Examining the racial wealth gap in the U.S.

Рет қаралды 17,252

Ай бұрын

According to a Federal Reserve bank survey, the average level of wealth in Black households was a little over $200,000, while White households averaged over $1.3 million. A new book, "Fifteen Cents on the Dollar: How Americans Made the Black-White Wealth Gap," examines this wealth disparity and details the structural economic barriers that Black Americans face. The co-authors of the book, Louise Story and Ebony Reed, joined CBS News to discuss.
#news #wealth #inequality
CBS News 24/7 is the premier anchored streaming news service from CBS News and Stations that is available free to everyone with access to the internet and is the destination for breaking news, live events, original reporting and storytelling, and programs from CBS News and Stations' top anchors and correspondents working locally, nationally and around the globe. It is available on more than 30 platforms across mobile, desktop and connected TVs for free, as well as CBSNews.com and Paramount+ and live in 91 countries.
Subscribe to the CBS News KZfaq channel: / cbsnews
Watch CBS News 24/7: cbsnews.com/live/
Download the CBS News app: cbsnews.com/mobile/
Follow CBS News on Instagram: / cbsnews
Like CBS News on Facebook: / cbsnews
Follow CBS News on X: / cbsnews
Subscribe to our newsletters: cbsnews.com/newsletters/
Try Paramount+ free: paramountplus.com/?ftag=PPM-0...
For video licensing inquiries, contact: licensing@veritone.com

Пікірлер: 239

@KeithBritton-hy5cg Ай бұрын

As a poor black kid who grew up in Chicago, College was my only way out. now i have a good career with 150k in student load dept. This will follow me for a long time.

@Flashyfinancier Ай бұрын

A lot of White people have student debt too

@THEEHumblePeasant Ай бұрын

@@Flashyfinancierunderstandable, but that wasn’t the point my guy

@Flashyfinancier Ай бұрын

@@THEEHumblePeasant what was his point?

@THEEHumblePeasant Ай бұрын

@@Flashyfinancierhis point was how it was his only way out and how he was forced into dept

@Flashyfinancier Ай бұрын

@@THEEHumblePeasant fair enough. As long as its not a woke point, ill take it

@swapw Ай бұрын

There are also gaps in family values, lifestyle, work culture, and spending habits.

@t.l.5755 Ай бұрын

What a racist generalisation.

@Flashyfinancier Ай бұрын

@@t.l.5755 disprove him

@Flashyfinancier Ай бұрын

@@t.l.5755 prove him wrong

@swapw Ай бұрын

@@t.l.5755 www.bop.gov/about/statistics/statistics_inmate_race.jsp stats don't lie.

@heedmywarning2792 Ай бұрын

@@t.l.5755 If you feel that way then make a counter argument to theirs. Or, does that require too much THINKING?

@pgppe9488 17 күн бұрын

The only barriers we have are; too many single family households, lack of commitment to skill development and Stem education. Also, we are focused on income but not wealth creation. We love fancy cars, clothing, jewelry, and partying but have no desire to invest and focus on wealth creation. Student Loan debt is a choice.

@OmniUni007 Ай бұрын

I man I knew worked a bank for 29 years trying to climb in the ranks and got laid off, tried to find work for 9 MONTHS and it started to cause issues in his marriage so when he finally found something they asked him “how about we make you an assistant” and he took it. He had to. You know how emasculating that is? No wonder many blk men are frustrated. This is why it’s important to leave certain areas to thrive elsewhere. They will try to even keep you in certain zip codes as well. I’ve had friends that started instantly thriving when they brought their business to tx compared to ohio. All of these factors matter

@Flashyfinancier 28 күн бұрын

I dont understand your point

@dahanster5578 15 күн бұрын

💯

@hotvegas2498 Ай бұрын

The government is apart of it too. Today, Corporations are to blame as well. poor vs rich 👎

@jamey6218 Ай бұрын

It simply comes down to family culture. Asians came here with nothing as well, but why do they match the wealth of Whites? A stable, two-parent household with a very strong focus on education is why. It's the same reason why African Immigrants have more wealth than African-Americans. Blacks account for nearly 50% of all single parent households. Until that trend is fixed, this wealth gap will persist.

@judestieglitz4101 Ай бұрын

I would add stop buying them Jordan, luxury brand bags, luxury cars and start investing

@chobiden7770 Ай бұрын

some people would rather have a $2000 purse with $100 in it. Other people would rather have $2100 in a wal mart bag.

@newyorkernewjersey Ай бұрын

stop listening to rap music and pull up your pants, sir

@Mike-dd8bd Ай бұрын

Asians are now on average the highest paid in the US.

@someoneoutthere2159 Ай бұрын

Some people are ok on handouts like welfare

@slowbro1337 Ай бұрын

It's honestly rich vs. poor at this point.

@Pilotpaulie Ай бұрын

Socialism bad.

@Reaper-cm4jr Ай бұрын

It always has been. There have always been wealthy people and there have always been poor. Nothing new.

@slowbro1337 Ай бұрын

@@Reaper-cm4jr True. However, the gap is an open abyss now in the disparity between the 2. That gap led to my ancestors' exile from France and is even greater now than then. They were nobles who had to flee the revolution.

@Reaper-cm4jr Ай бұрын

@@slowbro1337 So you are arguing that there shouldn't be any wealthy people regardless of how hard they work to get there? So I guess if someone just sits around and does nothing, they should be entitled to the same standard of living as those who go out and work for it every day?

@slowbro1337 Ай бұрын

@@Reaper-cm4jr No, you're making assumptions in that regard to both my views on work ethics and the wealth gap based on the modicum of info I have shared. You have seemingly already come to your own conclusions based on the iota of input as to what my stance would be. This is a YT comment section, and the fact that you have gotten a civil response, even an infinitesimal one to begin with, is more than most would have bothered to give. This is a piffling conversation to be had and would likely end in barren results. Have a good day. This was never meant to be an argument.

@stevec6919 Ай бұрын

2:56 Why same income results different wealth? One family spent it all and other family invest it in education and their children

@melvinlacey8346 Ай бұрын

Hard to learn those habits when a culture has only been free less than 50 years.

@bartdoo5757 Ай бұрын

@@melvinlacey8346 I've always wondered how Japanese Americans do better than white Americans despite internment camps and FDR taking their property.

@leslierivera742 Ай бұрын

@@melvinlacey8346& oppressed

@ede.5487 Ай бұрын

Just ordered the book !

@techwithramsey Ай бұрын

I think it also starts with teaching personal finance at a young age. This topic is not talked enough in black communities and would not cost the goverment/tax payers as much as debt forgiveness to implement.

@heedmywarning2792 Ай бұрын

also, it would SAVE the government money in relation to generational welfare and crime stats.

@I46718 Ай бұрын

What's the point of finance if u have no money

@dec1slh Ай бұрын

@@I46718with that mindset, YOU will never have anything

@kreem82 Ай бұрын

@@I46718thats why you learn personal finance at a young age! ? So you learn what it takes to not make the same mistakes many have made!

@heedmywarning2792 Ай бұрын

@@dec1slh i wonder if the lack of money has to do with lack of 'skills to get paid' --> not developing yourself.

@odessajackson4551 Ай бұрын

Black gay man and two lesbians talking about helping black people 😂😂

@akrammasood3480 Ай бұрын

Nigerian immigrants in USA are doing really well. Maybe it’s a gap of family values and not race.

@mistervo8185 Ай бұрын

Vietnamese refugees came here with nothing. We are doing well. explain....@shaun

@diegomorata2885 Ай бұрын

Doing well for now..... The collapse has started

@Basketball2011md Ай бұрын

@@shaunmc013 I'm an immigrant, who came here poor with nothing. Not that way anymore. America is still the land of opportunity. Those who don't believe it never get it, those who do go after it.

@shaunmc013 Ай бұрын

@@mistervo8185I can personally attest to that. But I know that the government shower some of them with a lot of money for school, business, etc..

@ctgal9698 Ай бұрын

Not true, come to NYC and you'll see large numbers of West African communities in Harlem and the Bronx living in rundown tenements and also public housing projects. Living under overcrowded illegal conditions and going to food pantries just like other struggling folks.

@projectcontractors Ай бұрын

“Racism is not dead, but it is on life support - kept alive by politicians, race hustlers and people who get a sense of superiority by denouncing others as ‘racists’ ” ~ Thomas Sowell

@bauttiet.h.u.g.5900 Ай бұрын

Any conversation around wealth gaps and black ppl have to include marriage rates in the black community. When you say family, it has to be defined as a husband and wife living in the same household. If these elements aren't included in conversation as stated then any black white wealth gap discuss is disingenuous and will not be beneficial.

@TomikaKelly Ай бұрын

This is NOT true. Qualified researchers know to isolate certain variables and compare similar variables against each other when conducting research.

@bauttiet.h.u.g.5900 Ай бұрын

@@TomikaKelly the key word you used is "researcher". The two authors presented didn't themselves as researchers but journalist. Would you agree this is true? Also, did they define "family" as a married couple with or without children? This distinction matters if the authors are comparing one income households vs two income households. You agree this is true, right?

@frankeydaniels Ай бұрын

America is the richest nation because 400 years of FREE LABOR! We're actually the richest group in america because of it and we will get our money. Thanks for saving it for us! 🙂

@antoniobabb1938 Ай бұрын

Not all true though it’s became more rich because of the Rothschild family and Rockefeller and JP Morgan

@dec1slh Ай бұрын

Mkay

@edhcb9359 Ай бұрын

The first part of your statement has a hint of truth to it but is much more complex than you pretend. The second part about getting it back, do you mean welfare?

@thedadlife247 Ай бұрын

@@edhcb9359their are more white people on welfare u make no sense???

@dec1slh Ай бұрын

@@edhcb9359 right, some of these ppl are delusional

@treesnmoguls Ай бұрын

How about correlating single parent households and wealth instead?

@Reaper-cm4jr Ай бұрын

Because no one wants to talk about that because it doesn't fit the narrative.

@NicksDynasty Ай бұрын

Yes we can look at that as well. Both..

@TomikaKelly Ай бұрын

Because those research findings already exist, so why would they duplicate the study... This research is trying to explore the wealth disparities between Blacks and Whites, not wealth disparities between single parents and partnered parents.

@larrym2434 Ай бұрын

Give a black man a job that can support a family. How about that?

@Reaper-cm4jr Ай бұрын

@@larrym2434 SO why are 70% of black children brought up in Single Parent households?

@rafram4132 Ай бұрын

greed kills.

@Reaper-cm4jr Ай бұрын

So you suggest that people should not strive to better their position in live and try to get ahead?

@htas6888 Ай бұрын

I am a white woman worked hard all my life and had engineering career as part of my working lif now I am retired and comfortable. I was married to white man who had a pretty good career. I have never seen my whole worth be anywhere close to $1,361,810. Neither have I been around people who have this as their worth. So many white folks are struggling to make ends meet, I really wonder about videos w this kind of information, and the reality of the whole thing. When I put in this kind of comments, they get removed, lets see how long this will last.

@learningearning8385 Ай бұрын

your parents and grandparents had the advantage of at least being eligible to buy a home and pass it down to you. Black ppl were ineligible for insurance policies and fha loans and many other wealth building opportunities. The schools weren’t even equal until 50-60 years ago. This has an effect on todays generation.

@htas6888 Ай бұрын

@@learningearning8385 My parents never owned a home. What percentage of white people really own a home and pass it over to their children. I had immigrated to US and married twice Americans born and raised here, but neither family passed any money over to their children. They had bought their house on a 30 year mortgage but once they retired they sold their house and used it for retirement savings. In both cases, each family had three children by the time the parents died there was very little money left, and split into three siblings there was not much money to make a difference. In one case parents were blue color worker, in the other case they were college educated and educators themselves.

@newyorkernewjersey Ай бұрын

@@htas6888 take care and all the best.

@Basketball2011md Ай бұрын

@@learningearning8385 It's amazing how you assume this lady had some advantage. I'm black, my brothers and I immigrated to America in 1999, and we are all successful. We have owned homes, raised families, and started businesses. America is a place where ANYONE can succeed if they look forward. We are living proof. I can give these authors 7 families that have had less than a generation in America and have changed their family trajectory. I've gotten more negative speech from the black community than white. The more we give individuals reasons outside themselves why they haven't succeeded the more they'll stay trapped.

@learningearning8385 Ай бұрын

@@Basketball2011md You and your siblings are reaping the benefits of the strife that black Americans suffered thru. You’re not exactly “self made”. If you migrated here prior to the 1970’s..your story would be different

@kyleholcomb0137 Ай бұрын

The key is to have a immigrant mindset. Indian and Asian households are the 2 wealthiest groups in America! ❤

@Flashyfinancier Ай бұрын

Theres also a gap in seriousness in the classroom.

@toprankintv9122 Ай бұрын

Say anything but take responsibility smh

@Shiitalker Ай бұрын

THERES ALSO A GAP BETWEEN YOUR TEETH

@Flashyfinancier Ай бұрын

@@Shiitalker are you Black?

@TomikaKelly Ай бұрын

Which two (or more) entities does that "gap" exist between?

@Flashyfinancier Ай бұрын

@@TomikaKelly Ebony and Ivory

@AlexZ-lc6nl 24 күн бұрын

Victim mentality. 200K is awesome. Average American race aside makes like 80K a year and most now a days are on 30-40K…with 200K you can have a normal American life. That’s the 1%. This is a joke, right?

@kwfown Ай бұрын

Race is more than just black and white. It’s perfectly fine to hone in on the gaps between the two, lord knows it’s a big gap. I would just ask CBS to clarify the title next time, to be more accurate to the actual content of the news.

@mattwalter6207 Ай бұрын

No discussion on single parent homes, births out of wedlock, crime rates, high school graduation rates...

@DeathsInverse Ай бұрын

You create a problem then complain about the existence of the problem.

@alyssarivera2166 Ай бұрын

These are all systemic issues, there is no reason… caused by redlining, devaluing black neighborhoods, segregation, segregation of schools, employment opportunities and so on

@mattwalter6207 Ай бұрын

@alyssarivera2166 in the 1960s, 25% of black kids were born out of wedlock. It's now about 70%. So is segregation and redlining, etc. worse now than in the 1960s?!?

@orlandorobinson9369 Ай бұрын

@@DeathsInverse 💯

@mattwalter6207 Ай бұрын

@@DeathsInverse These things have gotten worse over the past 60 years...suggesting it's not based on historical problems

@kimeli 26 күн бұрын

i really like know if asian american household are richer than white or not?

@alona724 Ай бұрын

This feels skewed…. 😢I still don’t know nearly enough Black households with $200k net worth to

@psanders4754 Ай бұрын

They lump in African immigrants to the black category and most black immigrants come over with money

@toe-ray-she Ай бұрын

U.S. has $34 trillion in debt. Where did that money go?

@NeygarzruinedAmerica Ай бұрын

Military industry complex and politicians including Barak Obumma

@TexasMade903 Ай бұрын

@NeygarzruinedAmerica LOL, how much money did they blow in Iraq looking for weapons of mass destruction. Remember, the US had a surplus prior to Bush II taking office.

@Mr.Boring_Man Ай бұрын

It's fake.

@Bathgate155 Ай бұрын

No matter what race, creed, color you are... being poor is a mindset.

@TomikaKelly Ай бұрын

Tell your landlord that, come July 1.

@OhRomeo31 Ай бұрын

I agree

@ohmy...9007 Ай бұрын

Great video. The culture is something I'm honestly ashamed of in certain ways (very proud of in other ways). My wife is a white woman. She wanted to become a special Ed teacher, get a masters degree, pursue business ventures, and is a very successful woman. This was all seen as attainable and honorable for her because that's wut she saw her parents do. Many of us in the black community have few professionals as parents or uncles or neighbors to interact with or look up to. All they see is their parent's crappy jobs and wut they see on TV (ppl like rappers who flaunt their fame and money). We didn't grow up with other kids in the suburbs where we could see "wow middle class families are very happy. Being successful isn't all about being famous or rich." Why do u think many black woman see 9-5 men as a bore. No the war on drugs didn't help, it forced many black woman to raise kids on their own. No segregation didn't help, it's made generational wealth that can be passed on a relatively new thing for the black community. But damn it, we have to better ourselves and strengthen our families.

@TomikaKelly Ай бұрын

Oh. Yeahhh....nothing in this lifetime nor the next can make me feelb"ashamed" of my culture, but thats just me though. Everyone is different.

@Elaba_ Ай бұрын

A lot of female viewers? Chad?

@51isALL Ай бұрын

#ADOS

@bigdaddycros Ай бұрын

Can’t listen to this.

@8269wd Ай бұрын

What about the dating gap ? The wealth gap surely did not affect their dating life.Black men are taking all the ladies.

@Flashyfinancier 15 күн бұрын

@@8269wd youre talking about the fat ones right?

@8269wd 15 күн бұрын

@@Flashyfinancier They taking some hot ones too. Not all are fat.

@Flashyfinancier 15 күн бұрын

@@8269wd how delusional can you be?

@danabe3220 19 күн бұрын

Ask if I care.

@professorprofessorson8795 Ай бұрын

This is why reparations are important, people who were forced here and had their lives and labor stolen never had a chance to build wealth. So it created generational wealth gaps which still hasn’t been fixed due to systematic inequality. It is why equity is import, reparations would help with this.

@Liberalcali Ай бұрын

I’m Japanese where is my reparations when the government took our properties and put us in concentration camps?

@4thlouisiana717 Ай бұрын

And who is going to pay for it?

@NguyenHHN Ай бұрын

Give me free money please I’m lazy

@Flashyfinancier Ай бұрын

How about working though?

@chickboi3 Ай бұрын

lol, so slavery ended in 1860s but it is still to blame today? Hilarious

@mdabidhossain1451 Ай бұрын

Very important issue.

@KK-pm7ud Ай бұрын

It's a fake issue crested for clicks.

@davids6698 Ай бұрын

It really is racism, that's why Asians do so well

@shawn_and_one Ай бұрын

lol, they have the highest marriage rates..

@stevec6919 Ай бұрын

work hard and save, then buy the first house

@nicholasverando2150 Ай бұрын

All cap. Love yours

@double_joseph327 Ай бұрын

I’m white and make 45k a year. Lebron James is black and the same age he makes millions.

@adrianskinner4670 Ай бұрын

LeCoach is in the boule that's why

@TexasMade903 Ай бұрын

He was poor and homeless prior to making it to the NBA.

@TomikaKelly Ай бұрын

The exception doesn't make the rule...🤡

@Liberalcali Ай бұрын

This is not correct

@newyorkernewjersey Ай бұрын

stop listening to rap music and pull up your pants, sir

@Bluebeard63 23 күн бұрын

Garbage

@rackupboi727 Ай бұрын

Avg level wealth in a household Black:$ 211,600 White:$ 1,361,810 Damn that's why we can't win

@silverpairaducks Ай бұрын

Stay married

@chobiden7770 Ай бұрын

graduating, getting a job and two parents in the home helps...

@newyorkernewjersey Ай бұрын

stop listening to rap music and pull up your pants, sir

@someoneoutthere2159 Ай бұрын

Get an education, get a job leading to a career, get married, stay married and raise your kids.

@newyorkernewjersey Ай бұрын

@@someoneoutthere2159 All truth here. Sadly they will not listen but will be active in the hood.

@LisaGabriel-ov3ue Ай бұрын

*Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires*

@NewYork7914 Ай бұрын

As an Asian immigrant, I discriminated no less than black ppl. But my American dream came true. Too many excuses are not healthy and don't help any races.

@TomikaKelly Ай бұрын

How would you know when you've never lived as a Black person?

@Flashyfinancier 15 күн бұрын

@@TomikaKelly stop being a victim. Stop being lazy