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:
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?