Finance: Racism and Vast Racial Gap Essay

Submitted By shre123
Words: 950
Pages: 4

Issues in Personal Finance

Very warm good morning to the President of the United States. I am very glad to put my view point on the major problem of the society, in front of you. Hope you will give a thought on it and support to remove the major problem of our society. Racism is the belief that a particular race is superior of inferior to another because of skin color, language, customs and place of birth. Racial discrimination has always been a major talk in the U.S. society, and it is an ongoing concern in today’s society. Race is still a powerful social idea that gives people different access to opportunities and resources. The problem of racial discrimination has been in existence for centuries and will exist if we together do not work with mutual understanding and co-operation; unless there is the feeling of global fraternity. I believe we are the ones to create this problem and it would be a mystery unless we work out together. I, myself am a victim of racism and I have friends who are victims of racism not only in their workplace but in their daily life. We are called upon as “Hey you” instead of our names, only because I am not white. I loose many opportunities in my life though I had the equal potentials as other whites. I am always judge by my color not by my talents. It is we ourselves who made this discrimination. So, we should work together to stop this discrimination. It’s been years that people got freedom from slavery, but racial discrimination is still practiced in the society. Our nation is the most developed nation in the world, but racial discrimination still rules our society. We think that there are only two races of people in our society ‘whites’ and ‘blacks’. And whites always get more privilege than the blacks in spite of equal capabilities. The major area that we are facing today is based on the wealth. Race, wealth and life opportunities are intertwined in the United States. Today, white and nonwhite communities are still "separate and unequal" and the gap continues to grow, long after the Civil Rights era. Whites have twice as much wealth as nonwhites. The vast racial gap in wealth is the product of centuries of easily documented U.S. public policy. The disadvantaged groups have found it much harder to make economic progress and have been more often than not concentrated in the least desirable jobs. Compared to the white, minority groups are more likely to work in low-wage jobs that earn much less on average and accumulate less wealth. It is found out that racial discrimination is the factor for the wage gap, promotions and hiring between employees of different races although they have similar education, experience and training. That is, while blacks do earn less than whites, asset gaps remain large even when we compare black and white families at the same income levels. For instance, at the lower end of the economic spectrum (incomes less than $15,000 per year), the median black family has a net worth of zero, while the equivalent white family's net worth is $10,000. Likewise, among the often-heralded new black middle class, the typical white family earning $40,000 per year enjoys a nest egg of around $80,000; its African-American counterpart has less than half that amount. The white American accumulate more wealth than black, even though they work for the same company and make the same income and live in the same neighborhood. Nonwhite people have not had the same access to program benefits as compared to the benefited group. Poor economic condition is often resulted from lack of proper education which in…