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Blacks, Wealth and the American Dream

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News Headlines: Nov. 13, 2007

Talk About It:
Washington Post: Middle-Class Dream Eludes African American Families -- "Nearly half of African Americans born to middle-income parents in the late 1960s plunged into poverty or near-poverty as adults, according to a new study -- a perplexing finding that analysts say highlights the fragile nature of middle-class life for many African Americans."

From Yesterday's Show: A Survey of the Economic Landscape

More: Black Wage Growth Lags

Do you agree with the findings of the study? If so, what do you think is contributing to these disparities?

Nation:
Newsday: Teen Fatally Shot by Police in Brooklyn

Washington Post: Panel May Cut Sentences For Crack

Chicago Tribune: Illegal Abroad, Hate Web Sites Thrive Here

Los Angeles Times: FEMA Hustles to Clean Up Its Image

New York Times: New Way of Counting Listeners Hits Black Radio

The AJC: Putting Faith In Call for Rain

People & Places:
AOL Sports: Jordan's Divorce Costs Him $168 Million

AP: Doctor Admits Operating on West's Mom

New York Magazine: Race and 'Times' Editor Gerald Boyd's Fall

Springfield News-Leader: Tuskegee Airmen: 'Time Is Against Us'

AP: Prominent Black Congressman Hawkins Dies at 100

Science:
New York Times: Shedding Light on Divergence of Humans, Apes

Op-Ed:
Miami Herald (Leonard Pitts): No One Person Can Speak for All Blacks


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In the suburban neighborhood my parents moved to in the late 1990s, many of the kids I grew up with are now hustling or working minimum wage jobs -- not trying to get into college or capitalize on the advantages their parents have given them. I'm not saying this is the major cause of this disparity, but I think about it from time to time. I often see these kids, now grown, just hanging out in front of their parents' houses, smoking, lounging, obviously not part of the eight-to-five "we have a job and responsibilities" crowd. And I just wonder how these kids from suburbia--whose parents sacrificed, worked, and moved to the suburbs so their children could have better opportunities--could be that deep in their fascination with "thug life" or "being gangsta" that they'd rather live with a facade of being from the hood than actually take the leg up their parents have given them and take their family's next generation a bit further.

Sent by C Wms. | 4:54 PM ET | 11-13-2007

Yes I agree with the study. I think it has to do with the glorification of the athlete or rapper/singer career and the devaluation of a great education in our communities. When in reality, one has a much better chance in being a success with a higher education than finding one in the entertainment industry.

Sent by Moji | 7:14 PM ET | 11-13-2007

This economic gap is indeed real and extremely complex. By looking at regular people and non-athletes and stars, we can get a sense of why the gap exists. For example, just this last 3 weeks, I coached a colleague (she is African American) on winning a new position posted internally. The good news she got the job. The bad news is, the offered her $52K salary. The minimum job range for this role is $75K.

Over 17 years ago, I advised another female classmate (African-American) who received a low-ball offer. What I was able to do was help her realize her value and worth to the organization. And I told her, you have to be willing to walk away. She received 25% more as a result.

Back to my current colleague. She did get a revised offer at $80K from the original, insulting offer of $52K. I talked to an HR professional about this and she said, that companies will often present ridiculous offers for internal postings.

So here in lies the problem. This income gap and perception of our (African-Americans) future is rooted in this type of behavior over the last 50 years. Many of us got our first corporate gig and we were proud and happy--we officially made it. However, if we could only see the actually salary discrepancies. So, what you have in effect is a race with one group largely with a huge headstart.

One of the contributing factors of this gap, which is very real today is that my colleagues success, which I am very proud to experience with her when she came by to tell me yesterday, put in perspective that a lot of us may not have this opportunity to get advice. Moreover, we have to believe and have a level of confidence to "walk away". Unfortunately, because of this race in which we are at a huge disadvantage, it is difficult to do in a lot of cases.

This further underscores the need for higher education and the whole concept of globalization. Each day I ride by a gentleman who sells papers. He could sell an eskimo ice and has a terrific personality. He was talking to me about how the Internet is cutting into his sales and how the company is reducing his hours. So, we must go to school. Period. Continuing education and helping each other in a genuine and consistent way is the ONLY way we will even think about closing the wealth and income gap.

Sent by Lafayette Howell | 6:42 AM ET | 11-14-2007

The question of wanting better being equated with wanting white is what has been tearing at the seams of the Afican American Community since the hey day of Washington, and DuBois. Is being educated being white? Is being ignorant being black? Why are we letting oursleves be assigned such assisnine role?

Sent by C.D.W | 9:43 AM ET | 11-14-2007

I think that the widening income disparity between the super-rich and the rest of us has a lot to do with this phenomenon -- perhaps more than the glorification of the 'gangsta' life. It takes a lot more income than it used to to get the "American dream" goods -- the house, the car, the yard, the two kids. Not to mention that getting a loan for young people has been difficult without established credit histories -- until the sub-prime mortgages became popular. Add onto that spiraling health insurance costs as well as the tendency for businesses to treat young people like they're expendable, and you get a pretty hard road to achieving your parents' level of prosperity. Many young people get discouraged, especially if they want to do more with their lives than work 8-5 and pay for a mortgage. If you can achieve prestige by dressing the part in a way that you can't no matter how hard you work, it sure is tempting to choose the easy route.

The playing field is not level -- what your parents achieved has less and less meaning compared to those who were born with a trust fund and a mean desire to exploit everyone else.

Sent by Rachel N H | 11:20 AM ET | 11-14-2007

thats pretty horrible and i feel really bad for these people

Sent by Jessica Hatch | 12:52 PM ET | 11-30-2007



   
   
   
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