Job Searching While Black: What's Behind The Unemployment Gap? : Code Switch : NPR: In the classic American story, opportunity is always in front of you. You finish school, find a job, buy a home and start a family; it's a rosy dreamscape.
But that world is one-dimensional. Income inequality is just about as American as baseball and apple pie. And though the economy has improved in the past few years, the unemployment rate for black Americans, now 13.2 percent, is about double that for white Americans.
Persistent unemployment and difficulty getting a job cumulatively impact the so-called wealth gap. Wealth or net worth is defined as a person's total assets — such as bank and retirement accounts, stocks and home value — minus debt. It's what families lean on in a downturn.
In 1984, the wealth gap between blacks and whites was less than $100,000, according to a . That number has since tripled.
"The wealth gap is really where history shows up in your wallet," says Heather McGhee, vice president of policy and outreach at the public policy group Demos. McGhee has spent a lot of time looking at these numbers and what it means for families.