Blog Post 8 Labor Markey Inequality and Inequality in Housing in Wealth

Labor Markey Inequality and Inequality in Housing in Wealth    

    There are many historic reasons as to the differences in wealth accumulation and mobility among racial groups. Some of these include the introduction of residential segregation which resulted in it being easier for white people to buy homes and to increase the values of their homes. Since home equity is the largest source of wealth, this has lessened the wealth of people of color. Many companies also take part in discriminatory lending practices, which widens the gap even more. These reasonings directly contradict inaccurate, racist beliefs concerning people of colors' ability to hold a job, being less educated, etc. In fact, a study we went over in class showed that education attainment barely reduces the wealth gap. 

    African American and Latinx are statistically proven to have lower weekly incomes than Asians and whites. African Americans and Latinx are also more likely to be unemployed. As aforementioned, home equity is the largest source of wealth, and it is easier for white people to buy and increase the value of their homes. All of these factors are contributors to a person's wealth, and statistically, African Americans and Latinx are disadvantaged groups, therefore contributing to wealth inequality. 

    In order to put an end to income, labor, housing, and wealth inequality, we must tackle individual and institutional racism. An article we read this week suggested progressive taxation and baby bonds. These, combined with other tactics could go a long way to closing the gap. These inequalities greatly affect individuals and families. Those with less income, worse paying jobs, living in less safe neighborhoods are then subjected to worse education, worse healthcare, etc. It is all connected, and the end of one would go a long way to ending the others. 


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