Black net worth tumbles

MS NOW - A new report by the Federal Reserve Board says that from 2022 to 2025, the median net worth in the United States rose for families of all racial and ethnic groups — except Black people, whose median net worth fell a stunning 25%. During 2019-2022, by contrast, the median net worth for Black families increased by 60%. The median wealth of white families last year was nine times that of Black families. That is the largest gap since 2016.

The median wealth of white families last year was nine times that of Black families. That is the largest gap since 2016.

….Factors in the African American economy’s turnaround are complex and varied. At the macro-level, Trump has convinced much of America, including corporations and colleges, that promoting diversity, equity and inclusion efforts to redress a long legacy of racism is taboo, if not illegal.

Black workers saw his harsh, overzealous firing of federal employees as a community affront because the government, especially in the Post Office decades ago, was a place where Black people could more reliably get jobs, even if at the lower levels, when other employers didn’t hire them.