CNN recently had a story that used four charts to show the financial disparity between Black and White Americans.
I think this is worth sharing so that as many people as possible are aware of such disparities. Awareness of a problem is often the first step needed before working towards a solution.
As they say, a picture is worth a thousand words. These four charts say a lot more than that…
Chart 1: White families have substantially more wealth than Black families
The median net worth of Black households was less than 15% of that of White families in 2019.
Chart 2: White families have higher incomes than Black families
The median income for Black households in 2019 was roughly 60% of the median income for White households.
Chart 3: The unemployment rate for Black Americans exceeds that of White Americans
This is one area that has improved over time is the gap in unemployment rates. For decades, the jobless rate for Black Americans was typically more than twice that for White Americans. But it had narrowed to the smallest pre-pandemic differential on record in 2019, amid the economic prosperity.
Chart 4: A larger share of the Black population lives in poverty
The poverty rate for black Americans in 2019 was more than double that of white Americans.
The gap is even more striking among children. More than a quarter of Black children fell below the poverty line in 2019, compared to 8.3% of White children.
I think these four charts clearly show that there is a financial disparity between Black and White Americans.
Perhaps a good starting point to start fixing these disparities would be to ensure a high-quality education for both Black and White Americans.