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Liza from Marshall Street
A modernized version of Alexis De Tocqueville's views on democracy.
How does wealth influence racial inequality?
And the people of power who are involved in the economy: employees at banks, insurance companies, mortgage companies, and even loan officers are the ones held responsible for these discriminatory matters. Financing for a house has involved different processes for whites who were (and still are) seeking a home than for blacks. The rates of homeownership acquire a huge gap between the two races. This was simply not by choice. This has been due to the fact that minorities have been looked upon differently for millions of years; and this negative image of them hasn’t transformed, which is why they are still being treated differently. It is no coincidence. For example, African Americans like Clyde Ross from North Lawndale, struggled to find a home that they could afford because men would peddle their housing contracts; purposely loading up families with payments they couldn’t meet and using the money installments for profit.
To continue, not only have minorities barely been able to live in a sufficient home; they have also received low earnings causing their unemployment rate to sky-rocket. This has resulted in these groups of race to begin with a very slim amount of economic security - meaning that these groups where receiving a low portion of income; giving them the only option of taking out funds for support. These families were left in the cold as the market recovered because they were not able to afford the money that they owed.
If blacks were not being paid differently, they wouldn’t be in more need of financial support; leaving them in debt, causing the wealth gap to continue and rise. If each race was being treated in the same fashion throughout the economy, there wouldn’t be a gap that needs to be closed. The wealth that has been distributed unevenly throughout homes is what has caused the inequality throughout the nation to become a higher issue. America’s economy has caused the wealth gap to reach a boiling point; where it is safe to say this gap has caused inequality - a hidden message of racism.
So, it hasn’t just been the odds of the way these events have turned out or a random coincidental pattern that has shown what has caused the wealth gap to grow over the years. There were intentional matters that have caused minorities to be put under the bus in the economy and treated differently in their distribution of wealth; whether it may be the people working for banks that give them less financial support, mortgage companies scamming people of color for their own profit, or the government’s lack of willpower to help minorities financially recover. Wealth has influenced racial inequality all around the world. There has been numerous events of repetition showing those of power in the economy allowing minorities to struggle. The variety of scenarios that reflect the racial wealth gap pattern show that the government’s system needs to be re-evaluated - to have all races meet in the middle; no race should be left behind.
There are many things that come into play when we think of the racial gaps that have expanded over the years in America. One of the main components of this tragedy is wealth. The history of America’s economy has proved that there is a huge gap primarily between whites in contrast to African Americans and Hispanics; causing our inequality in this country to be far too high. However, some think this is a coincidence; when in reality there are numerous factors that have been intentionally causing blacks to be treated differently in the economy; causing the wealth gap to expand over several years.
The average generation of a group of people or race whom become independent while being economically unstable tend to create this pattern for their next upcoming generation. Meaning that if people start off on the wrong foot in the economy, it becomes even harder to fix the situation. And this is where the start of the problem began. People of white skin color started out having more power than any other individual of a different race dating all the way back to the 1600’s due to slavery. White people had the advantgage to start on the right foot; whereas for other races it was not this easy. Despite how far our country has come due to our Founding Father's, America still has a long way to go. Whites are still given advantages (like in the economy) that were and are still never proposed to minorities.
This is proven when we think back to the Great Recession in 2008. Although groups of different races have progressed and thrived in America, there has been a clear pattern of whites being extremely wealthy; never giving African Americans or Hispanics the chance to reach that econimic circumstance. During the Great Recession, their was a wealth loss throughout the entire country - causing business investments to crash and individuals loosing their homes and jobs. After America recovered from the Great Recession, there was still a lack of equality during the recovery period; in which the typical household of an African-American or Latino owned about six dollars and seven cents for every dollar in a typical white family; an increase of only a penny per group since 2009. Therefore, communities of color had yet to see the benefits of this so-called time of recovery.