Thursday, May 26, 2022

Have Black American Families Been Priced Out of America? (Video)

Attorney Antonio Moore talks with Political Commentator Yvette Carnell about the state of black American families as the wealth gap widens.

The two critically apply the known economic data to black life to critique how much black families can afford. The discussion covers family, education, and housing.

See recent article “America is Regressing into a Developing Nation for Most People”

Excerpt:

In a new book, The Vanishing Middle Class: Prejudice and Power in a Dual Economy, Peter Temin, Professor Emeritus of Economics at MIT, draws a portrait of the new reality in a way that is frighteningly, indelibly clear:  America is not one country anymore. It is becoming two, each with vastly different resources, expectations, and fates. …

The two sectors, notes Temin, have entirely distinct financial systems, residential situations, and educational opportunities. Quite different things happen when they get sick, or when they interact with the law. They move independently of each other. Only one path exists by which the citizens of the low-wage country can enter the affluent one, and that path is fraught with obstacles. Most have no way out. …

The richest large economy in the world, says Temin, is coming to have an economic and political structure more like a developing nation. … The result is profoundly disturbing. …

Getting a good education, Temin observes, isn’t just about a college degree. It has to begin in early childhood, and you need parents who can afford to spend time and resources all along the long journey. If you aspire to college and your family can’t make transfers of money to you on the way, well, good luck to you. Even with a diploma, you will likely find that high-paying jobs come from networks of peers and relatives. Social capital, as well as economic capital, is critical, but because of America’s long history of racism and the obstacles it has created for accumulating both kinds of capital, black graduates often can only find jobs in education, social work, and government instead of higher-paying professional jobs like technology or finance— something most white people are not really aware of.

MPiggy

 

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