August 9, 2016 Editor

The Average Black Family Would Need 228 Years to Build the Wealth of a White Family Today

Jobseekers stand in line to attend the Dr. Martin Luther King Jr. career fair held by the New York State department of Labor in New York April 12, 2012. A report on Friday showed the economy created only 120,000 jobs last month, the fewest since October. The unemployment rate fell to a three-year low of 8.2 percent, but largely as people gave up the search for work.     REUTERS/Lucas Jackson (UNITED STATES - Tags: BUSINESS EMPLOYMENT) - RTR30NJI
Please click on audio of post. NOTE: only main text read; no links, text markings, images, videos, footnotes, etc. read aloud.

WN: The poor are invariably blamed for their poverty. This article, applicable to other “democracies”, challenges this perverse blaming of victims.

an excerpt:


(Please click on image above for source)

A truly perverse aspect of this story is that just as past public policies created the racial wealth gap, current policy continues to widen it. The federal government spends a fortune subsidizing wealth-building activities like paying for college, saving for retirement or buying a home, but most of those dollars go to people who already have wealth. Since 1994, government spending on wealth-building has more than tripled—from $200 billion in 1994 to $660 billion last year—according to the IPS/CFED study. The costliest of those subsidies is the home-mortgage tax deduction, and a 2013 study by the National Priorities Project found that 77 percent of those benefits go to households with annual incomes between $75,000 and $500,000. Similarly, an estimated two-thirds of all public subsidies for retirement savings go to those with incomes in the top 20 percent of the distribution. We’re spending a fortune on wealth building, but very little of it ends up bolstering the net worths of poor people and people of color.

Please click on: Wealth Gap Widening

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Editor

Wayne Northey was Director of Man-to-Man/Woman-to-Woman – Restorative Christian Ministries (M2/W2) in British Columbia, Canada from 1998 to 2014, when he retired. He has been active in the criminal justice arena and a keen promoter of Restorative Justice since 1974. He has published widely on peacemaking and justice themes. You will find more about that on this website: a work in progress.

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Kairos means a highly significant historical moment. We are in one this year (2020), given:

— a worldwide pandemic

— worldwide anti-racism protests

— an attempted coup by U.S. President Trump–that affects the entire world.

The very busy kairos post you may wish to click on is:

Cornel West Says ‘Neo-Fascist Gangster’ Trump and Neoliberal Democrats Expose America as ‘Failed Social Experiment’

Thanks for clicking on the post. I encourage you to leave a comment at bottom of this or any post, and of most pages. See Sitemap for a full list by titles and dates, under “HOME“; or see  BLOG for thumbnails you may view from current to previous; or check ARCHIVES below each post for groupings by year and month. You may also see Related Posts below each post. There as well, you may choose to rate posts/most pages. At bottom of each page is also a “SEARCH” box. My commitment is to respond if comment is approved. I can learn something for sure! Hopefully you may too…

Thanks, 

Wayne Northey

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