It's the Wealth Gap, Stupid

[limpyhobbler]

1. Hey

I just read that article.

One of the stats in the article really stood out to me so I wanted to make a post to draw extra attention to it:

One of the most dispiriting trends is a quickly expanding racial wealth gap. Prior to the recession, the average African American and nonwhite Hispanic families owned 10 percent of the wealth of the average white families. But the recession has hit hard. Not only do minority families have larger shares of their assets held as housing equity, they are also more likely to live in communities hard hit by foreclosures and housing price drops. New findings from Pew Charitable Trusts estimate that this figure has been cut in half: Minority families now own a nickel for every dollar of their white counterparts.

(emphasis added)
A nickle on the dollar. Wow.
That number is truly astonishing to me. Maybe it shouldn't be, but it is.