When the economy went down the tubes, times got particularly tough for black households, whose median net worth dove 83 percent from $13,450 in 2004 to $2,170 in 2009, according to the Economic Policy Institute. In comparison, the median net worth in white households dropped 24 percent, from $134,280 to $97,860, in that span.
An EPI official puts things bluntly to the AP: “In 2009, for every dollar of wealth the average white household had, black households only had two cents.”
Compounding the problem is unemployment for black workers, which has risen from 14.7 percent to 16.2 percent since the end of the recession.
Why do you think the economy has been tougher on those in particular ethnic groups?
Blacks’ economic gains wiped out in downturn [AP via MSN]