that with double the unemployment rate, fewer educational resources, higher car insurance rates and tithes and offering, you see that black people’s lack@of upward mobility has nothing to do@with buying Jordans and sipping Hennessy (although Hennessy is, objectively trash)

And white people’s advantages have nothing to do with their investment knowledge or hard work.

It’s built into the system. And no amount of after-school programs or charity can fix a SYSTEM that is built to perpetuate inequality.

...And liberty and justice for all

*still can’t believe this dude actually said it was those gold chains that kept us in poverty