Crazy statistic: Median wealth for single black women in the US

[superantigen]

Originally Posted by 13saldana13

Originally Posted by SuperAntigen

Originally Posted by xJoRDaNHeaD

Originally Posted by Prince Of Shoes HEAD

Originally Posted by SuperAntigen

Originally Posted by Jehul


"If wealth was based on hard work, African-Americans would be the wealthiest people in our nation," she said. "It's not about behavior. It's about government policies. Who does the government help and who is it not helping?

QFT.


...

are you african american by the way? Mexican are one of the hardest workers in the US too. but yet they get paid less than a lot of other races.

That quote is lie, Mexicans are by far the hardest workers I have ever seen
And get paid the least.

In all honesty, I don't even know where to begin in response to y'all...

Ok...got it...how about this--pick up a U.S history textbook...

...

I came in to say that migrant workers from Latin America and SouthAmerica are the hardest working people in America. I don't knoweverything about U.S. history, but I'd consider my knowledge on itabove average when compared to others. I can sincerely say  thatgenerally speaking African-American people don't work as hard as"latinos" in America for the past 40 years.

I'm talking migrant workers btw, most people born in America and raised here are  usually lazy. No offense, but that's real.

And that's as far as your argument will go,"...the past 40 years", and [color= rgb(255, 0, 0)]fairly recent[/color] "...migrant workers".

Now ask yourself, exactly how old is America? Hint: America is significantly older than 40 years.

That said, before the migrant workers, and predating farther back than the last 40 years, which population of individuals-- for the [color= rgb(255, 0, 0)]longest[/color] time-- were being worked for nothing?

Furthermore, understand that "wealth" is the term of emphasis at the heart of this discussion. It's something that is accumulated and passed down through the generations. There's a historical aspect to it because only time can generate it. Realtalk, to this day, there are families that are living ostentatiously because of the wealth that was initially made possible by a free labor force; these families are living on wealth that was conceived well over 100 years ago.

That said, I don't mean to trivialize the accomplishments and efforts of Latinos over the last 40 years, but honestly, 40 years is nothing when juxtaposed to the centuries of forced labor endured by African Americans.

Like I said earlier, your argument may hold for the previous 40 years, but beyond that, it falls apart.

Ohhh and I'm not African American, btw.


...

 

[dunks87]

shullbit.

 

[recycledpaper]

this makes sense to me. it says MEDIAN, not AVERAGE.

if there are 100 people used in this study and 51 of them make $5 each, it doesn't matter how much the other 50 make because if you're working with the MEDIAN, you get rid of the outliers.

basically, more than 50% of black women make $5 or less. definitely not a good thing, but more plausible than if the MEAN was $5.

 

[raptors29]

Originally Posted by Nyota de la star

Suspicious. They'll come out with a study saying the exact opposite next month.

Never fails. 

 

[i am nas]

Originally Posted by Method Man

One thing that really skews this study is real estate. In general, a lot of us minorities will live in a regular house and drive and expensive car. While a lot of white people will drive hoop rides and live in a mini mansion. So both the Blacks and whites can be both technically ballin' based on income but the white person who put their money into the house will show a much higher net worth because the real estate appreciates in value while most people owe just as much or more than a car is worth on the note.

It's crucial to point out that the housing differences you're referring to aren't "culturally driven," but the product of institutional racism.

This is nothing new.  In 2004, Dalton Conley found that even poor Whites held a net worth of about $10,000 per household, whereas poor people of color possessed virtually no durable financial assets whatsoever.  This is a direct consequence of redlining, segregation, and discrimination in the housing and labor markets. 

As such, it's a problem that's actually grown WORSE in recent years due to the prevalence of predatory lending like sub-prime mortgages, payday loans, rent to own operations, and other exploitative, wealth-corroding credit products.  Women and people of color, traditionally excluded from credit markets, have been disproportionately shunted into sub-prime mortgages at EVERY income level. 

In 2003, the Consumer Federation of America reported that “although homeequity represents two-fifths (42 percent) of the wealth of all households, homeequity represented four fifths (80 percent) of the wealth of low-incomehouseholds, two-fifths (60 percent) of the wealth of moderate-incomehouseholds, more than half (52 percent) of the wealth of African Americanhouseholds and two-fifths (63 percent) of the wealth of Latino households.

 

[Nouss]

SuperAntigen wrote:

Ohhh and I'm not African American, btw.
...
  
I know your African but I forget if your from Nigeria or Ghana.
I live in Central Africa and the hardest workers are the Chinese.
Not to say we aren't hard workers because we are, in the classroom and in the labor force.

But here the Chinese put in that little bit of extra effort thats all us Africans can agree pegs them above the rest.

BTW, this has nothing to do with this post. Carry on.

 

[superflyinchopstickninja]

Originally Posted by SuperAntigen

Originally Posted by xJoRDaNHeaD

Originally Posted by Prince Of Shoes HEAD

Originally Posted by SuperAntigen

Originally Posted by Jehul


"If wealth was based on hard work, African-Americans would be the wealthiest people in our nation," she said. "It's not about behavior. It's about government policies. Who does the government help and who is it not helping?

QFT.


...

are you african american by the way? Mexican are one of the hardest workers in the US too. but yet they get paid less than a lot of other races.

That quote is lie, Mexicans are by far the hardest workers I have ever seen
And get paid the least.

In all honesty, I don't even know where to begin in response to y'all...

Ok...got it...how about this--pick up a U.S history textbook...

...

are you people really trying to say that specific races work harder than others?  you gotta get kiddin me

ive seen slow lazy workers of every race all over.  just like ive seen hard workers of every race. and to that statement about who the government helps and who it doesn't help... well... all my money that goes towards welfare....

 

[queencitysneakerqueen]

I'm not surprised some of my friends don't have bank accounts or cars they spend their money on clothes

 

[mytmouse76]

i will never understand how a grown person could not have a bank account...

my edited response was along the lines of what antigen said as far as mexicans being harder workers...

 

[DVMNXK]

Among the most startling revelations in the wealth data is that while single white women in the prime of their working years (ages 36 to 49) have a median wealth of $42,600 (still only 61 percent of their single white male counterparts), the median wealth for single black women is only $5.

Caught me off guard. $5!?

 

[billy hoyle]

Originally Posted by Oh YoU MaD

 

[diego]

Originally Posted by SuperAntigen

Originally Posted by Jehul


"If wealth was based on hard work, African-Americans would be the wealthiest people in our nation," she said. "It's not about behavior. It's about government policies. Who does the government help and who is it not helping?

QFT.


...

You really find this true for modern times?
Like really?
  

 

[kyourt]

I actually don't believe it.

$5?

Nope, it doesn't even make sense, how do they not afford to pay for a $5 footlong? Like they come up to the register but can't pay tax?

Just don't make sense.

 

[young dr0]

Originally Posted by reemz

Originally Posted by keithsweatsjordans

*DEAAAAAD!*

*hops in the two seater casket*

 

[boilermaker x]

recycledpaper wrote:

---

this makes sense to me. it says MEDIAN, not AVERAGE.

I can't believe this took until page 3 for someone to point out that "MEAN" and "MEDIAN" are different.  Similarly, the article used the term "wealth" and not "income" or "money."  The only thing you can conclude from the headline is that half +1 of the black women surveyed had no assets and half +1 of the white women had $42K worth.  It says nothing of the distribution, average, anything.  Make of it what you will.  (And I'm sure NT will.)

Is it really so surprising that half of black women have zero assets?  That they owe less than they own?  I know everyone on NT craps money so think of the people you know.  How many of them owe more than the own?  How many of them marry and immediately acquire wealth?  What is the racial breakdown?  I'm just spitballing but there are myriad explanations that are far more mundane than the attention-grabbing headline. 



Wealth (Group A):
$0
$0
$0
$10,000,000
$30,000,000,000
Mean wealth: $8,000,000
Median wealth: $0


Wealth (Group B):
$0
$0
$10,000,000
$10,000,000
$30,000,000
Mean wealth: $10,000,000
Median wealth: $10,000,000


          

 

[illwill8710]

sad to hear but not surprised.

I did a paper on a similar topic and the stats were about the same. The Social economic wealth of the single black woman is low.

 

[north dade represent]

Originally Posted by Boilermaker X

recycledpaper wrote:

---

this makes sense to me. it says MEDIAN, not AVERAGE.

I can't believe this took until page 3 for someone to point out that "MEAN" and "MEDIAN" are different.  Similarly, the article used the term "wealth" and not "income" or "money."  The only thing you can conclude from the headline is that half +1 of the black women surveyed had no assets and half +1 of the white women had $42K worth.  It says nothing of the distribution, average, anything.  Make of it what you will.  (And I'm sure NT will.)

Is it really so surprising that half of black women have zero assets?  That they owe less than they own?  I know everyone on NT craps money so think of the people you know.  How many of them owe more than the own?  How many of them marry and immediately acquire wealth?  What is the racial breakdown?  I'm just spitballing but there are myriad explanations that are far more mundane than the attention-grabbing headline. 



Wealth (Group A):
$0
$0
$0
$10,000,000
$30,000,000,000
Mean wealth: $8,000,000
Median wealth: $0


Wealth (Group B):
$0
$0
$10,000,000
$10,000,000
$30,000,000
Mean wealth: $10,000,000
Median wealth: $10,000,000


          


But if you get a large enough sample size, mean and median should reflect the same discrepancy in a comparative study.
Unless you have a disproportinate amount of extremely wealthy black women comparted to white women, the mean should be a lot lower too.

I see it in real life all the time. Most of the white women I know don't spend a lot of money on clothes, hair, cars, unless they are straight up balling. Whereas I know a lot of black women making 30K, trying to live like they're making 100K. These broads have champagne taste on a beer budget, going on trips to the islands, buying Gucci and Fendi, getting hair, nails done every week.  Plus they figure that a man is going to come and provide for them, but a lot of these chicks can't find a man willing to do that for them. So you got a bunch of materialistic, overspending, non-budgeting chicks, and then there are a lack of brothers that are willing to play that Ben Bernake role. And that's before we even bring in income disparities, education, and single parenthood.  

 

[popcornplaya]

That's why shorties hollain' "Where tha' ballas at?!"

 

[boilermaker x]

Originally Posted by North Dade Represent

But if you get a large enough sample size, mean and median should reflect the same discrepancy in a comparative study.
Unless you have a disproportinate amount of extremely wealthy black women comparted to white women, the mean should be a lot lower too.

Now we're getting all statistical but your presumption is that there is a normal distribution of "wealth" in which case the mean and median would be similar...which I don't believe matches with my personal experience.  Solely based on my meager personal experience, I know many with very little accumulated wealth and a small number that do very, very well for themselves.  What's more - and here again I'm delving purely into personal experience - I know many white women with education and careers that still "marry up" whereas many of the black women I know who are otherwise very similar to their white counterparts as far as education, career, and income end up being the breadwinners or sole earners in their families. 

 

[Methodical Management]

i notice that article rushes straight to predatory lending, as i expected it would, but conveniently omits institution of policy. 
I think a more careful reading would reveal the underlying policy implications.  For instance:  "The line from redlining to sub-prime is direct, as is the culpability."

Again, we can take it back to the Freedmen's bank in the 1870's, the Homestead Acts, HOLC/VA/FHA underwriting policies, or the tailoring of the Social Security Act of 1935 to exclude domestic workers.  There's no denying the role of government policy in creating this stark, enormous wealth gap. 

 

[nuggets]

Originally Posted by popcornplaya

That's why shorties hollain' "Where tha' ballas at?!"

thank you for that insightful and enlightening social commentary

 

[k2theablam]

Originally Posted by 40inchBoost

[color= rgb(255, 0, 0)]SO HOW DO WE FIX THIS THEN?[/color]

BLACK FEMALES NEED TO COME UP!

 

[downtown43]

Originally Posted by Boilermaker X

recycledpaper wrote:

---

this makes sense to me. it says MEDIAN, not AVERAGE.

I can't believe this took until page 3 for someone to point out that "MEAN" and "MEDIAN" are different.  Similarly, the article used the term "wealth" and not "income" or "money."  The only thing you can conclude from the headline is that half +1 of the black women surveyed had no assets and half +1 of the white women had $42K worth.  It says nothing of the distribution, average, anything.  Make of it what you will.  (And I'm sure NT will.)

Is it really so surprising that half of black women have zero assets?  That they owe less than they own?  I know everyone on NT craps money so think of the people you know.  How many of them owe more than the own?  How many of them marry and immediately acquire wealth?  What is the racial breakdown?  I'm just spitballing but there are myriad explanations that are far more mundane than the attention-grabbing headline. 



Wealth (Group A):
$0
$0
$0
$10,000,000
$30,000,000,000
Mean wealth: $8,000,000
Median wealth: $0


Wealth (Group B):
$0
$0
$10,000,000
$10,000,000
$30,000,000
Mean wealth: $10,000,000
Median wealth: $10,000,000        

be that as it may, the median wealth for black women is still $42,000 less than that of white women.

it's an "attention-grabbing headline" for the numerous NTers who seemed to have missed out on statistics class, but it still reflects a serious problem. half of black women have zero assets? thats terrible.

 

[dyzzle]

well who's fault is it really?....

 

[popcornplaya]

Originally Posted by nuggets

Originally Posted by popcornplaya

That's why shorties hollain' "Where tha' ballas at?!"

thank you for that insightful and enlightening social commentary

Drug dealers buy Jordans, crackheads buy crack. And the white wiminz get paid off of all of that.