Whites Five Times Richer Than Blacks In U.S

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  • ByrnzieByrnzie Posts: 21,037
    Hello Steve,

    we used the Panel Study of Income Dynamics (PSID). Detailed sampling information can be found at this link:

    http://psidonline.isr.umich.edu/Guide/ug/intro.html

    Best, Tatjana

    Tatjana Meschede, Ph.D.
    Director of Research
    Institute on Assets and Social Policy
    The Heller School for Social Policy and Management
    Brandeis University, MS035
    415 South St, Waltham, MA 02454-9110
    Phone: 781-736-8678; Fax: 781-736-3925
    http://iasp.brandeis.edu


    The Panel Study of Income Dynamics (PSID) is a longitudinal
    survey of a representative sample of U.S. individuals (men,
    women, and children) and the families in which they reside. It
    has been ongoing since 1968. Data are collected annually, and the
    data files contain the full span of information collected over
    the course of the study. PSID data can be used for
    cross-sectional, longitudinal and intergenerational analyses, and
    for studying both individuals and families. The study emphasizes
    the dynamic aspects of economic and demographic behavior, but it
    contains a wide range of measures, including sociological and
    psychological ones. Between 1968 and 1988, the PSID collected
    information regarding approximately 37,500 individuals and
    spanning as much as 21 years of their lives.

    The general design and core content of the study have remained
    largely unchanged, and considerable effort has been expended
    cleaning the data. These two features greatly enhance the PSID's
    potential for longitudinal analysis. Preparation and distribution
    of comprehensive documentation and a User Guide also facilitate
    use of the PSID data.

    The study has been conducted at the Survey Research Center,
    University of Michigan since its beginning in 1968, with the
    Inter-University Consortium for Political and Social Research
    (ICPSR) data archive handling the public distribution of the data
    files, documentation, and User Guide. PSID data files have been
    disseminated widely throughout the United States and to numerous
    foreign countries.

    Starting with a national sample of approximately 4,800 U.S.
    households in 1968, the PSID has traced individuals from those
    households since that time, whether or not they are living in the
    same dwelling or with the same people. Adults have been followed
    as they have grown older, and children have been observed as they
    advance through childhood and into adulthood, forming families of
    their own. Each year information is collected about the PSID's
    sample members (members of the PSID's 1968 sample families or
    their offspring) and their current co-residents (spouses,
    cohabitors, children, and others living with them), even if those
    co-residents were not part of original-sample families.

    Because the original focus of the study was on the dynamics of
    poverty, the 1968 sample included a disproportionately large
    number of low-income households. The oversampling of families
    poor in the late 1960s resulted in a sizable sub-sample of
    blacks. Probability-of-selection weights enable analysts to make
    estimates from the sample that are representative of the U.S.
    population. In the absence of nonresponse bias, the PSID's rules
    for tracking individuals and families over time lead to accurate
    representation of the nonimmigrant U.S. population both
    cross-sectionally each year, and in terms of change, since 1968.
    To help correct for omissions in representing post-1968
    immigrants, a representative sample of 2,043 Latino (Mexican,
    Cuban, and Puerto Rican) households was added in 1990.

    The study's tracking rules, along with its Latino
    subsample addition in 1990, have meant substantial increases in
    the number of individuals in the study as it has progressed
    through time. In 1968 the PSID gathered information about
    approximately 18,000 individuals; by 1988 this number had grown
    to a cumulative total of about 37,500. Similarly, the number of
    family units has increased from just under 5,000 at the beginning
    of the study to about 7,000 currently, not including Latino
    households.

    The PSID provides a wide variety of information at the family and
    individual level, as well as some information about the locations
    in which sample households reside. The central focus of the data
    is economic and demographic, with substantial detail on income
    sources and amounts, employment, family composition changes, and
    residential location. Content of a more sociological or
    psychological nature is also included in some waves of the study.
    Information gathered in the survey applies to the circumstances
    of the family unit as a whole (e.g., type of housing) and to
    particular persons in the family unit (e.g., age, earnings). Some
    data are collected about all individuals in the family unit, but
    the most extensive data are gathered for the family head (who is
    male in married-couple families, but female or male otherwise)
    and wife. Information about the study's core topics (e.g.,
    income, employment, family composition) is gathered annually, and
    this is supplemented with data on additional topics (e.g.,
    health, wealth, retirement plans, flows of time and money help
    among families and their friends, and motivation and efficacy)
    gathered intermittently. The amount and variety of data are
    substantial; over 300 pages are required to list, by topic and
    wave, the variables on the study's main, cross-year data file.

    The PSID staff merges each new wave of data with prior waves to
    provide comprehensive coverage of information collected for
    individuals and families over the entire course of the study.
    These multi-wave data files become publicly available upon
    completion of the merging, numerous data-quality checks, and
    generation of variables. This usually occurs 18-24 months
    following the completion of interviewing.
  • acoustic guyacoustic guy Posts: 3,770
    Education = wealth

    The doors are wide open here in the US to go to school. Its a level playingfield, and in some cases, minorities have the advantage.
    100% Correct! Case Closed.
    Get em a Body Bag Yeeeeeaaaaa!
    Sweep the Leg Johnny.
  • ByrnzieByrnzie Posts: 21,037
    Education = wealth

    The doors are wide open here in the US to go to school. Its a level playingfield, and in some cases, minorities have the advantage.
    100% Correct! Case Closed.

    You'd love it to be that simple wouldn't you.
  • ByrnzieByrnzie Posts: 21,037
    I bet my paycheck that some here think that this means most whites are racist, and/or because of this study, the ones who make more should give it to the black community.

    I know you are out there so let it rip...

    And why is this study done in the first place? What does it mean? That the Government should make changes to our lives so all people of different colors can make the same amount?
    i don't like studies like this...Pointless. All it does is start shit.

    I take it you're white? I also take it that you don't give a shit about minorities being unfairly treated in your society?
  • ByrnzieByrnzie Posts: 21,037
    Education = wealth

    The doors are wide open here in the US to go to school. Its a level playingfield, and in some cases, minorities have the advantage.

    Do you have anything to support this statement, or did you just make it up because it sounds convenient?
  • SongburstSongburst Posts: 1,195
    This is from an old Chris Rock routine about there being no wealthy black people, no?

    "Shaq is rich. The guy who pays Shaq is wealthy."
    1/12/1879, 4/8/1156, 2/6/1977, who gives a shit, ...
  • catefrancescatefrances Posts: 29,003
    cajunkiwi wrote:
    whites 5x richer than blacks......... how many times more whites are there than blacks in the US??????????

    That's not how ratios work...


    im a fool.. i read it as 5x as many whites richer than blacks. :roll: :lol:
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  • Jason PJason P Posts: 19,158
    Byrnzie wrote:
    Hello Steve,

    we used the Panel Study of Income Dynamics (PSID). Detailed sampling information can be found at this link:

    http://psidonline.isr.umich.edu/Guide/ug/intro.html

    Best, Tatjana
    Good. Not knowing the source probably bugged me more then anything.

    But I'm still having problems corrolating this study with other thier other studies on the overall middle class where Brandies paints an overall gloomy picture. If the average white middle class family truly have $95K in wealth, then their other reports have some explaining to do. Their "By a Thread" report http://iasp.brandeis.edu/pdfs/byathread_web.pdf (page 8) notes that all middles class families have a median debt of $3,500 and net assets of $0.

    My concern is that Brandies is using selective interpolation in their studies.
    Be Excellent To Each Other
    Party On, Dudes!
  • Nothingman54Nothingman54 Posts: 2,251
    Education = wealth

    The doors are wide open here in the US to go to school. Its a level playingfield, and in some cases, minorities have the advantage.


    100% correct. Every single person has a right to education. I think from kindergarden to 12th grade kids should be taught how to save money because the parents are not doing it.
    I'll be back
  • Eliot RosewaterEliot Rosewater Posts: 2,659
    Education = wealth

    The doors are wide open here in the US to go to school. Its a level playingfield, and in some cases, minorities have the advantage.


    100% correct. Every single person has a right to education. I think from kindergarden to 12th grade kids should be taught how to save money because the parents are not doing it.
    I don't think we're talking about k-12 here.

    But I do agree with you that kids absolutely need to be taught some sort of personal finance skills. I know it was never discussed when I was growing up. Money always had this taboo feel to it...probably cuz my parents were quite poor and ashamed to even talk about it. It should get some sort of attention in schools so kids and teens understand how to better handle money, credit etc.
  • ByrnzieByrnzie Posts: 21,037
    Education = wealth

    The doors are wide open here in the US to go to school. Its a level playingfield, and in some cases, minorities have the advantage.


    100% correct. Every single person has a right to education. I think from kindergarden to 12th grade kids should be taught how to save money because the parents are not doing it.

    We're not talking about education. The survey was not about education. The subject is about economic disparity between whites and blacks in the U.S, and the 'powerful role of persistent discrimination in housing, credit and labour markets..'
  • ed243421ed243421 Posts: 7,673
    100% correct. Every single person has a right to education. I think from kindergarden to 12th grade kids should be taught how to save money because the parents are not doing it.[/quote]

    We're not talking about education. The survey was not about education. The subject is about economic disparity between whites and blacks in the U.S, and the 'powerful role of persistent discrimination in housing, credit and labour markets..'[/quote]

    byrnzie
    isn't it about education?
    this country has never cared a damn about educating black people or other minorities.
    if my parents and their parents and their parents and their parents never were taught to better themselves through education, i would not have a fighting chance either.
    we've taught dogs more in the past 50 years than what america tries to do for these people.
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  • KDH12KDH12 Posts: 2,096
    know1 wrote:
    know1 wrote:
    Good article, but my question is did they say how they identified people as white or black? I've still never seen a quantifiable definition.

    In most studies, race is self-identified (whatever you think you are). There is no more objective definition, in part because no one is actually "pure". Obama is "black", even though he's at least half Caucasian.

    I know that's how it's defined and that's exactly why it's time to get rid of those labels. They mean nothing.

    how some defines and identifies themselves means nothing....

    that is crazy, that the best way to create the definition, better then me telling someone what they are
    **CUBS GO ALL THE WAY IN......never **
  • KDH12KDH12 Posts: 2,096
    whites 5x richer than blacks......... how many times more whites are there than blacks in the US??????????


    ummm yeah well this comment is just stupid
    **CUBS GO ALL THE WAY IN......never **
  • acoustic guyacoustic guy Posts: 3,770
    Byrnzie wrote:
    I bet my paycheck that some here think that this means most whites are racist, and/or because of this study, the ones who make more should give it to the black community.

    I know you are out there so let it rip...

    And why is this study done in the first place? What does it mean? That the Government should make changes to our lives so all people of different colors can make the same amount?
    i don't like studies like this...Pointless. All it does is start shit.

    I take it you're white? I also take it that you don't give a shit about minorities being unfairly treated in your society?
    Well let me say this...I think their is a reason for Stereo Types. They were invented because many times they are cruel but somewhat true. Like it or not, yea yea I am a horrible person for saying that but they are what they are because someone noticed a pattern amongst individual races.
    My race as well.
    Get em a Body Bag Yeeeeeaaaaa!
    Sweep the Leg Johnny.
  • catefrancescatefrances Posts: 29,003
    Byrnzie wrote:
    I bet my paycheck that some here think that this means most whites are racist, and/or because of this study, the ones who make more should give it to the black community.

    I know you are out there so let it rip...

    And why is this study done in the first place? What does it mean? That the Government should make changes to our lives so all people of different colors can make the same amount?
    i don't like studies like this...Pointless. All it does is start shit.

    I take it you're white? I also take it that you don't give a shit about minorities being unfairly treated in your society?
    Well let me say this...I think their is a reason for Stereo Types. They were invented because many times they are cruel but somewhat true. Like it or not, yea yea I am a horrible person for saying that but they are what they are because someone noticed a pattern amongst individual races.
    My race as well.

    stereotypes do have some basis in fact. but its lazy fact imo.
    hear my name
    take a good look
    this could be the day
    hold my hand
    lie beside me
    i just need to say
  • ByrnzieByrnzie Posts: 21,037
    Byrnzie wrote:
    I bet my paycheck that some here think that this means most whites are racist, and/or because of this study, the ones who make more should give it to the black community.

    I know you are out there so let it rip...

    And why is this study done in the first place? What does it mean? That the Government should make changes to our lives so all people of different colors can make the same amount?
    i don't like studies like this...Pointless. All it does is start shit.

    I take it you're white? I also take it that you don't give a shit about minorities being unfairly treated in your society?
    Well let me say this...I think their is a reason for Stereo Types. They were invented because many times they are cruel but somewhat true. Like it or not, yea yea I am a horrible person for saying that but they are what they are because someone noticed a pattern amongst individual races.
    My race as well.

    Of course there's a reason for stereotypes. Stereotypes, Prejudices & bigotry make it easier for dim-witted people to cope with reality and justify discrimination and the oppression of others.

    By the way, Hitler and his ilk also noticed patterns amongst individual races. You should check those studies out some time. And then when you're done stroking yourself off over them you can read about how those studies and others like them were all proven to be politically motivated and scientifically baseless and defunct.
  • Godfather.Godfather. Posts: 12,504
    BFD :lol: jeeze you guys must be bord......but anything to squable over right ??

    Godfather.
  • rebornFixerrebornFixer Posts: 4,901
    stereotypes do have some basis in fact. but its lazy fact imo.

    That's not a bad way to put it ... Some and lazy being the operative words. Our brains are hardwired to form abstract generations, which we then use to make heuristic or "quick and dirty" rule of thumb decisions about other people. This process produces accurate judgments some of the time, but its also the source of ignorant judgments in the absense of evidence around an individual case. BOTH sides of the racism argument use these heuristic judgments, by the way ... Check out that thread about the Obama assassination example that the teacher in Arkansas used. My view is that the debate about race would be better served if people relied more on logical reasoning, and less on stereotypes and emotions.
  • BlockheadBlockhead Posts: 1,538
    Its pretty simple - Parents. Being taugh respect and personal responsibility can get you where you want to go. If your parents give a shit, you'll see success. We need stop perpetuating excusses for people and continually giving handouts to even things out. No one said life was fair.
  • acoustic guyacoustic guy Posts: 3,770
    [/quote]
    I take it you're white? I also take it that you don't give a shit about minorities being unfairly treated in your society?[/quote]
    Well let me say this...I think their is a reason for Stereo Types. They were invented because many times they are cruel but somewhat true. Like it or not, yea yea I am a horrible person for saying that but they are what they are because someone noticed a pattern amongst individual races.
    My race as well.[/quote]

    Of course there's a reason for stereotypes. Stereotypes, Prejudices & bigotry make it easier for dim-witted people to cope with reality and justify discrimination and the oppression of others.

    By the way, Hitler and his ilk also noticed patterns amongst individual races. You should check those studies out some time. And then when you're done stroking yourself off over them you can read about how those studies and others like them were all proven to be politically motivated and scientifically baseless and defunct.[/quote]
    By the way....LOVE the Profile Pic! I wonder how many here know who that is. ;)
    Get em a Body Bag Yeeeeeaaaaa!
    Sweep the Leg Johnny.
  • ByrnzieByrnzie Posts: 21,037
    HeidiJam wrote:
    Its pretty simple - Parents. Being taugh respect and personal responsibility can get you where you want to go. If your parents give a shit, you'll see success. We need stop perpetuating excusses for people and continually giving handouts to even things out. No one said life was fair.

    Who's being given handouts and having excuses made for them? This study shows that blacks are being fucked in the ass. It says nothing about excuses or handouts.
  • BlockheadBlockhead Posts: 1,538
    Please explain how?
  • Jason PJason P Posts: 19,158
    Byrnzie wrote:
    HeidiJam wrote:
    Its pretty simple - Parents. Being taugh respect and personal responsibility can get you where you want to go. If your parents give a shit, you'll see success. We need stop perpetuating excusses for people and continually giving handouts to even things out. No one said life was fair.

    Who's being given handouts and having excuses made for them? This study shows that blacks are being fucked in the ass. It says nothing about excuses or handouts.
    The report does state that job achievement and income cannot predict wealth holdings due to the disparity in wealth between whites and blacks. Page three of the report addresses having public policy play a major role in closing the wealth gap.
    Be Excellent To Each Other
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  • Stypo420Stypo420 Posts: 519
    I saw this story in the news several days ago, I am really not that surprised about it. What I don't like is them coming at it only from the racial standing of blacks and whites. I feel one of the largest problems in our society is income inequality suffered by all races living in depressed areas or simply have very low incomes, even some people who make "decent" money. Our system is designed to reward those with more and simply sustain those with less.

    Education is definitely a part of the equation and the fixes, they majority of the black population lives in inner cities with typically host the most troubled schools. Again it really doesn't need to be a black and white thing because whites, Latino, Asian at that same school are starting with the same disadvantage the blacks are given. So yes let’s fix education so every one is on an equal playing field when presented with the opportunity for higher education.

    Another potential part of the solution is involvement as long as we remain silent, and content with treatment we receive, the divide will continue to grow. It will not stop till we are a two class system rich and poor. As long as we are a free market capitalist society these things will not change.
  • Jason PJason P Posts: 19,158
    lgoose420 wrote:
    I saw this story in the news several days ago, I am really not that surprised about it. What I don't like is them coming at it only from the racial standing of blacks and whites. I feel one of the largest problems in our society is income inequality suffered by all races living in depressed areas or simply have very low incomes, even some people who make "decent" money. Our system is designed to reward those with more and simply sustain those with less.

    Education is definitely a part of the equation and the fixes, they majority of the black population lives in inner cities with typically host the most troubled schools. Again it really doesn't need to be a black and white thing because whites, Latino, Asian at that same school are starting with the same disadvantage the blacks are given. So yes let’s fix education so every one is on an equal playing field when presented with the opportunity for higher education.

    Another potential part of the solution is involvement as long as we remain silent, and content with treatment we receive, the divide will continue to grow. It will not stop till we are a two class system rich and poor. As long as we are a free market capitalist society these things will not change.
    Well said.
    Be Excellent To Each Other
    Party On, Dudes!
  • lgoose420 wrote:
    I saw this story in the news several days ago, I am really not that surprised about it. What I don't like is them coming at it only from the racial standing of blacks and whites. I feel one of the largest problems in our society is income inequality suffered by all races living in depressed areas or simply have very low incomes, even some people who make "decent" money. Our system is designed to reward those with more and simply sustain those with less.

    Education is definitely a part of the equation and the fixes, they majority of the black population lives in inner cities with typically host the most troubled schools. Again it really doesn't need to be a black and white thing because whites, Latino, Asian at that same school are starting with the same disadvantage the blacks are given. So yes let’s fix education so every one is on an equal playing field when presented with the opportunity for higher education.

    Another potential part of the solution is involvement as long as we remain silent, and content with treatment we receive, the divide will continue to grow. It will not stop till we are a two class system rich and poor. As long as we are a free market capitalist society these things will not change.
    yes its not as if all this money is flowing freely among white people. its CERTAIN white people. You're no more likely to tap into that money as a white guy as any other race if you dont belong to that group that has the money.

    like my little dirt stain hometown. its 100% white, the people are poor. they were born poor, live poor and will die poor except for a few exceptions. yet this study suggests that they somehow have it better than the blacks in the next town over because their race happens to be the same as the people who control the wealth. its a false assumption.
  • BlockheadBlockhead Posts: 1,538
    Parenting is the Key here, Education system could be better but that is not the problem, Actually physically going to school is the problem. Taking your son out of school to get the new Jordan's that hit the street at footlocker does nothing but reinforce their thought process that school is not important and having nice clothes and cars are. Living off welfare and foodstamp will never teach anyone how to manage money and gain welth. When you have generations living off welfare and foodstamps then the problem continues to expand.
    Spend time with your kids, know what they are doing and who their friends are, and continually to ask them questions about school and challenge their mind.
  • Stypo420Stypo420 Posts: 519
    HeidiJam wrote:
    Parenting is the Key here, Education system could be better but that is not the problem, Actually physically going to school is the problem. Taking your son out of school to get the new Jordan's that hit the street at footlocker does nothing but reinforce their thought process that school is not important and having nice clothes and cars are. Living off welfare and foodstamp will never teach anyone how to manage money and gain welth. When you have generations living off welfare and foodstamps then the problem continues to expand.
    Spend time with your kids, know what they are doing and who their friends are, and continually to ask them questions about school and challenge their mind.

    I have not yet had the fortune of children and thus try not to speak about parenting. However I remember my child hood and I know for a fact that my parents 9 times out of 10 where no where near by when I was at my worst, but in reality my mother never strayed far I had a cell phone only if I picked up her calls every time she called and that was often. Still I managed to go against the good I was taught from time to time using only my free will. So I think you point while useful to the overall argument, it is far from the solution! IMO
  • __ Posts: 6,651
    Check out that thread about the Obama assassination example that the teacher in Arkansas used. .

    Alabama, not Arkansas.
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