As Congress and the White House wrestle whether to raise taxes for the wealthiest Americans, a new analysis of Census data shows that the wealth gaps between whites and blacks and Hispanics widened dramatically during the recession.
The analysis by the Pew Research Center, released on Tuesday, found that from 2005 to 2009, inflation-adjusted median wealth fell 66 percent among Hispanic households and 53 percent among black households, compared with a 16 percent decline among white households.
Those declines increased the wealth gap between white and minority households to the largest since the census began collecting such data in 1984. The ratio of wealth for whites to blacks, for instance, is now roughly 20 to 1, compared to 12 to 1 in the first survey 25 years ago and 7 to 1 in 1995, when a booming economy lifted many low-income Americans into the middle class.
The wealth ratio for whites to Hispanics was 18 to 1 in 2009, also up from 7 to 1 in 1995, the Pew analysis found.
The declines from the recession left the median black household with $5,677 in wealth (assets minus debts, where assets include items like a car, a home, savings, retirement funds, etc.) and the typical Hispanic household with $6,325. White households, by comparison, had $113,149, the study found.
National Urban League President and CEO Marc Morial called the report a “wake-up call” that minority communities need more investment in long-term job creation.
In the Book of Genesis, which means the book of “beginnings”, we find the expression of a seed principle that runs throughout the scriptures, and a principle that will endure as long as earth. Chapter 8, verse 22 reads, “As long as the earth endures, seedtime and harvest, cold and heat, summer and winter, day and night will never cease.” In other words, seedtime and harvest, that is “sowing and reaping”, will be as unchangeable and predictable as day and night.
Sowing and reaping is a law, like the law of gravity. The law of gravity always works the same way for everyone. So does the law of sowing and reaping. It’s a fixed principle that God built into his creation. In Galatians 6:7, we are told, “Whatever a man sows, that he will also reap.”
If we would just sow (you reap what you sow) some money into one another (your harvest) by simply recycling dollars (paying it forward) between one another (watering the seed) we would create an extraordinary income (harvest) for all. Create an Asset that will Pay You.
For more information go to: http://recyclingyourdollarsonline.info