Black people Income Research Paper Example | Topics and Well Written Essays - 2500 words

Black people Income - Research Paper ExampleAlso, wealth is scathing in enabling families to weather emergencies and move along a path of long-term financial opportunity and security. As such, extreme wealth diversity curiously between races implies that a disadvantaged race will be unable to benefit from opportunities associated with wealth and this will hamper the communitys economic ontogenesis and that of the nation as a whole (Institute on Assets and Social Policy 1). Statistics by government agencies and non-government agencies show that there is a huge wealth inequality between minatory people comp ard to the white people in the United States. This research paper will discuss this inequality and why this inequality exists and what are the possible ways of closing the racial income gap. Statistics on Racial Income Inequality The black people in the United States continue to earn far slight income compared to the white people. According to the statistics released by the U nited States Census Bureau, per-capita income of the black people in 2008 was $18,054, which was just 57.9 percent that of the white people which stood at $28,502. While this was a slight improvement over the 56.4 percent reported in 2007, it was down the 2005 statistics which as 59.3 percent (Christie para 1). The United States Bureau of Labor Statistics also level that the white people earn a median of $756 per week, which is 25 percent more compared to the black people who earn $607 weekly. In 2011, available data usher that the median income for the black households was approximately $32,000. This amount was 61.7 percent of the median income of white households in the same year. What is more worrying is the fact that this was about the same role in 1970 which stood at 60.9 percent. This implies that there has been virtually no wobble in regard to income between the whites and the backs (Institute on Assets and Social Policy 5). This lack of notable change comes as a surprise considering that there have been visible indicators about the improvement of black people income situation. Factors or Causes of the Income Inequality between the Black tribe and White People Numerous studies have implant out that there are a significant number of causes or factors contributing to low income among the blacks compared to the whites. It has been found out there are contemporary and historical causes that have resulted to this situation (Barsky, Bound, Charles and Lupton 663). The situation of income disparity is further compounded by the fact there us a very unequal income distribution among black households it is even more unequal compared to the income distribution among white households. It should be noted that there some black people who earn pretty high income, even higher income than some of the top white households. This can be attributed to the benefits they have obtained in the recent days (Oliver and Shapiro 78). However, extremely large black population segment earn very low incomes. The weakening of labor unions and the long-term minimum wage reduction are some of the factors that have harmed the income of many black people. Other factors such as mass incarceration of black men, as well as the consequent riddance from mainstream economy have significantly hampered black