The Washington Post, April 1, 2022, Baby bonds? Reparations? There’s no quick fix for racial wealth gap
The median White family has 10 times the wealth of the median Black family, according to a report, “The economic impact of closing the wealth gap,” by McKinsey & Co., a management consultant. And Black Americans can expect to earn $1 million less than White Americans in their lifetime. Prosperity Now, a nonprofit advocacy group, said in a report that the median net worth of Black families will be zero in 2053 if nothing is done.
Let’s discuss the pros and cons of improving financial literacy in the Black community: the “Baby Bonds” proposal that has been introduced in Congress, housing programs that would reduce the gap between Black and White homeownership and guaranteed income programs that have proven to be hugely successful. And, probably the most controversial of them all, reparations.