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Good question. For one, it has eliminated insurance disparities between black and white children. It generaly reduced them between whites and other racial and ethnic groups, for all ages and genders.
The program now helps 3.2 million children indirectly because they live in an extended family where someone receives benefits. Another 3.2 million children receive Social Security benefits directly (as survivors or because their parents are retired or disabled). Without the program, these children’s poverty rate would be much higher.
If people of color had a share of privately held firms with employees proportional to their share of the labor market, the country would have 1.1 more million businesses, which would create 9 more million jobs, which would generate $300 billion more in workers’ income.
African American retirees have significantly less wealth and lower incomes than White retirees. Eighty-three percent of African American seniors lack the retirement assets they need to last the remainder of their lifetimes.
As more women have joined the workforce—creating both dual- and single-income earning households—the labor market has made little progress in eliminating gender and race-based disparities in wages and employment outcomes. This limits women’s ability to build wealth over a lifetime.
When it comes to the racial gap in liquid wealth, African Americans and Latinos are nearly penniless.
While all racial and ethnic groups lost home equity as a result of the Great Recession, people of color suffered significantly more losses than Whites.
Racial wealth inequality extends across income groups and impedes the ability to save or invest for the future. Wealth, what you own minus what you owe, is a fundamental building block for economic security.
The Asset House is a guide to policies important to household economic security. Currently, these policies exist as a patchwork of federal and state laws, but there has been no concept for how they can work together to create a comprehensive and targeted framework for addressing poverty and helping families move to and retain their middle-class status.