Racial Gap in Wealth Grows Wider
Since 2000, people of color have lost ground gained in the 1990s, according to a new report from United for a Fair Economy, "The State of the Dream 2005: Disowned in the Ownership Society." As the nation prepares for the King holiday on January 17 and for the inauguration of President Bush on January 20, there will be overlap between the stated economic visions of the slain civil rights leader and the President. But the actual policies of the first Bush administration moved the U.S. away from that vision, the report finds. "The State of the Dream" presents evidence that African Americans, Latinos (Hispanics) and Asian Americans have gone backwards on unemployment, income and poverty since 2000, after making significant strides from 1988 to 2000. While the President has taken credit for rising home ownership among people of color, in fact the report shows that black, Latino, Asian and Native American homeownership rates remain far below white rates. Inheritances, pensions, and ownership of stocks and businesses are also racially skewed. While President Bush’s inauguration speech is almost certain to contain references to his Ownership Society campaign theme, his promises to privatize Social Security and cut taxes will have the effect of further limiting asset-building opportunities for people of color, thus widening the racial wealth divide. The report suggests policy solutions that would lead to a true Ownership Society and to the realization of Dr. King’s dream of equality. [more]
- Download report [here]
- Blacks, whites remain divided by the color green [more] and [more]
- Pictured above: U.S. President George W. Bush sits behind a portrait of Martin Luther King Jr. during
ceremonies at the John F. Kennedy Center for the Performing Arts, in
Washington, January 17, 2005. The President participated in the
Georgetown University's 'Let Freedom Ring' event where U.S. Secretary
of State Colin Powell and his wife Alma were
presented with the John Thompson Legacy of a Dream award, given to
leaders who 'represents the ideals of Martin Luther King Jr. and
Commitment to Community Service'. REUTERS/Jason Reed [more]