The financial standing of Black and White Americans is anything but equal. When it comes to wealth and income, major disparities persist despite the years of economic prosperity that preceded the coronavirus pandemic.
When it comes to wealth and income, major disparities persist despite the years of economic prosperity that preceded the coronavirus pandemic. This long-standing racial divide has garnered renewed attention in the Biden administration, which has committed to improving equity as it guides the nation out of the virus-fueled economic downturn.
Black workers face significant wage gaps in the labor market, and these differentials have grown since 2000, according to the Economic Policy Institute.The disparity is another reason why it's more difficult for Black families to save and build wealth than it is for White households. One area that has improved over time is the gap in unemployment rates. For decades, the jobless rate for Black Americans was typically more than twice that for White Americans.
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