The average White household in the U.S. today has amassed about seven times more wealth than the average Black household. The disparity widened in the half-century since the civil rights movement, despite a wave of laws protecting against racial discrimination at work, in housing and other economic realms. A wave of protests in U.S. cities last year provoked by police killings of Black citizens, including George Floyd on May 25, raised awareness of the history of what academics call systemic racism. Since then, two cities have voted to make reparations for past discrimination, President Joe Biden has supported the idea of studying wider reparations for slavery, and the Federal Reserve and a number of leading private banks have pledged to do more to address racial inequality.
The Historical Reasons Behind the U.S. Racial Wealth Gap, Catarina Saraiva, Bloomberg Equality, May 23, 2021, available here