Study predicts huge and growing gulf between white US households and everyone else could be disastrous for future of America’s middle class
Growing up in the projects of Baltimore in the 1980s, things like savings accounts, stocks and bonds were completely foreign to Mysia Hamilton. Asked if her parents could have passed along some money to help her buy a car, go to school or put into a house, she can’t help but chuckle.
“No, that wasn’t there. There was no wealth. My mother was working, she was providing – we weren’t on the street begging – but there was no money in terms of ‘here you go’. No money to pass down.”
Three years from now, white US households are projected to own 86 times more wealth than black households
African-American households are making ‘middle-income money’ – but have the wealth of a white high-school dropout