Take Two translates the day’s headlines for Southern California, making sense of the news and cultural events that affect our lives. Produced by Southern California Public Radio and broadcast from October 2012 – June 2021. Hosted by A Martinez.
While we continue to see signs of economic recovery in the U.S., some experts point to a persistent wealth gap among different groups as a troubling sign in the economy. That gap is especially stark among racial groups, according to a new study out from the Center for Global Policy Solutions.
The authors of the report also say closing that wealth gap is fundamental to the country's national security.
Dr. William Darity, one of the authors and professor of public policy at Duke University, joins Take Two to explain the findings of the report.
Key highlights from the report include:
- More than 40 percent of Asian and Hispanic homeowners lived in one of the states hardest hit by the housing crisis (which include Arizona, California and Nevada).
- Latino homeowners experienced the largest drop in net worth following the recession.
- For most African Americans and Latinos, checking accounts are their only liquid asset.
- For every dollar in wealth held by whites, African Americans and Latinos held only 5 and 6 cents respectively. Even in the recovery period, that disparity remains nearly unchanged.
The full report, Beyond Broke: Why Closing the Racial Wealth Gap is a Priority for National Security, is available online.