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The racial wealth gap has gotten worse over the last three years. Wealth that has been created over the last several decades has been lost by the black community since the great recession started in 2008. High unemployment has been a major culprit, combined with foreclosures and policies that favored whites over African Americans. To date, white families have an average wealth level that is 50 times greater than it is for blacks. KultureKritic.com tells more:
During the recession, blacks have lost wealth that it took decades to gain, and an article from CNN indicates that the racial income disparity is getting worse, not better:
The median household net worth for whites was $110,729 in 2010, versus $4,995 for blacks, according to recently released Census Bureau figures.
The difference is similarly notable when it comes to Hispanics, who had a median household net worth of $7,424. The ratio between white and Hispanic wealth expanded to 15 to 1.