A new report from the Pew Charitable Trust shows that younger generations of African Americans aren’t surpassing the wealth achieved by earlier generations, a finding that’s in stark contrast with other groups.
“Specifically, African Americans are much more likely than whites to be stuck at the bottom of the income ladder over a generation, and also at the bottom of the wealth ladder,” the study’s project manger Erin Currier told The Huffington Post.
According to the Pew report, 84 percent of Americans have higher family incomes than their elders. However, when you look specifically at African Americans, they “are more likely to be stuck at the bottom and fall from the middle of the economic ladder across a generation.” More than 18,000 people across 5,000 families and a number of decades going back to the 1960s were part of the analysis.
Part of the problem is home ownership and the higher price both Blacks and Latinos pay for their property. We’ll also argue that the employment situation in the Black community is a problem. The overall high rate of joblessness in the Black community makes exceeding the prior generation’s financial standing more difficult.