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• 1 2022-11-29T14:02:59-08:00 Intro 12 plain 2022-12-09T09:21:47-08:00      There is no doubt wealth inequality exists in the United States. While we may differ on the causes of such inequality, its existence is undeniable. When we disaggregate wealth disparities based on racial and ethnic lines the differences are stark, and lasting. This graphic, published by the Asset Building Policy Network in 2019, illustrates just how vast those divides were in 2016.
   
       We see income disparity amongst races, with there being a 42% gap in the median income, defined as wages or capital gains, between Whites and Blacks in the U.S. These huge gaps persist even after a plethora of different laws enacted by Congress since the 13th, 14th, and 15th Amendments to the U.S. Constitution were written. It is no overstatement to say America has a big problem with race. These income inequalities deserve deeper analysis because they are a part of the wealth inequality equation, and directly impact one's ability to own a home. When we look at the wealth gap the differences become much more pronounced. In the graphic, wealth is described as the sum of one's assets minus their debts. A 90% gap exists between Whites and Blacks, more than double the income gap. There is no coincidence the graphic uses a home to symbolize wealth. In America a home is much more than shelter. They are investments which can be leveraged to fully activate one's participation in the U.S. economy.
  
       We will go on a journey peeling back the onion of how housing discrimination birthed housing inequality, which has crippled the wealth generating engine of the African American community for years. After the journey is over the hope is the reader will be left with questions that will lead to further research, and more importantly, action. A few come to mind. What are the economic ramifications of collective action by the private market and U.S. government to lock Black Americans out of fully participating in the housing market? Less serious, but still interesting, what are the ramifications of discriminatory housing policy on hip-hop popular culture which was birthed from the concentration large minority populations in redlined neighborhoods, and housing projects? Lastly, how can we close the wealth gap, by getting more minorities owning homes.