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Bootstraps vs. Blockades: Closing the Growing Racial Wealth Gap When Doing the “Right Thing” Doesn’t Work for Everyone

Bootstraps vs. Blockades: Closing the Growing Racial Wealth Gap When Doing the “Right Thing” Doesn’t Work for Everyone

Conceptions of the American Dream often frame upward mobility as an ideal best accomplished through individual effort and perseverance. However, persistent racial disparities despite similar inputs demand a reconsideration of the story we tell ourselves about the degree to which success is available to everyone. A recent report using data from the Survey of Consumer Finances shows that, in 1983, white households held, on average, 5.3 times greater wealth than black households and 6.1 times greater wealth than Latino households. By 2013, those rates had increased to 7.7 and 6.7 times greater, respectively. This is a growth of 85 percent for white households, but only 27 percent for black households, and 69 percent for Latino households.