Boosting the federal minimum wage would be great news for the workers who’d receive a higher paycheck. Not so much for those who’d be out of a job. That anxiety sums up much of the debate around increasing the minimum wage.
Six years after America sank into the deepest economic downturn since the 1930s, the jobless rate has fallen to 5.9 percent, the lowest since July 2008. But one demographic group — African-American men — seems to be stuck in a permanent recession.
Mayor Bill de Blasio's vision for the five boroughs is to move past the "tale of two cities," to create "a city where everyone has a shot at the middle class," he said during his State of the City address earlier this month.
But just who is part of New York City's middle class? It is not an exact science. Here's why. [...]
A City Council report from 2013, however, expanded the definition of middle class upward to a family earning roughly $200,000.
In America, there is a strongly held conviction that with hard work, anyone can make it into the middle class. Pew recently found that Americans are far more likely than people in other countries to believe that work determines success, as opposed to other factors beyond an individual’s control. But this positivity comes with a negative side — a tendency to pathologize those living in poverty.
If black families had the same opportunitites that white families have to increase their incomes through investments, retirement plans, and other asset-building measures, it would reduce the wealth gap between the two groups by nearly $45,000, or 43 percent, according to a report out Tuesday. For Latino families, it would reduce the gap by more than almost $52,000, or 50 percent.
The yawning racial wealth gap in the United States is no accident, but rather, driven by unjust public policy decisions—from the re-segregation of education to the redlining of home ownership to poverty wages, according to a new analysis by Brandeis University and the public policy organization Demos.
Owning a home, then equal pay for equal work, and then having a college degree are the three factors that can make the biggest difference in closing the racial wealth gap, which is how non-whites in America are vastly less wealthy than most whites.
If blacks and Latinos owned homes as widely as whites, then median black household wealth would grow by $32,113, and median Latino wealth would grow by $29,213, a new study by Demos, a progressive think tank, and the Institute for Assets and Social Policy at Brandeis University has found.
Owning a home, then equal pay for equal work, and then having a college degree are the three factors that can make the biggest difference in closing the racial wealth gap, which is how non-whites in America are vastly less wealthy than most whites.
If blacks and Latinos owned homes as widely as whites, then median black household wealth would grow by $32,113, and median Latino wealth would grow by $29,213, a new study by Demos, a progressive think tank, and the Institute for Assets and Social Policy at Brandeis University has found.
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When discussing race, the conservative argument is best expressed by the famous words of Chief Justice John Roberts: “The best way to stop discrimination on the basis of race is to stop discriminating on the basis of race.” Translation: America has done bad things in its history, but those bad things are gone now, so we should move past those horrors and look forward.
Conservatives believe that if blacks and Latinos simply work hard, get a good education and earn a good income, historical racial wealth gaps will disappear.
The median white household has $111,145 in wealth holdings, compared to $7,113 for the median black household and $8,348 for the median Latino household, according to a recent study called The Racial Wealth Gap: Why Policy Matters. [...]
On Labor Day, let’s all take a moment to thank our bosses for the rights and benefits they have so generously granted us.
Oh wait, that’s right. Decent wages and working conditions were never gifts. Workers organized, fought, and in many cases died for each and every improvement in our working lives. And workers are fighting today—to protect the rights we’ve won, and to advance new and needed labor laws.
It is with great sadness that we announce the passing of Senior Fellow Wallace C. Turbeville, a beloved member of the Demos family since 2012. Wallace “Wally” Turbeville was among our country’s most respected and influential thought leaders and advocates for systemic financial reform as a core fight in the struggle for economic and racial justice.
Doing “everything right” — making all the optimal life choices to build wealth and get ahead, despite obstacles — is still not enough for black and Latino households to accumulate as much wealth as their white counterparts.
With so many eventual graduates starting at community colleges, we should take a hard look at institutional aid policies, which reward incoming freshmen much more than transfer students.
