The gap between the wealth of Black and white Americans is on track to widen substantially, exacerbated by the pandemic, according to new data.
The gap between the wealth of Black and white Americans, one of the starkest benchmarks of inequality in the U.S., is on track to widen substantially after the pandemic exacerbated wealth concentration, according to new data that details 160 years of racial wealth disparities for the first time.
"In the absence of policy interventions or other forces leading to improvements in the relative wealth-accumulating conditions of Black Americans, wealth convergence is not only a distant scenario, but an impossible one," they said. But the vast chasm between white and Black wealth following emancipation — when Black Americans were freed from bondage without receiving reparations for the nearly 250 years of U.S. enslavement — would ensure a wealth gap today even if Black Americans hadn't been left out of major wealth-building opportunities in the past 160 years, the authors found.
"Nevertheless, we argue these approaches are complementary, as policies that redistribute stocks of wealth without addressing racial gaps in savings and capital gains have but a transient effect on the wealth gap," they wrote.
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