For Every $100.00 in Median White Wealth, Black People Have $8.70
In 1968, it was $9.43. It keeps getting worse for beaten-down Americans. In the past twenty years, median income for Black households has dropped 5 percent while increasing 6 percent for White households. This year the Black and Latino communities have suffered the greatest effects of the coronavirus pandemic.
Because of their job losses and lack of savings and inability to maintain rent payments, they will be taking the brunt of a growing housing crisis, especially in the big cities, where rent for Millennials is already over two-thirds of their incomes. Black and Latino households are also more like to face food insufficiencies. Yet the Trump administration recently considered cuts to the food stamp program.
After building their businesses on 70 years of taxpayer-funded research and development, Apple/Amazon/Google/Microsoft/Facebook have expanded their composite net worth to almost $7 trillion, while avoiding over a hundred billion dollars in taxes.