- ‘Wealth gaps’ widen as net worth of blacks, Hispanics plunges, By Rick Montgomery, July 26, 2011, Kansas City Star: “Back when she approached her mid-40s, Edna Reed thought she’d finally made it into America’s ownership society. Now she’s 50. ‘I lost my house, lost my job, lost my car,’ said Reed while eating a free lunch Tuesday with hundreds of other needy people, predominantly black and Hispanic, at a community center in Kansas City, Kan. Earlier in the day, new research showed that ‘wealth gaps’ between white people and the nation’s two largest minority groups had expanded to their widest levels in at least a quarter-century. The collapse of the housing market, persistent joblessness and uneven recovery since 2005 may have wiped out decades of incremental gains for Hispanic and African-American households, according to the Pew Research Center…”
- Wealth gap widens between whites, minorities, By Hope Yen (AP), July 25, 2011, Salt Lake Tribune: “The wealth gaps between whites and minorities have grown to their widest levels in a quarter-century. The recession and uneven recovery have erased decades of minority gains, leaving whites on average with 20 times the net worth of blacks and 18 times that of Latinos, according to an analysis of new census data. The analysis shows the racial and ethnic impact of the economic meltdown, which ravaged housing values and sent unemployment soaring. It offers the most direct government evidence yet of the disparity between predominantly younger minorities whose main asset is their home and older whites who are more likely to have 401(k) retirement accounts or other stock holdings…”
- Wealth gap widens between whites, minorities, report says, By Peter Whoriskey, July 25, 2011, Washington Post: “The wealth gap between whites and minorities has risen to a historic high, according to new census data analyzed by the Pew Research Center, as the collapse of housing prices more severely affected the net worth of African American and Hispanic households. The report, which was to be released Tuesday, shows that the recession wreaked havoc on the wealth of all Americans but that whites lost the least amount as a percentage of their holdings. Between 2005 and 2009, the median net worth of Hispanic households dropped by 66 percent and that of black households fell by 53 percent, according to the report. In contrast, the median net worth of white households dropped by only 16 percent…”
Day: August 1, 2011
State Cuts to Programs for the Poor – California
State shaves funds for health, social services, By Alexandra Zavis, July 30, 2011, Los Angeles Times: “Cynde Soto dreads the arrival of yet another benefit notice. Her cash assistance has been cut four times in two years. State medical coverage is getting more expensive and no longer includes dental care or podiatry. And the in-home help she needs to take care of basics has been cut by about 20 minutes a day. ‘That doesn’t sound like a lot to people but … I’m a quadriplegic,’ said the 54-year-old Long Beach resident. ‘I can’t even scratch my own nose.’ Faced with years of recession-driven budget shortfalls, state lawmakers have made deep cuts to health and social services. The reductions, including a round that took effect this month, translate into sizable state savings but are sharply scaling back the safety net for California’s most vulnerable residents: the elderly, the disabled and the poor…”
Jobless Benefits – Wisconsin
Senate leaves in place one-week wait for jobless benefits, By Patrick Marley, August 1, 2011, Milwaukee Journal Sentinel: “Republicans in the state Senate agreed to a deal Monday that would require those who are laid off to wait a week before collecting unemployment compensation, while giving the long-term jobless an additional 13 weeks of benefits. Republicans praised the bill as one that would help those struggling to find a job, while Democrats said it would hurt laid-off workers at a dire time. The vote held high stakes because it came just a week before six Republican senators face recall elections…”