Several important people are now thinking about the wealth gap.
Today, we were delighted to see authorship from a business leader who has a $17b net worth, and he manages $160b.
It’s positive to see that someone of this grand financial status has commissioned research and published scholarly reviews and opinions on the wealth gap today.
But upon closer inspection, it leaves us scratching our heads.
The author rather transparently reveals to us their perspectives on the ethnic group who ought to be the beneficiary and target for policy reform.
Somehow, the author paints a picture that of all ethnic groups, white American people are financially and economically disadvantaged.
This perspective is not in line with the spirit of the national policies that helped to formulate the regulations seen in CFR 124.104.
The author provided data detailing the ‘significant deterioration’ in income, ‘happiness’, divorce, participation in the work force, premature death, and more…
However, in describing the plight of Americans in ‘the economy’, the word “white” is actually mentioned at least 10 times in the article.
“Black” is mentioned NOT ONCE (zero times) in the article, despite the fact that among all major ethnic groups in America, black Americans have the lowest odds of being a millionaire and have lowest median net worth of all ethnic groups.
Notably, we often cite the statistically and sociologically relevant data from Edward Wolff’s studies that describe how the median net worth by race is widely divergent, by an enormous factor of 68 fold, or 6700%.
Examining the wealth gap by race and drug abuse data, would suggest that certain ethnic groups have disproportionately so much net worth and liquid net worth, that they are able to not only afford housing costs, food, and video games, but even additionally afford various illegal and prescribed drugs consumed for recreational purposes.
Nevertheless, we agree that certainly, per the author’s guidance, this phenomena deserves more thoughtful consideration, “monitoring”, and eventually action, so as to reduce the burden of the wealth gap on EACH of the major ethnic groups across America.