World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 


King’s Dream of Economic Equality Deferred

PRESS RELEASE
Embargoed until midnight, January 21, 2013


REPORT: Dr. King’s Dream of Economic Equality Deferred as Racial Wealth Disparities Persist

United for a Fair Economy Releases 10th annual MLK Day report:
State of the Dream, 2013: A Long Way From Home

Boston, MA (January 17, 2013) According to a new report, the recent recession, with its string of foreclosures that are disproportionately affecting people of color, demonstrates that policies encouraging homeownership as a path to building wealth in communities of color are flawed. The average white family holds significantly greater wealth than the average Black or Latino family, and housing wealth comprises a far greater share of total assets for Black and Latino families than for White families. Being too strongly tied together, housing and wealth-building policies place communities of color at greater risk of downturns in the housing market as happened in the Great Recession.

State of the Dream 2013: A Long Way From Home, the tenth annual Martin Luther King Jr. Day report by United for a Fair Economy (UFE), explains that the Great Recession took a greater portion of wealth from Black and Latino families wealth than it did from White families. Today, the average net worth of White families is, respectively, more than six times higher and 5.7 times higher than the average Black and Latino families. Median wealth disparities are even greater.

“We focus on wealth disparities because it is linked to a host of other socioeconomic inequities – health, education, income, opportunities and economic security among them. If we seriously reduce wealth inequity, it would go a long way toward resolving many of the other inequities,” says Brian Miller, Executive Director of UFE and co-author of the report.

The overall economic well-being of Black and Latino families is more heavily affected by housing value than it is for White families. On average, home value accounts for roughly half of the total assets held by Latino and Black families, but only 28 percent of the total assets held by White families.

“The hemorrhaging of wealth in communities of color stems largely from treating housing policy as an asset-building policy, rather than as two distinct strategies,” says co-author Tim Sullivan. “By trying to do housing and asset-building with the same policy, we’re actually doing neither of them well.”

UFE explores how federal housing policy impacts wealth disparities among White, Black, and Latino families, noting that there are benefits to homeownership for families and communities, but that there are also drawbacks to tying wealth to housing to too great a degree. The report argues that federal investments in housing policy should be directed more toward treating housing as a human right and less toward encouraging homeownership as a wealth-building strategy.

“What’s the point of a policy without a goal?” asks co-author Maz Ali. “We can’t have effective housing or asset-building policies without first being clear about what we want to achieve with those policies. And, we certainly can’t address the economic struggles in communities of color with policies that ignore race as a factor.”

The report’s recommendations include:
• Limiting the benefit of the Home Mortgage Interest Deduction going to the richest taxpayers;
• Investing in proactive asset-building policies that do not link wealth creation to housing;
• Investing in affordable housing and policies that reach people for whom homeownership is not the best or most viable option; and
• Encouraging alternative models that build community wealth, such as cooperative ownership structures.
Visit www.faireconomy.org/dream/2013 for an embargoed copy of the report. Co-authors and partnering racial justice advocates are available for interview.

United for a Fair Economy is a national, independent, nonpartisan, 501(c)(3) non-profit organization working to raise public awareness of the destructive effects of concentrated wealth and power and supporting the movement for greater economic equality.

ENDS

© Scoop Media

 
 
 
 
 
World Headlines

 

Israeli Soldier Kills PA Minister At Non-Violent Protest

Yesterday, an Israeli soldier killed Palestinian Authority (PA) Settlment minister, Ziad Abu Ein, at a non-violent demonstration in the village of Turmusaya. More>>

ALSO:

  • Palestinian Centre For Human Rights - Ban on Palestinians claiming compensation against military
  • Pakistan School Killings

    GENEVA (16 December 2014) – The UN High Commissioner for Human Rights Zeid Ra’ad Al Hussein on Tuesday condemned what he described as “an utterly despicable and incomprehensibly vicious attack on defenceless children” at a co-educational school ... More>>

    ALSO:


    Sobering Data On American's Apathy About CIA Torture

    Despite a scathing report on torture, a majority of survey respondents approve of the CIA's grisly methods. More>>

    Sea Shepherd Intercepts Toothfish Poachers

    Yesterday, at approximately 2152 AEDT, the Sea Shepherd conservation ship, Bob Barker, intercepted the illegal fishing vessel Thunder, at 62 15’ South, 81 24’ East, inside the CCAMLR (Commission for the Conservation of Antarctic Marine Living Resources) ... More>>

    The White House: Charting A New Course On Cuba

    We are separated by 90 miles of water, but brought together through the relationships between the two million Cubans and Americans of Cuban descent that live in the United States, and the 11 million Cubans who share similar hopes for a more positive future for Cuba. More>>

    ALSO:


    Journalist Most Recent Victim Of Israeli Military

    Bashar, a journalist from Palestine TV, was shot in the left leg at Kufr Qaddum on Friday the 5th of December 2014. More>>

    ALSO:

  • Palestinian Centre For Human Rights - Swiss government’s bid to convene a summit on Palestine
  • UN News - UN-backed reconstruction efforts continue in Gaza
  • UNICEF Mobilizes To Reach People Affected By Typhoon

    As Typhoon Hagupit wreaks havoc through the Philippines, UNICEF is acting quickly to support the Filipino government’s response to the emergency, providing lifesaving supplies and services for children and women in the areas hardest hit by cyclone-force ... More>>

    ALSO:

  • FAO - FAO praises government for early typhoon warnings
  • Get More From Scoop

     
     
     
     
     
    World
    Search Scoop  
     
     
    Powered by Vodafone
    NZ independent news