The Next Big Idea Daily How Americans Made the Black-White Wealth Gap
Jan 20, 2025
Ebony Reed, Chief Strategy Officer at the Marshall Project and co-author of "15 Cents on the Dollar," tackles the shocking truth behind the Black-White wealth gap, revealing that a typical Black family possesses only 15% of the wealth of a typical White family. The discussion emphasizes the importance of understanding wealth definitions to inspire societal change and highlights personal narratives that expose the depth of this economic disparity. Reed advocates for cross-racial partnerships as essential for addressing these entrenched issues.
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Defining Wealth
- Many people misunderstand wealth, confusing it with income, assets, or even power.
- True wealth is your assets minus your liabilities, a crucial distinction for understanding wealth gaps.
The 15-Cent Problem
- The Black-white wealth gap, where Black families hold 15% of white families' wealth, remains largely unchanged since the 1950s.
- This disparity is a critical issue requiring national attention and understanding.
Closing the Gap
- The Black-white wealth gap is projected to persist for generations, taking over 100 years to close at the current rate.
- DEI programs and scholarships alone are insufficient for rapid change, highlighting the deep-seated nature of the issue.
