By Greger Calhan
This month, the Urban Institute joined an emerging consensus of researchers and social scientists with a new report revealing, in the starkest terms, our nation’s vast and widening racial gap in wealth creation. With this report, Less than Equal: Racial Disparities in Wealth Accumulation, the Urban Institute joins a growing body of research showing that in America today, wealth is not colorblind and that during the recession this gap has widened.
Sixty years after the social and legislative achievements of the Civil Rights movement, the amount of wealth the average American acquires remains powerfully influenced by the color of his or her skin. These inequalities set in early and perpetuate themselves over time. Families with little wealth to begin with have less to pass to their children though inheritance, college funding, or a down payment on a house. This creates a vicious cycle, as those children themselves enter adulthood without a starting boost to wealth accumulation of their own.
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