Political Quotes

“Mr. Speaker, I rise today to address the crisis that is the growing racial wealth gap in the United States. A recent report from the Institute for Policy Studies noted that the median wealth for Black families, adjusted for inflation, declined from $7,323 to $3,557 between the years 1983 and 2013. Mr. Speaker, if these alarming trends continue, the average Black household is on track to own $0 in wealth by the year 2053. This stands in sharp contrast to the average wealth of White households, which increased by nearly $14,000 during the same period, to an average of $137,000 by the year 2053. Zero dollars for the Black families, $137,000 for the White families by the year 2053. The wealth disparity between Black and White families persists across nearly all levels of income and education. White middle-class households have almost eight times more wealth than a Black household in the same income bracket. {time} 1045 Mr. Speaker, even a 4-year degree cannot remedy these disparities. A 2014 census survey found that a Black family whose head of household has obtained a master's degree owns an average $37,600 of wealth, compared to an average of $181,220 in a comparable White household, a difference of nearly $150,000. Mr. Speaker, the racial gap in our Nation must be addressed, as it is a critical concern for all of our Nation. The barriers between Black families and White families must be addressed.…”