Think all Americans have been equally affected by the Recession? Think again...
A new report by the Urban Institute reveals that Americans are not all equally affected by the recession and that Blacks and Hispanics have been hit harder than whites.
The report also reveals that the wealth gap between whites and minorities has increased over the last half-decade. “The great recession didn’t cause the wealth disparity between white families and families of color but it certainly did exacerbate it,” said Caroline Ratcliffe, senior fellow with the Urban Institute.
Darrick Hamilton, a professor at the New School in New York echoed Ratcliffe’s sentiments.“It was already dismal,” Hamilton said of the wealth gap between black and white households, adding: “It got even worse.”
Between 2007 and 2010, non-Hispanic white families lost 11 percent of their wealth compared to Hispanic families (44%) and black families (31%). And in 2010, non-Hispanic white families were six times as wealthy as minorities, according to study. (Prior to the recession, they were only four times as wealthy).