Monday, February 14, 2011

The Obama Administration and Disappearing Black Family Wealth

by Dr. Boyce Watkins, Syracuse University 

The first decade of the new millennium brought a lot of things that the world didn't expect: the ability to order a pizza on your home computer, cell phones that allow you to talk to your friends face-to-face, and our nation's first black president.
One other unexpected event of the last decade is the disappearance of a century's worth of progress in reducing the wealth gap between black and white Americans. As Rex Nutting at Market Watch so accurately notes, wealth levels of the black family in America have declined dramatically during the past decade, and they show no evidence of getting better any time soon.
According to Nutting, "In a country where access to capital is everything, most blacks have nothing."

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