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I'm sure you don't need any reminders that the Tea Party is predominately white. So when we wonder why the Tea Party isn't overly concerned with the current economy, with the lack of jobs and the high unemployment, we shouldn't be surprised to read a study by the Pew Research Center that tells us whites have lost the least amount in wealth during the recession.

In today's global edition of the New York Times, I read:

...the median wealth of Hispanic households fell by 66 percent from 2005 to 2009. By contrast, the median wealth of whites fell by just 16 percent over the same period. African Americans saw their wealth drop by 53 percent. Asians also saw a big decline, with household wealth dropping 54 percent.

Basically, the Hispanic community in the US has been hit hardest by this recession with African Americans not far behind. Though Asians have lost a lot, the graphic in the main diary shows they had more to begin with. That cushion may be their saving grace and keep the majority firmly in the middle class.

The article goes on to say:

Nearly two-thirds of Hispanics’ median net worth in 2005 came from home equity, according to the report, and when the housing market collapsed, so did their wealth. Median home equity for Hispanics fell by 51 percent in the period of the survey. The drop was compounded by the fact that Hispanics tended to live in the places that were hit hardest in the recession, like Florida and California, the report said.

And, just in case graphics help you 'see' the truth of the matter:

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What it comes down to is that overall, whites and Asians are more likely to remain in the middle class while Hispanics and African Americans are likely to face poverty. The analysis itself focuses on the difference between white wealth with that of Hispanics and African Americans:

The Pew Research analysis also finds that the median wealth of white households is 18 times that of Hispanic households and 20 times that of black households. These lopsided wealth ratios are the largest in the quarter century since the government first published such data, and roughly twice the size of the ratios that had prevailed between these three groups for the two decades prior to the Great Recession.

Other key findings in the report:

  • About a third of Hispanic (31%) and black (35%) households had zero or negative net worth in 2009, compared with 15% of white households. In 2005, the comparable shares had been 23% for Hispanics, 29% for blacks and 11% for whites.
  • About a quarter of all Hispanic (24%) and black (24%) households in 2009 had no assets other than a vehicle, compared with just 6% of white households. These percentages are little changed from 2005.
  • During the period under study, wealth disparities also increased within the Hispanic community. The top 10% of Hispanic households saw their share of all Hispanic household wealth rise from 56% in 2005 to 72% in 2009.

Something is very wrong when we don't see loss equally across the board.

Don't get me wrong - I would prefer we had no recession at all. But a recession that hits across the US so unequally is abhorrent. It isn't just rich against poor. We are once again white against colored. What is wrong with this nation?

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Comment Preferences

  •  How old are you? And do you own your home? (0+ / 0-)

    Two words.

    Property taxes.

    "In a nation ruled by swine, all pigs are upwardly mobile." Hunter S. Thompson

    by Keith930 on Tue Jul 26, 2011 at 06:40:48 PM PDT

  •  Just taking a guess here but (0+ / 0-)

    maybe he is saying that fewer people of color own homes thus contribute by property taxes.   This just to means that people of color are still being discriminated against and have a higher ratio of incarceration so I get where the assets are figured but property taxes I must admit has me confused., other than lesser neighborhoods and property values appraised in that manner.

    We the People have to make a difference and the Change.....Just do it ! United Veterans of America

    by Vetwife on Tue Jul 26, 2011 at 07:53:53 PM PDT

  •  Billionaire Kochroahes Are Financing Class Warfare (0+ / 0-)

    David and Charles Koch are a couple of filthy rich old bastard multi-billionaires who are in their 70s and can't take their wealth with them when they get their return express tickets to Hell soon so they are causing as much corruption and chaos as they can with their obscene wealth by financing the Teabaggers and NeoNazi "think tanks" like the Heritage Foundation.

    It's the billionaire Kochraoches' gift to the country that made them what they are financially.

    Their authoritarian father, the founder of the ultraconservative John Birch Society and builder of oil refineries for Joseph Stalin, made them what they are morally.

    Roberts, Alito, Scalia, Thomas, and Kennedy, rethug activist "judges", are their enablers for this Anarchy, Sedition, Corruption, Treason, Fascisim, and Tyranny.

  •  Hi angelajean, (0+ / 0-)

    I first want to thank you for mentioning the Asian American community.

    In all of the writings of this issue on this site, yours was the first to even mention this community.

    I do have some disagreements with you, however, especially in regards to what you phrase as a "whites against coloreds".

    You mention at the middle of your writing that white/asian am are more likely to remain in the middle class, but at the end, distill the argument to "whites". I'm sure that this was not intentional, however, looking at the historical "white-washing" of asian am culture and context of asian am vs. other people of color (the 1992 LA riots, for one example).

    Sorry if I'm sounding a bit defensive, I'm not trying to jump on you for it, I'm maybe hoping that I can help create a better understanding of a perspective of asian americans (mine is but one, others may differ :) ).

    Thank you again!

    "Look at this; I'm a coward too; You don't need to hide, my friend; For I'm just like you" - Monster/Sprite (Scary Monsters and Nice Sprites - Skrillex)

    by AZ Independent on Wed Jul 27, 2011 at 09:52:21 AM PDT

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