Closing the Racial Wealth Gap

[@therationalist234]

Very interesting - I had no idea the stock market had 5x returns over the housing market since 1980 - I wonder if that's even more amplified when looking at predominantly black communities. I always thought the foundation for wealth was in home ownership, which is partly true, but this video really emphasized the role of having equity in the stock market. Not to mention, greater sums of capital command greater returns. Wealth inequality is the greatest issue of our time, imo - and it's even more difficult to solve politically than economically

[@drwalka10]

Why is wealth in inequality the biggest issue of our lifetime? why is it a issue at all

[@tuckerbugeater]

@@drwalka10 because they have the money

[@drwalka10]

@@tuckerbugeaterhow do you achieve convergence unless you slow or stop wealth growth of white people ? Stop making this a racial competition. Just state you want to increase wealth of black Americans

[@therationalist234]

@@drwalka10because once it takes hold, it’s very hard to reverse. Check out Pikettys work, or just read a history book. The polarization and social decay is a direct result of these macro wealth pressures, it’s just very hard to see through all the noise

[@richardpage9502]

⁠and the power

[@Splittechfeelings]

You need a plan like what governments have used after war to boost economies. Issue stipends with conditions for receiving the money.

[@dinsel9691]

Why close the racial wealth gap? Why not close the racial crime gap.?

[@HarryMonn]

Why do we gotta focus on the race aspect so much? Wealth inequality is a class issue, institutional racism is dead in the US. If you just aim to help poor people, then black people and other minorities will still be helped, but poor white people also wont be left behind. How is the working class gonna advocate for itself effectively if its divided by race? The rich are far more coordinated atm.

[@blazer9547]

Asians make the most money. Compare it to them

[@jaywyse7150]

Whites and Asians worship each other.

[@vga-t7m]

sorry but the more we keep on with the past all we are going to do is to end up with is more stories for our holy books to accumulate and our never ending pin the tail on the donkey games. clear the closets and refill them with new stuff and restart living.

[@drwalka10]

1000 % agree

[@jonathansaunders6697]

easy for the majority who committed the discrimination to say...white people say why should I be held accountable for the decisions of my ancestors that I wasn't around to be a part of making...and this is a completely valid logical complaint...problem is, white people are more than willing to accept the benefits of the decisions of their ancestors that they weren't around to be a part of making...you can't have it both ways...white people want to press restart and start fresh from today,...when they are orders of magnitude ahead in unfairly obtained generational wealth...they don't want to hit reboot from t=o...and they couldn't anyway, even if they wanted to... This lack of scholarship on the issue is the problem. Economist and historians are in agreement that the american middle class was built on a series of government policies that blacks were explicitly excluded from by law. There is plenty of academic research quantitatively demonstrating this. These classic white narratives of deflection and smoke and mirrors don't change the empirical data. Europe became the richest region in the world from the trans atlantic slave trade, beginning hundreds of years of european hegemony and funding the industrial revolution and imperialist expansion. The European middle class was built on colonialism. The European at 8% of the world, subjugated by force over 80% of it. To pretend that all lives matter equally and that there is no such construct of white privilege flies in the face of all research data. This is all readily available scholarly consensus. Europeans and their descendants can't claim to be intellectuals, let alone academics, and continue to espouse these narratives. I am not advocating for reparations for descendants of slavery in the western hemisphere, but to pretend that the historical record is not littered with established precedent and examples of reparations being used as resolution to conflict; is intellectually dishonest and lacking scholarship. As is the comparison of the myriad forms of slavery and indentured servitude observed worldwide as analogous with the new, novel, and institutional dehumanization of the African as practiced in the trans atlantic slave trade. Not to mention that the majority of Europeans and their descendants claim to be Judeo-Christian, yet apparently choose to ignore the plethora of scripture in that canon on the concept of sons paying for the sins of the fathers both spiritually and materially, in exodus, Isaiah, Lamentations, Deuteronomy, etc. White people don't want to pass out the 200 dollars when you start over at the Go square...even Monopoly understood that in order for the economy to function you had to allow for participants in the game to recover from "bad luck",...which in this case was being born black in a society that jumpstarted its nascent economy through their enslavement and then systemically limited their agency and self-determination for centuries. The inaccuracy and cognitive dissonance of these classic white narratives don't advance civil discourse.

[@shawnab9940]

To clear the slate, reparations now. You can't demand reconciliation without atonement.

[@jonathansaunders6697]

easy for the majority who committed the discrimination to say...white people say why should I be held accountable for the decisions of my ancestors that I wasn't around to be a part of making...and this is a completely valid logical complaint...problem is, white people are more than willing to accept the benefits of the decisions of their ancestors that they weren't around to be a part of making...you can't have it both ways...white people want to press restart and start fresh from today,...when they are orders of magnitude ahead in unfairly obtained generational wealth...they don't want to hit reboot from t=o...and they couldn't anyway, even if they wanted to... This lack of scholarship on the issue is the problem. Economist and historians are in agreement that the american middle class was built on a series of government policies that blacks were explicitly excluded from by law. There is plenty of academic research quantitatively demonstrating this. These classic white narratives of deflection and smoke and mirrors don't change the empirical data. Europe became the richest region in the world from the trans atlantic slave trade, beginning hundreds of years of european hegemony and funding the industrial revolution and imperialist expansion. The European middle class was built on colonialism. The European at 8% of the world, subjugated by force over 80% of it. To pretend that all lives matter equally and that there is no such construct of white privilege flies in the face of all research data. This is all readily available scholarly consensus. Europeans and their descendants can't claim to be intellectuals, let alone academics, and continue to espouse these narratives. I am not advocating for reparations for descendants of slavery in the western hemisphere, but to pretend that the historical record is not littered with established precedent and examples of reparations being used as resolution to conflict; is intellectually dishonest and lacking scholarship. As is the comparison of the myriad forms of slavery and indentured servitude observed worldwide as analogous with the new, novel, and institutional dehumanization of the African as practiced in the trans atlantic slave trade. Not to mention that the majority of Europeans and their descendants claim to be Judeo-Christian, yet apparently choose to ignore the plethora of scripture in that canon on the concept of sons paying for the sins of the fathers both spiritually and materially, in exodus, Isaiah, Lamentations, Deuteronomy, etc. White people don't want to pass out the 200 dollars when you start over at the Go square...even Monopoly understood that in order for the economy to function you had to allow for participants in the game to recover from "bad luck",...which in this case was being born black in a society that jumpstarted its nascent economy through their enslavement and then systemically limited their agency and self-determination for centuries. The inaccuracy and cognitive dissonance of these classic white narratives don't advance civil discourse. Replied to a comment on Closing the Racial Wealth Gap

[@pezpeculiar9557]

You can't not focus on the past when the past creates today. Reconciliation by reparations, worker ownership, and drastic social programs, that's how you make it so we don't have to focus on the past.