“For centuries, white households enjoyed wealth-building opportunities that were systematically denied to people of color. Today our policies continue to impede efforts by African-American and Latino households to obtain equal access to economic security,” said Amy Traub, who is the Associate Director of Policy and Research at Demos and co-author of the report.
“When research shows that racial privilege now outweighs a fundamental key to economic mobility, like higher education, we must demand our policymakers acknowledge this problem and create policies that address structural inequity.”
“Equal achievements in key economic indicators, such as employment and education, do not lead to equal levels of wealth and financial security for households of color. White households have a leg up, while households of color face systematic barriers to growing wealth, reproducing our long-standing racial wealth gap over generations,” said Thomas Shapiro, Director of the Institute on Assets and Social Policy.
“Without policies that combat ingrained wealth inequalities, the racial wealth gap that we see today will continue to persist.”
In short, individual choices to not affect racial inequality; institutional choices do.