In the WSJ today a short article that looks at the 50 years since SCOTUS got involved in civil rights of blacks in the US.
Opinion | Aftershocks of the ‘Dream Deferred’
Still, economic opportunity matters a great deal, especially in the U.S., where the American Dream links liberty to the promise of material progress.
Most of the economic progress of blacks occurred in 1970 to 2000 and was stagnant 2000 to 2020.
1969 - 1999 period:
Poverty rates fell by 8.6% from 32.2% to 23.6% in the next 20 years the poverty rate 2.8% to 20.8% in 2018.
For 1972 to 1999 period:
Median Household Income (adj for inflation) for whites rose by 20% from $55,540 to $66,759 and for blacks rose 32% from $31,963 to $42,196
For 1999 to 2018 the income growth slowed with whites grew by 6.8% and blacks reduced by 2%.
For the period 1969 to 1999:
Median annual earnings for black men grew 26% but fell 4% in the next 20 years. For black women earnings rose by 50% but only 3% in the next 20 years.
For the period 1969 to 1999:
Household wealth for blacks grew from 10% to 16% of white wealth.
In the next 20 years Household wealth has declined to 10%
For the period 1969 to 1999:
Home ownership for blacks rose steadily to 45.9% with a peak of 49.7% in 2004.
Since the 2007-2009 recession, home ownership by 2020 has declined to 44% by 6% from its peak and 2% lower than in 1999.
The economic stagnation numbers for blacks are serious over the past 20 years.
On the positive side, educational opportunities for blacks have improved.
For the period 1969 to 2019:
High school graduation for blacks rose from 32% to 88%
4 year college degree for blacks rose from 5% to 25%
Education has paid off in earnings for blacks as HS graduates earn $7900 more than black dropouts and College graduates earn $23,300 over black HS graduates. The education gap remains as whites earn more at every level of education.
While we discuss how much improvement has occurred over the last 50 years for black Americans the economic reality is very difficult to accept as reaching equality with whites.
But progress has been made.
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