Pew Report: African American Economic Mobility Stalls

July 17th, 2012 - By Tonya Garcia

Photo: Stockbyte

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.

More from StyleBlazer
More from MommyNoire

Comment Disclaimer

Comments that contain profane or derogatory language, video links or exceed 200 words will require approval by a moderator before appearing in the comment section. XOXO-MN

  • Awwlawdhelpusplease

    Not surprising at all. My husband (who is an immigrant) and I always talk about this crisis in the AA community. The issue is not really just unemployment and paying more for property. I wonder how many Black parents have made their children read the book called “The Millionaire Next Door.”?? We have billions of dollars in buying power yet we are not building and sustaining wealth for future generations?
    Humm sounds like a people who don’t know what do with the money we have. Money is to be saved and invested. And only spent when absolutely necessary. We keep crying for white people to employ us when they cannot even employ their own people. We need to learn how to create jobs for ourselves. We also need to live together more often than not. I know so many people in my own family and in many other black families that will struggle for a LIFETIME separate rather than move in together. Im not saying to let lazy irresponsible people sleep on your couch for years but we have got to start learning how to cut costs for ourselves. Immigrants will pass the same car around a small community for years. The car will already be paid for there is no car note and therefore everyone can save. Immigrants come here and live together and open business where they dont even have to speak ENGLISH to live comfortably in this country.
    We need to be taking notes on their behavior. They learned really quick that they play “American” but they have a very strong nation within a nation that serves their interests and keeps dollars circulating their own community and keeps their people employed and able to go to school and build wealth.
    This is really a monstrosity. Black people have too much money for this nonsense. We have too much creativity and too much history of perseverance for this. I hope we wake up in time to save the future-future generations.

Get the MadameNoire
Newsletter
The best stories sent right to your inbox!
close [x]