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Saturday, March 05, 2011

"Economic Parity Dream Needs a Second Wind"

We are still a long way from economic parity:

Economic parity dream needs a second wind, by Lewis W. Diuguid, The Kansas City Star: The nearly 400-year history of black people in America has always been a race to catch up. Recent data shows that history has not changed. ...

African-Americans have only 10 cents in net wealth compared with 12 cents for Latinos and a dollar for whites. Among retirement-age adults, 60 percent of African-Americans and 65 percent of Latinos depend on Social Security for more than 80 percent of their income compared with 46 percent of whites.

Joblessness is a major problem, too, among people of color. Unemployment among African-Americans is 16 percent, 13 percent for Latinos and 9 percent among whites..., in 2009 the unemployment rate for black youths ages 16 to 24 was 31 percent. ...

The State of the Dream Report also found that ... whites are three times as likely as blacks and 4.6 times as likely as Latinos to benefit from the tax breaks for those earning more than $250,000. The report also shows that the benefits of the reduced tax rate for capital gains and dividends flowed "overwhelmingly to whites." That and the weakening of the estate tax will continue to widen the wealth gap. Again, this is the disadvantaged history of blacks in America...

The State of the Dream Report adds clarity to why government workers are so demonized. African-Americans are 1.3 times as likely as the general workforce to work in the public sector overall and 1.7 times as likely to work for the federal government.

"Additionally, African-Americans and Latinos are more likely to achieve professional parity there due to civil rights protections unique to the public sector," the report said. But that also means that the denigration of government workers along with budget cuts, furloughs, layoffs and pay freezes are disproportionately affecting black and Latino workers. ...

    Posted by on Saturday, March 5, 2011 at 08:19 AM in Economics, Income Distribution | Permalink  Comments (10)


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