Millennials or a person reaching young adulthood around the year 2000 are not able to gain wealth easily, especially the African-American population. In the current issue of Washington Monthly, reporter Mel Jones dives into why the racial wealth gap persists for a generation of young black and brown Americans who've had educational and work opportunities rivaling those of their white peers. A major reason for this is the way money flows in the family. In most white families the millennials rely on their parent for financial support that leads to upward social mobility — money that sociologist Tom Shapiro calls "transformative assets." For black and brown millennials, money tends to flow in the opposite direction.
To read more of Mel Jones's article click
here.
It makes me sad that these men and women will almost never be able to amount to anything. They will get a job latter, start families latter, and eventually retire latter. The trouble that millennials are facing while trying to build wealth, indentured servants and African-American sharecroppers dealt with to some extent as well. Indentured servants and the African-American sharecroppers never could get just the right amount of money to overtake their owners. These men,women,and families would work extremely hard all throughout the year just to be told that they didn't do it.
Find the NPR article
here
No comments:
Post a Comment