The Income Trap

On average, white people have more wealth and greater income. See: INCOME TABLE III and WEALTH TABLE I (SOURCES – at end).

INCOME TABLE III

2019 = Quintiles of household income:

$250,000 – $110,000 – $70,000 – $40,000 – $15,000

Median: $68,703

Mean: $98,085

https://sgp.fas.org/crs/misc/R44705.pdf

WEALTH TABLE I

New data from the 2019 Survey of Consumer Finances (SCF) show that long-standing and substantial wealth disparities between families in different racial and ethnic groups were little changed since the last survey in 2016; the typical White family has eight times the wealth of the typical Black family and five times the wealth of the typical Hispanic family. …

In the 2019 survey, White families have the highest level of both median and mean family wealth: $188,200 and $983,400, respectively (Figure 1). Black and Hispanic families have considerably less wealth than White families. Black families’ median and mean wealth is less than 15 percent that of White families, at $24,100 and $142,500, respectively. Hispanic families’ median and mean wealth is $36,100 and $165,500…

https://www.federalreserve.gov/econres/notes/feds-notes/disparities-in-wealth-by-race-and-ethnicity-in-the-2019-survey-of-consumer-finances-20200928.htm

Some white men earn substantially more than those who are not white males. The mean (average) white man earns significantly more than the total household income of 70% of American families.

Three-fifths of American households have a gross income of $70,000 or less. Two-fifths of American households have a gross income of $40,000 or less. https://sgp.fas.org/crs/misc/R44705.pd

USian households are two-thirds white (see: OTHER – NUMBER OF US HOUSEHOLDS (SOURCES- at end).

NUMBER OF HOUSEHOLDS IN THE UNITED STATES IN 2020, BY ETHNIC GROUP (in millions) – https://www.statista.com/statistics/242027/number-of-households-in-the-us-by-ethnic-group/

White alone: 100.57

White alone, non-Hispanic: 84.87

Hispanic (any race): 17.67

Black alone: 17.05

Asian alone: 6.85

Total of last 4 rows above: 126.44

Percentage of white alone: 67.12%

Black and Latino households are on average, poorer than white households.

Because of how many families are white, far more white households are low income, than BIPOC households.

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