Without Change, African-American and Latino Families Won’t Match Current Average White Wealth for Centuries
WASHINGTON – If current federal wealth-building policies remain in place, it will take the average African-American family 228 years to amass the same amount of wealth that white families have today and it will take Latino families 84 years to reach that goal, according to a new report from the Corporation for Enterprise Development (CFED) and the Institute for Policy Studies (IPS).
The Ever-Growing Gap: Failing to Address the Status Quo Will Drive the Racial Wealth Divide for Centuries to Come shows how the well-documented chasm between white household wealth and African-American and Latino household wealth will play out over a period of decades and even centuries if nothing is done to change the current scenario.
For instance, the report finds that by 2043, when households of color are projected to account for more than half the U.S. population, the racial wealth divide between white households and African- American and Latino households will have doubled from about $500,000 in 2013 to $1 million…
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