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In addition to finding that Black households have a median net
worth of zero compared to $210,000 for white families,
researchers from the Institute on Race, Power and Political
Economy also found that black residents are far less likely to
own stock, individual retirement accounts and homes compared to
white, Mexicans and Puerto Rican families.
Ford said access to jobs is important.
“If you look at contract opportunities and jobs, the rate of pay
and the pay disparity with Black people, you don't see diversity
in the workplace the way you should,” Ford told The Center
Square. “It's all about contracts and opportunities. Government
helps individuals become millionaires, whether it's an
individual or corporation, they all rely on government
assistance. The only reason why other groups are able to succeed
and have built wealth for their families is because they're
given opportunities.”
With much of the deficit in Black household wealth linked to the
checkered history of race-based covenants, redlining and other
forms of segregation, Ford argued that Black residents continue
to pay a heavy price.
“It's an inherent problem that's generational that's passed on,”
he said. “Some people pass on wealth, some people pass on
poverty and if we want to do better as a society we have to look
at government leading the way with contracts.”
Ford said there is still much work to do before things are as he
feels they should be.
“I think that we’re going backwards,” he said. “It's getting
worse, and Black people trying to start businesses don't have
the capital. Look at cannabis right now. Cannabis is a perfect
example of a new industry that Black people can't be as engaged
in because they don't have capital.”
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