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Subject: "Why are black millennials falling further behind economically?" Previous topic | Next topic
PimpTrickGangstaClik
Member since Oct 06th 2005
15289 posts
Tue Apr-27-21 05:53 PM

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"Why are black millennials falling further behind economically?"


  

          

The picture below tells the story.

https://www.stlouisfed.org/~/media/Blog/2021/April/BlogImage_IEEGenWealthPart2_Race_040121.png?la=en

During the financial crisis, all millennials struggled. The median white millennials in 2007 had 55% less net worth than older generation whites at the same age. By 2019, they pretty much recovered. They just lag behind by 5%.

But for median black millennials, they were 18% behind older generation blacks at the same age. And in 2019, they've gotten worse. In 2019, they lag behind older generation blacks by
52%.

What's going on here?

https://www.npr.org/sections/money/2021/04/27/990770599/there-is-growing-segregation-in-millennial-wealth

It gets even worse when you look at the trends. White millennial families made huge strides between 2016 and 2019, and they now lag previous generations of white families by only about 5%. Between 2007 and 2019, however, Black millennials fell further and further behind — not just compared with white millennials, but compared with previous generations of Black Americans. While white millennials trail the wealth of previous generations of white Americans by only 5%, Black millennials trail previous generations of Black Americans by 52%. The typical Black millennial has $5,700 less in net worth than counterparts in previous generations.

"That's incredibly shocking, because Black Americans have made great progress in terms of political representation and other measures — but it doesn't seem to be translating into wealth gains," Kent says.



  

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Topic Outline
Subject Author Message Date ID
it's harder for us to recover from all these financial crises
Apr 27th 2021
1
it all feels pointless
Apr 28th 2021
8
Why?
Apr 27th 2021
2
I don't have to read any of all of those words to know the answer.....
Apr 28th 2021
3
Are you white? Do you live in another country?
Apr 28th 2021
4
The points in that article are pretty obvious. Something interesting to
Apr 28th 2021
5
this too
Apr 28th 2021
6
Great observation- Whites trained to lead
Apr 28th 2021
11
RE: Great observation- Whit
Apr 30th 2021
15
I've seen this too.
May 03rd 2021
21
because millenials are in general
Apr 28th 2021
7
They want things to be fair. And nothing is fair nm
Apr 28th 2021
9
have not read the book but thought this taxes
Apr 28th 2021
10
the article cites student debt as a possible reason, since income is on
Apr 29th 2021
12
I didn't realize student loans had such racial disparities
Apr 29th 2021
13
      I can't say I disagree with you BUT the Pell Grant should be enough to p...
Apr 30th 2021
14
      i cant imagine how good it feels for your fam to GIVE you racks
Apr 30th 2021
16
           We are setting our kids up to receive stacks
May 03rd 2021
19
All of the our income gains were wiped during the recession
May 02nd 2021
17
Because Murica is racist
May 03rd 2021
18
its not systematic racism thats for sure
May 03rd 2021
20
Guess who’s Black?
May 04th 2021
22
      dont you drive a Subaru?
May 04th 2021
23
           so... you aren’t Black?
May 05th 2021
24
                you drive a Subaru? what black man drives a Subaru?
May 05th 2021
25
                     only a white man would think this is funny or accurate
May 05th 2021
26
                     if I weren't wedded to my brand I would be in an Outback
May 12th 2021
27
                          nah... your BLACKNESS won’t let you buy a Subaru
May 12th 2021
28

BrooklynWHAT
Member since Jun 15th 2007
81142 posts
Tue Apr-27-21 06:58 PM

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1. "it's harder for us to recover from all these financial crises"
In response to Reply # 0


  

          

considering we already started well behind the 8ball anyway w/ the absurd job market a lot of us graduated into

i saw so many of my friends who have scratched and clawed over the last 9 years since college, to get these jobs that we should've been able to get straight out of school

struggle to get to a somewhat stable place to where they can start to make moves in life now, only to have had the rug pulled out from under them because of COVID. i hear how they talk about the student loan debt they are in and how they never actually expect to be done paying it.

im thankful i have savings and experience that looks good on paper and plays well in conversation.

tbh i think our gen is SOL by and large. the next gen might have a better run of it. hopefully they have better luck w/ world events lmao

<--- Big Baller World Order

  

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shamus
Member since Oct 18th 2004
4395 posts
Wed Apr-28-21 07:25 PM

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8. "it all feels pointless"
In response to Reply # 1


  

          

>
>
>tbh i think our gen is SOL by and large.


--
the untold want by life and land ne'er granted
now voyager sail thou forth to seek and find

  

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double negative
Member since Dec 14th 2007
21822 posts
Tue Apr-27-21 07:53 PM

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2. "Why? "
In response to Reply # 0


  

          

traditional institutions of wealth building have been robbed.

education when viewed as a tool of guaranteed upward mobility has been in a game of cat and mouse. completing college wasnt seen as the only way to get ahead, then it became the only way to get ahead. minorities jumped in, then the stakes were raised and now the cost is not a few grand but your entire future. The structure of it all has kind of reveresed, before it was a question of what will happen to your future if you DO NOT go and now its a question of what will happen to your financial future if you DO go to college.

power and wealth were first protected using exclusionary practices but then it became hard not to rip off your own kind because the power to do so was intoxicating.

black america was the test kitchen but the meal was eventually served to the whole house.

the difference in it all is white people are still able to dip into the pool of generational wealth while Black Americans, regardless of economic standing are a sneeze away from having their position compromised.

I'm immediately surprised by the findings, but when I put on my hat of history, I am not surprised.

Fuck all of this shit.

***********************************************************
https://soundcloud.com/swageyph/yph-die-with-me

  

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FLUIDJ
Member since Sep 18th 2002
43523 posts
Wed Apr-28-21 07:13 AM

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3. "I don't have to read any of all of those words to know the answer....."
In response to Reply # 0


  

          

  

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legsdiamond
Member since May 05th 2011
69452 posts
Wed Apr-28-21 07:21 AM

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4. "Are you white? Do you live in another country?"
In response to Reply # 0


          

****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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soulfunk
Charter member
9395 posts
Wed Apr-28-21 07:53 AM

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5. "The points in that article are pretty obvious. Something interesting to "
In response to Reply # 0


  

          

me though is seeing millennials in corporate America and the types of moves they make or don't make. Younger white employees are WAY more willing to take career risks - and there are of course many systematic reasons why that is that we all know. I've been at my company for 15 years, and I'm in a good spot at this point.

But I'll watch the moves that younger people make - the younger Black employees will go for career paths similar to my own - relatively linear in moving up the ladder. There's more stability in that path, but it takes a long time because with promotions and raises you'll rarely get more than 3-5% per year. On the other hand I'll see other younger folks take huge risks - like leaving a secure role for one that is a temporary project, or a newly created team, or going for what might seem like a linear move but in a different part of the organization giving them additional experience to prep for a big jump. Sometimes they'll get burned by that - I've seen them get laid off when a project is completed or when a team was eliminated because of a restructure. But they ALWAYS come back stronger, either within our company to a new, even higher role or somewhere else, and end up in very high positions at a much younger age.

Again, we know all the various reasons why, and there is absolutely multiple levels of bias built into the hiring process. In mentoring younger Black colleagues I try to encourage them to take risks, but I still see it time and time again. It speaks to the top end of stats like this - there's plenty of Black millennials with college degrees and strong work experience making 75-100k while white peers of theirs are making 150-200k with the same amount of experience in years, but that experience is more broad and includes multiple big jumps through the career from risks that were taken.

  

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BrooklynWHAT
Member since Jun 15th 2007
81142 posts
Wed Apr-28-21 08:52 AM

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6. "this too"
In response to Reply # 5


  

          

<--- Big Baller World Order

  

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Mori
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Wed Apr-28-21 10:11 PM

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11. "Great observation- Whites trained to lead"
In response to Reply # 5


          

I think there are three big reasons for professional/corporate success.

1) Leadership

I have noticed white young people are given opportunities to lead and take on responsibility at a very early age. People trust white leadership. Are they more efficient? Do they double check mistakes? Is this a slavery carry over? Overall, even in largely black orgs, white people are in leadership positions and expect to lead.

2) Mentorship

Most white people who earn high salaries have mentors who guide them. Learning how direct people, delegate, be neutral during conflict and solve problems are very high level skills that must be learned through experience.

3) Networking
I know people of other races, not black or white, who are also doing very well. They network, let other people know what opportunities are available.

Rise & Shine
Thrive & Grind
Heart & Mind

  

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ShawndmeSlanted
Member since Oct 30th 2004
42764 posts
Fri Apr-30-21 07:20 AM

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15. "RE: Great observation- Whit"
In response to Reply # 11


  

          


>
>I have noticed white young people are given opportunities to
>lead and take on responsibility at a very early age.
>



To me the biggest thing you said was this first sentence. I’ve seen it time and time again in my field— education. Mediocre white people who get more opportunities to lead that they haven’t earned.









>2) Mentorship
>
>Most white people who earn high salaries have mentors who
>guide them. Learning how direct people, delegate, be neutral
>during conflict and solve problems are very high level skills
>that must be learned through experience.
>
>3) Networking
>I know people of other races, not black or white, who are also
>doing very well. They network, let other people know what
>opportunities are available.

---
"though time has passed, im still the future" (c) black thought

  

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tariqhu
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Mon May-03-21 01:43 PM

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21. "I've seen this too."
In response to Reply # 5


          

companies don't pay for loyalty like folks expect them to. most times, you have to leave to get real salary increases.

Y'all buy those labels, I was born supreme

  

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Dr Claw
Member since Jun 25th 2003
131161 posts
Wed Apr-28-21 09:11 AM

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7. "because millenials are in general"
In response to Reply # 0


  

          

thanks to 40 years of neoliberal bullshit (implosion of labor power, erosion of worker's rights, shrinking of "prestige" employment, offshoring of certain labor)

and the fact that they are also Black, because in capitalism, esp. in the U.S., anti-Blackness is the engine. Black people are generally reserve labor.

the idea that there has been "progress in political representation" is a myth. You see black faces, but no Black policy advanced.

Yes, I'm mad. Let's move on.

Jays | Cavs | Eagles | Sabres | Tarheels

PSN: Dr_Claw_77 | XBL: Dr Claw 077 | FB: drclaw077 | T: @drclaw77 | http://thepeoplesvault.wordpress.com

  

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Binlahab
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Wed Apr-28-21 07:41 PM

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9. "They want things to be fair. And nothing is fair nm"
In response to Reply # 0


  

          

  

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sosumi
Member since May 30th 2012
816 posts
Wed Apr-28-21 09:56 PM

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10. "have not read the book but thought this taxes"
In response to Reply # 0


  

          

angle made so much sense…

https://www.audible.com/pd/The-Whiteness-of-Wealth-with-Dorothy-A-Brown-Podcast/B092RFX51Z

  

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nonaime
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2989 posts
Thu Apr-29-21 09:26 AM

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12. "the article cites student debt as a possible reason, since income is on"
In response to Reply # 0


          

par with expectation.

~~~~~~~~
A bad Samaritan averaging above average men (c) DOOM

  

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PimpTrickGangstaClik
Member since Oct 06th 2005
15289 posts
Thu Apr-29-21 10:09 AM

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13. "I didn't realize student loans had such racial disparities "
In response to Reply # 12


  

          

I hate to say it, but college is not the right move for a lot of folks.
It's been burned into people's heads that college is the next step after HS and you need to attend by any means necessary. So a lot of people end up going to useless schools for useless degrees that (if they happen to graduate) won't put them in a much better position.

This phenomenon sadly is largely affecting black folks disproportionately.

https://www.washingtonpost.com/outlook/2021/04/09/student-loans-black-wealth-gap/


Black college graduates have higher debt loads, on average, than White college graduates. Black debt rises over time, White debt diminishes. Upon graduation, the average Black graduate owes $23,400 vs. the White graduate’s $16,000, according to the Brookings Institution. Four years later, the gap triples. Within four years of graduation, average Black debt is $53,000 and White debt is $28,000.

Even at the top end of the income spec­trum, Black students have higher student loans ($4,643, on average) than White students ($3,835), and Black parents take out larger loans to help pay for college ($3,303 vs. $1,903).

What accounts for that difference? First, it’s the schools students attend. Wealthier colleges, which can afford to award financial aid and scholarships, disproportionately admit White students: White students are almost five times as likely to go to a selective university than Black students, even when controlling for income. Meanwhile, a higher share (12 percent) of Black students attend for-profit colleges than very selective universities (9 percent), because online and part-time features allow them to work while getting their degrees. These schools usually do not award any financial aid and are in effect extremely expensive, given their low graduation rates.

Another factor is the wealth disparity between Black and White families. Black college students are less likely than their White peers to receive tax-free gifts from their parents and grandparents. A study examining financial transfers of at least $10,000 in Black and White families between 1989 and 2013 found that only 9 percent of Black households received such a gift, compared with 32 percent of White ones. And the scale of the gifts was remarkably modest: “White college-educated families received $55,419 at the median and $235,353 at the mean, while their Black counterparts received $36,260 and $65,755, respectively.”


  

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nonaime
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Fri Apr-30-21 04:12 AM

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14. "I can't say I disagree with you BUT the Pell Grant should be enough to p..."
In response to Reply # 13


          

for any public university. And every broke adult should be eligible to receive the Pell Grant. Don't get me started on FASFA and those mofos looking at my pockets to determine if my adult child is broke or not. I'd do anything for them, but guess what, they're broke AND homeless. When they get their own place, want me to pay for any rent too?

>I hate to say it, but college is not the right move for a lot
>of folks.
>It's been burned into people's heads that college is the next
>step after HS and you need to attend by any means necessary.
>So a lot of people end up going to useless schools for useless
>degrees that (if they happen to graduate) won't put them in a
>much better position.

I can't say I disagree with you there. Even in my field of work, there are non University driven ways to get a decently paying job. Hell, I have a STEM ungrad degree...but nothing to do with what I'm doing now. (I dd get another degree that aligns with what I do, though)

~~~~~~~~
A bad Samaritan averaging above average men (c) DOOM

  

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BrooklynWHAT
Member since Jun 15th 2007
81142 posts
Fri Apr-30-21 08:53 AM

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16. "i cant imagine how good it feels for your fam to GIVE you racks"
In response to Reply # 13


  

          

<--- Big Baller World Order

  

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legsdiamond
Member since May 05th 2011
69452 posts
Mon May-03-21 12:44 PM

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19. "We are setting our kids up to receive stacks"
In response to Reply # 16


          

and hopefully property as well.

****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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Kira
Member since Nov 14th 2004
28335 posts
Sun May-02-21 12:31 AM

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17. "All of the our income gains were wiped during the recession"
In response to Reply # 0


  

          

According to data.

Factor in predatory policing, Reagonomics, the war on drugs, the highway act both crime bills, the creation of and intentional distribution of drugs into the community etc and it becomes easy to see how over the course of decades we wind up here.

It's kinda hard to gain wealth when your community is constantly targeted.

No empathy for white misery (c) BDot

"root for everybody black haters say that's crazy, wow..."

  

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Musa
Member since Mar 08th 2006
15625 posts
Mon May-03-21 09:59 AM

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18. "Because Murica is racist"
In response to Reply # 0


  

          

it ain't rocket science.

<----

Soundcloud.com/aquil84

(HIP HOP)
http://aquil.bandcamp.com

  

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seasoned vet
Member since Jul 29th 2008
5578 posts
Mon May-03-21 12:57 PM

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20. "its not systematic racism thats for sure"
In response to Reply # 0


  

          

  

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legsdiamond
Member since May 05th 2011
69452 posts
Tue May-04-21 03:20 PM

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22. "Guess who’s Black? "
In response to Reply # 20


          

so...

Are you?

****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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seasoned vet
Member since Jul 29th 2008
5578 posts
Tue May-04-21 10:10 PM

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23. "dont you drive a Subaru?"
In response to Reply # 22


  

          

  

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legsdiamond
Member since May 05th 2011
69452 posts
Wed May-05-21 10:49 AM

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24. "so... you aren’t Black? "
In response to Reply # 23


          

****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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seasoned vet
Member since Jul 29th 2008
5578 posts
Wed May-05-21 10:56 AM

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25. "you drive a Subaru? what black man drives a Subaru?"
In response to Reply # 24


  

          

  

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legsdiamond
Member since May 05th 2011
69452 posts
Wed May-05-21 11:03 AM

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26. "only a white man would think this is funny or accurate "
In response to Reply # 25


          

****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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Dr Claw
Member since Jun 25th 2003
131161 posts
Wed May-12-21 12:57 PM

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27. "if I weren't wedded to my brand I would be in an Outback"
In response to Reply # 25


  

          

one of the only wagons on the market and certainly the only one outside of the luxury-pricing market (the TourX was on the edge)

I don't count/rate crossovers even though the Ascent is not like the rest of the blobs

Yes, I'm mad. Let's move on.

Jays | Cavs | Eagles | Sabres | Tarheels

PSN: Dr_Claw_77 | XBL: Dr Claw 077 | FB: drclaw077 | T: @drclaw77 | http://thepeoplesvault.wordpress.com

  

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legsdiamond
Member since May 05th 2011
69452 posts
Wed May-12-21 01:33 PM

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28. "nah... your BLACKNESS won’t let you buy a Subaru"
In response to Reply # 27


          

****************
TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*

  

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