Bush's bad news on Black wealth - - "the homeownership" mislead

• According to Census Data, 48.1 percent of African-American households own their own home. That is only a slight statistical improvement over the 44.4 percent a quarter century ago

HERE ARE some economics issues to consider on on Election Day. President Bush told a national conference for journalists of color in August, ''Judge me on home ownership in America.'' Bush went on to say, ''More minority families own their home today than ever before in the history of the United States of America. And that's a positive development for this country.'' Bush probably does not really want America to judge him. The small positive hides a huge negative. According to Census Data, 48.1 percent of African-American households own their own home. That is only a slight statistical improvement over the 44.4 percent a quarter century ago. Worse, there has been no closing of the gap between black and white households. In 1979, black home ownership was 24 percentage points behind white households. Today, it is still 24 percentage points behind white households. Worse still, the wealth of African-American households is actually in decline, according to a new Pew Charitable Trusts study. (see above story)  Even though white household wealth has gone up, there is plenty to think about, meaning that black folks might be more a warning sign for all Americans than an aberration. [more ]