Study Says White Families Wealth Advantage Has Grown
This study in 2004 claims white families's wealth advantage has grown after the last recession (2001) and blames it on racism. I disagree, the real cause is mass immigration. This also hit many working-class whites hard as well, but as a percentage of the white population, it shows little impact. Hispanics were so far down to begin with, they did go up even as millions of them flooded the low-wage service and construction industries.
When the 2008 crash sort of recovered under President Obama most of the gains flowed to the top 5% while the largest losers were working class whites. During this entire period foreigners flooded the US labor market both legal and illegal.
This depressed wages across the board and those losing jobs in manufacturing for example faced even more depressed wages in services and construction. It wasn't planned racism, it's cheap labor economic policies built on mass immigration. The results none the less end up racist. Focusing on this as just racism won't address the problem.
This issue finally exploded with the 2016 election of President Trump as a shattered white working derided by Democrat racists and Republican open borders corporatists. So strong was Wall Street's fear of dealing with immigration and controlling our borders the donated $48 million to the Clinton campaign and $19,000 to Trump.
It would be wise to understand that while this is dated what led to the 2016 revolt. That revolt began in 2004 and was evident in the inability of Washington to pass mass amnesty and open borders under President Bush.
President Trump must order mass workplace raids so Americans can get jobs and punish illegal employers. We must also curb all quest worker programs including the abused H1B visa.
Here is an example:
Residents lined up for jobs at Howard Industries by Ed Kemp, Hattiesburg (Mississippi) American, August 26, 2008
About 30 cars were lined up in front of Howard Industries' Laurel plant today filled with people looking for jobs. An estimated 350 workers are being held at an undisclosed location following an early morning raid Monday on Howard Industries that officials say is the largest round-up of its type in Mississippi in recent years.
The U.S. Immigration and Customs Enforcement agency said the 350 employees at a Howard Industries plant in Laurel are in the country illegally. Federal warrants were issued at the plant early Monday and also at the corporate headquarters in Ellisville.
Shantay Holles (she is black), 26, of Heidelberg said she used to work at Howard Industries as an electric tester but was fired last year. She said she is applying today because she heard on the news about the ICE raid. "That's all they would hire-Mexican, Mexican, Mexican!" Holles said.
Samantha Stevens, 18, a 2008 graduate of Heidelberg High School, said she couldn't find a job and she is glad the ICE stepped in. "We were here first. It's not fair for them to have a job," Stevens said.
Note that the term "white families" is deceptive when only certain whites, those with advanced degrees or earn most of the money from business and investment, were the main winners.
Study Says White Families' Wealth Advantage Has Grown
October 18, 2004
By THE ASSOCIATED PRESS (extract) Note my comments in green.
The enormous wealth gap between white families and black and Hispanic families grew larger after the most recent recession, a private analysis of government data has found. White households had a median net worth of greater than $88,000 in 2002, 11 times that of Hispanic households and more than 14 times that of black households, the Pew Hispanic Center said in the study, being released Monday.
Note that the New York Times, the Pew Hispanic Center, and AP refuse to separate legal American (Hispanic) citizens from the millions of illegal Latinos in this country used by wealthy whites to drive down wages of all low income and working-class people. Wealthy liberal whites/others simply use them to gain votes and political power. They know very well illiterate, unskilled third-world "immigrants" will vote for the welfare state and those offering handouts. Business simply shifts what should be its labor cost onto the welfare state.
Blacks were slowest to emerge from the economic downturn that started in 2000 and ended early in 2001, the report found. Net worth accounts for the value of items like a home and a car, checking and savings accounts, and stocks, minus debts like mortgage, car loans and credit card bills.
It should be noted at the very time they ended segregation and discrimination against blacks, the wealthy white liberals and big business whites flooded the declining economy with millions of cheap foreign workers that cut black people off from any hope of advancement. Since 1970 the US population has grown by 100 million and has caused massive inflation in addition to falling overall wage scales due to the decline of manufacturing.
Roberto Suro, director of the Pew Hispanic Center, said the accumulation of wealth allows low-income families to rise into the middle class and "have some kind of assets beyond next week's paychecks." "Having more assets enabled whites to ride out the jobless recovery better," Mr. Suro said.
Yet Mr. Suro ignores illegal alien Hispanics, most that have entered the country since the 1980s mass amnesty, have neither the skills nor time to accumulate any real assets. Many send a considerable amount of their money back to Latin America as remittances and don't buy anything here anyway. Besides displacing mostly blacks, they drain the overall economy by sending billions out of the country, while flooding the welfare roles and school systems.
According to the group's analysis of Census Bureau data, nearly one-third of black families and 26 percent of Hispanic families were in debt or had no net assets, compared with 11 percent of white families. "Wealth is a measure of cumulative advantage or disadvantage," said Roderick Harrison, a researcher at the Joint Center for Political and Economic Studies, a Washington research organization that focuses on black issues. "The fact that black and Hispanic wealth is a fraction of white wealth also reflects a history of discrimination."
It has nothing to with "discrimination", but displacement from the labor force. The massive amounts of welfare, etc. received by Hispanics and blacks alike are not counted as income. Second, even at 11% poor whites still far outnumber poor blacks and Hispanics.
After accounting for inflation, net worth increased 17 percent for white
households from 1996 to 2002 and 14 percent for Hispanic homes, to about
$7,900. It fell for black households by 16 percent, to roughly $6,000.
The median net worth for all American households, representing all races and ethnicities, was $59,700 in 2002, a 12 percent gain from 1996. Only white homes recouped all their losses from 2001 to 2002. Both Hispanics and blacks lost nearly 27 percent of net worth from 1999 to 2001; the next year Hispanics gained it almost all back (26 percent), while blacks were up only about 5 percent.
But those "white households" include most of the wealthiest people in the country whose massive gains that drove up the white average overshadowed the massive losses by lower income whites. Average $200,000 with five people earning $20,000 each. Did six people really earn $60,000 each? Hispanics may have "gained it almost all back" because they were so low to begin with and gained it at the cost to mainly blacks and the benefit of wealthy liberal whites. Most of that went on at a time illegal and legal immigration exploded. It destroyed any chance blacks had to gain anything.
Mr. Harrison said Hispanics were more insulated from the downturn than blacks, so they suffered less. For example, Hispanics made employment gains in lower-paid, lower-skilled areas like service and construction. Blacks were hit hard by job losses in the manufacturing industry and in professional fields, where they were victims of "last hired, first fired" policies, he said.
How about "last hired, first fired," then replaced by illegal aliens so business could reduce labor costs to boost profits?
Displacing even whites
To quote the Washington Post August 31, 2005:
The poverty rate climbed in 2004 to 12.7 percent, from 12.5 percent in 2003 -- the fourth year in a row that (white) poverty has risen. The increase was borne completely by non-Hispanic whites, the only ethnic group that saw its poverty rate rise. The percentage of whites in poverty rose from 8.2 percent in 2003 to 8.6 percent...
Number of White people living in poverty: 21,922,000
Number of Black people living in poverty: 8,360,000
(U.S. Census Bureau, 1999)
Blacks big losers in 2008
Edwin S. Rubenstein October 05, 2008: September Data Shows Immigrants Displacing American Workers - Especially Blacks
Some updated extracts:
The U.S. economy shed 159,000 jobs in September, the worst showing since March 2003, the Labor Department reported Friday. Since the start of the year (2008) 760,000 payroll jobs have been lost...Hispanic workers...their employment rising, their unemployment rate in decline. (Hispanics, heavily foreign-born are a proxy for immigrants, whom the Federal government does not identify in this survey).
American workers became discouraged in September. More than 120,000 stopped looking for work and left the labor force. They are not counted as unemployed; as a result the national unemployment rate did not increase - remaining at 6.1 percent. The rate of Black unemployment soared to 11.4% in September from 10.6% in August. This came despite a whopping decline in Black labor force participation rates. Black employment fell by 360,000, or 2.3 percent.
Whites held their own, losing 42,000 jobs - a 0.04% decline. White unemployment remained at 5.4% of the white labor force. The Hispanic unemployment rate declined in September, to 7.8 % from August's 8.0%. More than one million (1,204,000) non-Hispanics have lost jobs since January, many of them displaced by low wage Hispanic immigrants. Hispanic employment rose by 211,000 over the same period.
Trends in Hispanic and non-Hispanic employment since the start of the Bush Administration are tracked the following graphic: Since January 2001 Hispanic employment has increased by 4,413,000, or 27.4 percent, while non-Hispanic employment grew by 3,066,000, or 2.5 percent.
The ratio of Hispanic to non-Hispanic job indexes, which we call VDAWDI (the V-Dare.com American Worker Displacement Index), rose to a record 124.2 in September from 123.5 in August. Neither the (reported) decline in illegal immigration nor the loss of more than one million jobs in the U.S. has staunched the rate at which Hispanics are displacing non-Hispanics in the workforce.
Edwin S. Rubenstein is President of ESR Research Economic Consultants in Indianapolis.