The yawning racial wealth gap in the United States is no accident, but rather, driven by unjust public policy decisions—from the re-segregation of education to the redlining of home ownership to poverty wages, according to a new analysis by Brandeis University and the public policy organization Demos.
(New York, NY) – Though much research has been devoted to how public policy choices such as increasing the minimum wage can address economic disparities, there has been no systematic analysis of the types of public policies that offer the most potential for reducing the racial wealth gap.
If black families had the same opportunitites that white families have to increase their incomes through investments, retirement plans, and other asset-building measures, it would reduce the wealth gap between the two groups by nearly $45,000, or 43 percent, according to a report out Tuesday. For Latino families, it would reduce the gap by more than almost $52,000, or 50 percent.
Owning a home, then equal pay for equal work, and then having a college degree are the three factors that can make the biggest difference in closing the racial wealth gap, which is how non-whites in America are vastly less wealthy than most whites.
If blacks and Latinos owned homes as widely as whites, then median black household wealth would grow by $32,113, and median Latino wealth would grow by $29,213, a new study by Demos, a progressive think tank, and the Institute for Assets and Social Policy at Brandeis University has found.
In America, there is a strongly held conviction that with hard work, anyone can make it into the middle class. Pew recently found that Americans are far more likely than people in other countries to believe that work determines success, as opposed to other factors beyond an individual’s control. But this positivity comes with a negative side — a tendency to pathologize those living in poverty.
Mayor Bill de Blasio's vision for the five boroughs is to move past the "tale of two cities," to create "a city where everyone has a shot at the middle class," he said during his State of the City address earlier this month.
But just who is part of New York City's middle class? It is not an exact science. Here's why. [...]
A City Council report from 2013, however, expanded the definition of middle class upward to a family earning roughly $200,000.
Boosting the federal minimum wage would be great news for the workers who’d receive a higher paycheck. Not so much for those who’d be out of a job. That anxiety sums up much of the debate around increasing the minimum wage.
(New York, NY) – On the heels of the nation’s most expensive mid-term election cycle, where federal political spending hit a $3.7 billion high, the national public policy organization Demos released a new report that examines the inherent racial bias in our big money political system.
One of the issues that helped fuel last week's national fast-food workers strikes is the growing income disparity between rank-and-file workers and the chief executives in charge of those multi-billion-dollar companies.
(NEW YORK, NY) – Following the nation’s most expensive mid-term election cycle, where political spending hit an unprecedented $3.7 billion high, the national public policy organization Demos has released a new report on the federal election spending of big box retail companies.
Thousands of families in the United States are separated due to immigration laws that have affected hard-working immigrants who are just trying to support their families.
Branko Milanovic is a World Bank economist and development specialist. He's currently a visiting presidential professor at CUNY's Graduate Center and a senior scholar at the Luxembourg Income Study Center. His book, The Haves and the Have-Nots: A Brief and Idiosyncratic History of Global Inequality, examines—as the title suggests—income inequality. Milanovic and Demos Research Assistant Sean McElwee recently discussed Milanovic's research and the major shifts within the inequality research field.
The soaring pay of corporate chief executives is spurring efforts to pass laws to limit their compensation and close the widening gap in earnings between workers and top executives.
Such laws have been proposed in at least three states, including Massachusetts, as well as in Switzerland. Proponents have yet to succeed in enacting these measures, but they vow to keep pressing the issue. [...]