ABSTRACT

Wealth Matters: The Black-White Wealth Gap Before and During the Pandemic   [open pdf - 471KB]

From the Document: "Huge wealth disparities between Black and white households in America existed long before the COVID-19 [coronavirus disease 2019] pandemic and have continued during the crisis. Data show that during the pandemic, Black households faced more financial emergencies with fewer economic resources, resulting in a widening gap in economic opportunity between Black and white households. This issue brief explores some of those data and discusses a variety of proposals to shrink the Black-white wealth gap. The Biden administration continues to propose bold, ambitious, and wide-ranging policies that would enable families to recover from this unique crisis as well as steer institutions and the economy in a more racially equitable direction. These measures are crucial to prevent the Black-white wealth gap from widening further. The Biden administration has taken the first, critical steps toward closing that gap: The recently enacted American Rescue Plan provided much needed financial relief to many struggling families, allowing them to build a small financial cushion for the ongoing recession. This financial relief was targeted at those struggling the most and particularly benefited Black households, as they have suffered disproportionately from the pandemic. Moreover, the legislation ensured that public sector jobs in state and local governments--which often provide a key pathway to middle-class economic security for Black workers--would return after steep losses during the pandemic." This material 'Wealth Matters: The Black-White Wealth Gap Before and During the Pandemic' was published by the Center for American Progress.

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2021-07-28
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Center for American Progress. Posted here with permission. Documents are for personal use only and not for commercial profit. See reuse policy at the following link: [http://www.americanprogress.org/about/c3-reuse-policy/]
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Center for American Progress: https://www.americanprogress.org/
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