Friday, December 12, 2014

Obama's America: The Great Recession hit all Americans hard, but only whites have seen their wealth rise during the recent recovery

And that's widening the already massive wealth gap between whites and other racial and ethnic groups to near record levels. White households' median wealth ticked up to $141,900 in 2013, up 2.4% from three years earlier, according to a Pew Research Center report. Net worth for black households dropped by a third during that time to $11,000. Hispanic families experienced a 14% decline in wealth to $13,700. Whites have 13 times the net worth of blacks, the largest wealth gap that's existed since George H.W. Bush was president in 1989. The ratio of net worth between whites and Hispanics now stands at more than 10, the widest it has been since 2001. Minority households' median income fell 9% between 2010 and 2013, compared to a drop of only 1% for whites. And yet, if Obama were able to run for a third term in 2016, he would probably win the black and Hispanic votes just as he did in 2008 and 2012.

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