What the Stock Market Has to Do With Racial Inequality

The end of 2014 was marked by several harsh reminders that black Americans don’t enjoy the same safety, security, and prosperity as other groups. In his yearend news conference, President Obama mentioned a particular racial disparity that receives less attention and has measurably worsened on his watch: the white-black wealth gap. Here’s how the president framed the issue:

In 2013 median white family wealth totaled about $134,000, more than 10 times the median black family wealth of $11,000. Most of the wealth gap exists because black families in the U.S. tend to earn less. Among white working-age adults, median income is around $48,000, double the $24,000 median income for working-age blacks. Marriage is also associated with more wealth, and blacks are more likely to be single.