lhowell

The Real Wealth Gap is Worse than Imagined

In economy, mindset 3.0, Third World Business on November 15, 2007 at 3:57 am

Forty-five percent of black children whose parents were solidly middle class in 1968 — a stratum with a median income of $55,600 in inflation-adjusted dollars — grew up to be among the lowest fifth of the nation’s earners, with a median family income of $23,100.  Only 16 percent of whites experienced similar downward mobility. At the same time, 48 percent of black children whose parents were in an economic bracket with a median family income of $41,700 sank into the lowest income group.   To read the full story, click here.   Now, you think this is troubling, something even more compelling to consider and even more serious is the map below:

wealth_2015.png

The projected wealth of China in 2015 could mean it producing 27% of all the wealth in the world, if the economic trends established between 1975 and 2002 continue for another 13 years. In year 1 of the current era China produced 26% of the wealth in the world, but very slowly declined to generating only 5% of the world total in 1960.   One might ask, what has this got to with the issues and socio-economic problems here in D.C., Detroit or Houston?  A lot!

We continue to feed the insatiable appetite for more, more, more.  More clothes, purses, shoes, toys, you name it.  But here is the opportunity, and listen carefully especially the young people.  Leave home now.  Go work abroad and get some international experience.  You see it with young people from Asian countries like India, Europe and Africa.  Yet, most African-Americans born in the United States can’t imagine living in Dubai, making $200,000 a year tax free for five years.  Or doing a student exchange in Beijing for a year.  This is how we can close this gap.  We must get out of our comfort zone and Just Do It, instead of just buying it.

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