The Racial Wealth Gap, and Congress’ Ignorance

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


The Washington Independent tackles an important issue — the wealth gap.

As Washington policymakers screamed bloody murder last month over bonus payments for a few hundred AIG employees, another much larger scandal flew virtually unnoticed on Capitol Hill: The divide between the wealth of blacks and whites — already gaping — grew again…. According to the Federal Reserve, the net worth of the typical African American family in 2007 was just 10 percent of the net worth of the typical white family — down from 12 percent in 2004. Put another way: For every $1 held by whites five years ago, blacks had 12 cents. Three years later, they had a dime….

The staggering statistic has taken some powerful lawmakers by surprise. Participants in a wealth gap summit on Capitol Hill last month said that House Majority Leader Steny Hoyer (D-Md.), who attended the event, was shocked to learn the extent of the disparity.

There’s a lot more in the Independent article; little of it is new. The fact that the average black family in America has a fraction of the assets of the average white family is well known to the activist and policy communities, and the governmental policies, past and present, that have contributed to that phenomenon have been reported out in this magazine and others. The fact that anyone in Congress, particularly Democrats, is surprised by this is pretty shocking.

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate