Race And Intergenerational Poverty Essay
In the article “Race, Wealth, and Intergenerational Poverty” Darrick Hamilton and
William Darity propose blacks families are less wealthy than whites. With recessions, it will
negatively impact blacks and Latino families and will worsen the racial wealth gap. In relation,
the writers introduce the term “the wealth gap”. By the reason of the wealth gap, the writers
propose the help of the public sector (government) is essential.
Darity and Hamilton say families that are wealthier have great access to preeminent
education, an ability to start a business and wellness are adjusted with finances. The writers use
the term “the wealth gap” to measure the disparities of the racial inequalities. The source
illustrates the U.S Census, …show more content…
being the first black president of the United States. The writers believe it distorts the truth that
America is a now a “post racial era”. Darity and Hamilton say those who claim America as a
post racial era state reason why racial disparity exist. One of which is: “Blacks are less frugal
when it comes to savings”. Darity and Hamilton uses the economists as reference and argues
blacks would save a lot more than whites. As blacks are more frugal, higher incomeblacks
would help lowerincome blacks, therefore decreasing their assets to save.
Darity and Hamilton asserts while black and Latino families were struggling during
19912001, the household wealth fell 27 per cent, while for whites it went up by 2 per cent.
While whites are more probable to owning a house, blacks are more probable to fall into
subprime loans which will likely lead to detrimental effects towards black wealth. Economic
studies show that inheritance, bequest and intrafamily transfers play a great role for the wealth
gap more than any other factors. Furthermore, Darity and Hamilton propose the help of the
public sector is necessary to close the racial wealth gap. The writers assert more money