Understanding the Racial Wealth Gap and Its Causes

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68 Terms

1

Racial Wealth Gap

Wealth disparity among racial and ethnic groups.

<p>Wealth disparity among racial and ethnic groups.</p>
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2

Wealth Inequality

Disproportionate wealth accumulation by top households.

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3

Median Household Wealth

Middle value of wealth across households by race.

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4

Slavery

Historical system contributing to racial wealth disparities.

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5

Segregation

Separation of races impacting economic opportunities.

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6

Redlining

Discriminatory practice denying loans based on race.

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7

GI Bill

Post-WWII program aiding white veterans' wealth accumulation.

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8

Color-Blind Policies

Policies ignoring racial disparities in wealth.

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9

FHA

Federal Housing Administration, established 1934, supports housing.

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10

New Deal

1930s programs aimed at economic recovery.

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11

Emergency Medical Bills

Unexpected healthcare costs impacting financial stability.

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12

Two-Parent Household

Family structure associated with higher wealth accumulation.

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13

Single Parent Households

Households with one parent, often face higher poverty.

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14

College Attendance

Higher education linked to increased wealth potential.

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15

White Privilege

Societal advantages benefiting white individuals economically.

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16

Poverty Rates

Percentage of population living below the poverty line.

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17

Social Mobility

Ability to move between social classes.

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18

Survey of Consumer Finances

Data source for household wealth statistics.

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19

Public Policy Decisions

Government actions influencing economic disparities.

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20

Wealth Accumulation

Process of building financial assets over time.

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21

Racial Disparities

Inequities in wealth and opportunities among races.

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22

Emergency Expenses

Unforeseen costs affecting financial stability.

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23

Desegregation

Ending the separation of racial groups in schools.

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24

Income Inequality

Disparity in earnings among different income groups.

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25

Earnings Gap

Difference in annual earnings among demographic groups.

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26

Child Poverty Rate

Percentage of children living below the poverty line.

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27

Median Income

Middle income value separating higher and lower earners.

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28

Racial Earnings Inequality

Income disparity based on race and ethnicity.

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29

Labor Market Discrimination

Unfair treatment in hiring based on race.

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30

Implicit Bias

Unconscious judgments affecting decision-making.

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31

Categorical Exclusion

Job applicants denied opportunities due to race.

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32

Shifting Standards

Different evaluation criteria for applicants of different races.

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33

Deindustrialization

Transition from manufacturing to service-based economy.

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34

Unionized Jobs

Employment positions protected by labor unions.

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35

Wage Gap

Difference in earnings between men and women.

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36

Asian Median Earnings

Highest median weekly earnings among racial groups.

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37

Latinx Women's Earnings

Median weekly earnings of $702 in 2020.

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38

Native American Earnings

Only 19% earn more than $1,200 weekly.

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39

Black Women's Earnings

Only 62 cents for each dollar of white men's.

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40

White Women's Earnings

69 cents for each dollar of white men's.

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41

Income Stagnation

Lack of income growth for lowest earners.

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42

Income Disparities

Differences in income across various demographics.

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43

Sociological Explanations

Theoretical frameworks analyzing social factors in inequality.

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44

Human Capital

Education and skills affecting income potential.

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45

Unionization Rate 1954

35% of workforce was unionized in 1954.

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46

Unionization Rate 1980

Unionization dropped to 20% by early 1980s.

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47

Unionization Rate 2008

Only 8% of workforce unionized by 2008.

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48

Racial Wealth Gap

Disparity in wealth among racial groups.

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49

Racially Restrictive Covenants

Contracts preventing property sale to non-whites.

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50

Federal Housing Administration (FHA)

Established in 1934 to support construction industry.

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51

Wealth Gap Factors

Five factors explaining wealth gap disparities.

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52

Homeownership Impact

Years of homeownership accounts for 27% wealth gap.

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53

Household Income Impact

Household income contributes 20% to wealth gap.

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54

Unemployment Impact

Years of unemployment accounts for 9% wealth gap.

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55

Education Impact

College education contributes 5% to wealth gap.

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56

Inheritance Impact

Inheritances account for 5% of wealth gap.

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57

Homeownership Disparity 2011

73% of whites owned homes; 45% of Blacks.

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58

College Graduation Disparity 2011

34% of whites graduated; 20% Blacks, 13% Latinos.

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59

Education Policy Solutions

Invest in equitable preschool and K-12 education.

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60

Labor Market Policy Solutions

Create federal job programs and support unions.

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61

Homeownership Policy Solutions

Enforce housing anti-discrimination laws strictly.

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62

Fannie Mae and Freddie Mac

Organizations that modify loans for struggling homeowners.

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63

Federal Aid for Poor

Increase support for working poor families.

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64

Early Childhood Programs

Expand intervention programs for low-income families.

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65

Nutrition and Health Services

Improve health services for poor families.

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66

Teenage Pregnancy Reduction

Strengthen efforts to reduce teenage pregnancies.

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67

Racial Discrimination Enforcement

Enhance legal enforcement against hiring discrimination.

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68

Residential Segregation Reduction

Efforts to decrease residential segregation.

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