A Tragic Reality

Tom Barkin

Speech from Federal Reserve Bank of Richmond

Abstract: Our nation has recently increased its focus on a tragic reality: Life outcomes vary widely by race. In June, the unemployment rate for black Americans was 15.4 percent, more than 5 percentage points higher than the rate for white Americans (10.1 percent). Even before the current crisis, when unemployment was at historic lows, there was a gap of around 3 percentage points. Median income for white households in 2018 was $71,000, compared to $41,000 for black households. The wealth gap is even larger: White households’ median net worth is nearly 10 times higher than that of black households. More than one-third of white adults have bachelor’s degrees while only about one-fifth of black adults do. And if you’re white, you’re even likely to live longer. Here in Richmond, Virginia, life expectancy can vary by as much as 20 years between some of the poorest, mostly black neighborhoods and the most affluent, mostly white neighborhoods.1 This has been made all too clear by the disproportionate toll the pandemic is taking on communities of color.

Keywords: economic inequality and poverty; education; workforce development (search for similar items in EconPapers)
Date: 2020-08-03
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