The federal government provides a small number of policies and programs built within the federal budget that are designed to help Americans save and build wealth, but how do these programs benefit lower-income households and particularly communities of color? Research shows that the average African American and Latino household has $1 of wealth for every $6 of wealth white households have. This gap severely hurts the financial security of these households and the American economy at large. One pathway to solving this crisis can be through changes in the federal budget. What changes could make America’s asset-building infrastructure more inclusive, progressive, and fair for all Americans?
- James Carr, Senior Fellow, Center for American Progress
- Justin King, Policy Director, Asset Building Program, New America Foundation
The Closing the Racial Wealth Gap Initiative is a national collaboration between the Center for Global Policy Solutions and the Insight Center on Community Economic Development to build awareness and support for efforts to address the structural factors that contribute to racial and ethnic wealth inequalities. To achieve this goal, more than 180 scholars, advocates, practitioners, and other experts of color have come together to inform the national economic debate with diverse perspectives and to provide policy solutions to create an inclusive and equitable future for all Americans. Learn more at www.closingtheracialwealthgap.com