Tuesday, August 18, 2015
College-educated blacks and Hispanics have seen their wealth and income shrivel over the past 20 years
What's more, these folks have not only fared worse than white and Asian graduates, but also blacks and Hispanics without four-year college degrees, according to a new report from the Federal Reserve Bank of St. Louis. The median income of blacks and Hispanics who finished college declined between 1992 and 2013, while for whites and Asians, median income grew by double-digit percentages, respectively. For example, black graduates earned $52,150 in 2013, a drop from $59,300 in 1992. Many high-paying fields, such as technology, are dominated by whites and Asians. Also, many white and Asians obtain advanced degrees, which allow them to command even higher salaries. Surprisingly, blacks and Hispanics without degrees saw their incomes climb 17.3% and 15.6%, respectively, while degree holders suffered. When it comes to median wealth, which includes the value of assets like homes and savings, degree-holding blacks and Hispanics also suffered losses, while whites and Asians saw big gains over the past two decades.