Racial Economic Disparities

presentation By Kyla Harrison

Racial

Economic Disparities

Economics

An analysis of the economic issue, including statistics and solutions

index

1. What is it?

2. Statistics

index

3. Solutions

4. What will it take?

5. Reflection

What Is It?

Identification of the Problem

The economic issue I chose was the racial wealth gap, also called racial economic disparity, in America. This issue encompasses the disproportionate access to economic opportunities, usually observed between the white majority and the 4 largest racial minority groups (Black, Latinx/Hispanic, Native American, and Asian American).

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What Is It?

Household Wealth

• On average, in America, Black and Hispanic families own $0.24 for ever $1 of a white family's wealth
• As of 2018, the average income of a Black household was $51,600 compared to $84,600 for a white household

Stats

Homeownership

The Homeownership rates of 5 major racial groups in America are: - Black Americans: 41.7% (lowest of all racial groups)- Hispanic Americans: 46.8%- Native Americans: 56.7%-Asian Americans: 59.4% - White Americans: 71.7%

Weekly Wages

The average median weekly earnings of 4 major racial groups are: - Asian Workers: $1,444- Black Workers: $918- Latino Workers: $885- White workers: $1,137

*Each section title/text box has a link to the source of information*

Fund Community Leaders

Based on previous success with this solution, the funding of minority community leaders can result in the creation of:

• Institutions, such as Black-owned banks, that can more intimately help minority business owners
• Programs, such as financial literacy classes, allowing people to become more well versed in how to accumulate and maintain wealth
• Scholarships for minority students, so they can access higher education and higher paying jobs

Solutions

Affordable Housing

The creation of affordable housing can:

• Ease economic disparity by providing a sense of security, stability, and economic benefits
• Help people accumulate funds that can be put towards healthcare, investing, etc.

What Would It Take To Solve This Problem?

In order to solve the racial economic disparity in America, some steps that must be taken include:

• Putting donations and tax dollars toward creating housing trust funds
• Expanding housing choice vouchers, which can help with the construction, repairs, and preservation of homes belonging to lower-income minority homeowners
• The expansion of housing tax credit programs, which will reduce the amount lower-income minority families have to pay in rent
• Creating and/or connecting with outreach programs in minority communities
• Acquiring government assistance at the local, state, and federal levels by pushing for new legislature
• Partnering with racial justice groups and investors such as the NAACP, the American Indian Business Leaders, Ford Motors, Target, and more

What Will It Take?

My Thoughts

• Racial economic disparities are not perpetuated solely by a lack of job opportunities, but also by factors such as limited access to healthcare, decreased homeownership, inadequate community funding, and a lack of higher education
• Some organizations and businesses are already making successful attempts at easing the prevalence of racial economic disparities
• A solution to this problem will not be simple. It will take shifts in the foundations of specific institutions and a strain on taxpayers and donors. It calls for extensive research, community outreach, financial assistance, investing, and collaboration
• Though the process may be long and strenuous, specific steps must be taken towards a more equitable economic system. It is essential that people can achieve access to an array of resources and opportunities, allowing them to achieve prosperity

Reflection

Have a nice day

thank

The End

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Want to Learn More?

Watch the short video to learn more about racial economic disparities in America, and what steps can be taken to solve it.