Racial Wealth Divide Archives

Black Realities and Black Delusion in the Age of Obama
Unemployment and wealth statistics for Black America speak to a much different reality than is perceived by some polled, says Glen Ford in the Pan-African News Wire. Ford notes that, in the "Age of Obama," the positive economic outlooks held by some African Americans are simply not supported by the facts of their current situation. May 6, 2010

Moyers, Winship: Dr. King's Dream - Still Unfulfilled
Bill Moyers and Michael Winship (Bill Moyers Journal, PBS) recount Dr. Martin Luther King, Jr.'s last days and write of the continued postponement of his economic dream -- of equality of opportunity across lines of race and class -- by the "closed fist" of a free market system. April 5, 2010

The Wealth Gap and Women of Color
This report from the Insight Center, co-authored by Meizhu Lui, Director of the Closing the Racial Gap Initiative and former UFE staffer, views the US wealth divide through the lenses of race and gender. Key findings indicate a particularly depressing reality for women of color. March 22, 2010

Black Leaders Ask: Where's Our President?
This NPR story by Liz Halloran discusses a "new wave of 'post-black leaders'," which includes mayors, legislators, and even President Obama. The article begs the question: Is race still an issue? Halloran cites a dire statistic from UFE's report, State of the Dream 2010: Drained, as evidence that on economic policy, race is still a factor. March 16, 2010

Report on Racial Economic Inequality Now Available in Spanish

FOR IMMEDIATE RELEASE

How Goldman Sachs Hurts Communities of Color
This article details the role Wall Street firms, like Goldman Sachs, played in the ongoing foreclosure crisis. The authors highlight that the heaviest burden has been placed on communities of color and cite UFE's report, State of the Dream 2008: Foreclosed. Co-author Luke Visconti also engages in dialogue with readers in the comments section. March 2, 2010

State of the Dream 2010: Drained
UFE's seventh annual Martin Luther King, Jr. Day report has finally arrived! State of the Dream 2010: Drained - Jobless and Foreclosed in Communities of Color explores the U.S. racial economic divide in the wake of the Great Recession and spotlights a targeted policy approach as the best way to close that divide and rebuild our economy. Read the report now!   February 4, 2010

Mike Prokosch on "Letters to Washington" (podcast)
Mike Prokosch, UFE Board member and co-author of State of the Dream 2010, visits with Mitch Jeserich on Pacifica Radio's "Letters to Washington" to discuss President Obama's budget and whether our most urgent national priorities are being met. February 2, 2010

The Obama Presidency: Year One
The Hartford Independent Media Collective provides sobering commentary on the economic state of Black America. They cite UFE's State of the Dream 2010: Drained in this posting about the myriad national priorities weighing on policymakers in DC and the country as a whole. February 2, 2010

The Earnings Report for Main Street
UFE Board President, Prakash Laufer, comments on Washington's policy response to the Great Recession, announcements of big banks' booming profits and bulging bonuses, and the continued economic challenges facing communities of color. February 2, 2010

Has Obama's election changed race relations?
Pat Schneider asks whether Barack Obama's ascendance to the US Presidency has changed race relations. He cites UFE's State of the Dream 2010: Drained in this column on the impacts of race on economics. February 2, 2010

Ajamu Dillahunt on Culture Shocks with Barry Lynn
Barry Lynn, host of the radio show, Culture Shocks, asks: Is the economy better for whites and worse for Blacks? Ajamu Dillahunt, UFE Board member and co-author of State of the Dream 2010: Drained, joins him to discuss the issue of race in the Great Recession. January 28, 2010

Record Bank Profits - American Dream Foreclosed
UFE Board member and co-author of State of the Dream 2010: Drained, shares his views on the recent megabank bonuses in light of the persisting unemployment and foreclosure crises in this op-ed in Common Dreams. January 25, 2010

State of the Dream 2010 on "Letters to Washington" (podcast)
Brian Miller continues his national radio trot, joining Mitch Jeserich on Pacifica Radio's "Letters to Washington" to discuss the latest State of the Dream report. January 18, 2010

State of the Dream 2010 on The Surreal News Show (podcast)
Brian Miller, co-author of State of the Dream 2010: Drained, joined Steve Norris on WSLR's "The Surreal News" in Sarasota, FL to discuss the state of the US racial economic divide. January 18, 2010

State of the Dream 2010 in The New York Times
Nearly 42 years after the assassination of Martin Luther King, Jr., how close are we to realizing the ideals he represented - for social and economic equality for people of all races? Bob Herbert comments in The New York Times on how well, or poorly, we as a nation uphold Dr. King's campaign for economic justice, and cites UFE's State of the Dream 2010. January 18, 2010

The Crisis in Haiti
All of us at UFE would like to share our deepest condolences with the people of Haiti. Our thoughts are with them and our hope is that the good of this world will shine through such tragedy. January 15, 2010

State of the Dream 2010 in the Washington Post
Between UFE's State of the Dream 2010 report and a new study by the Economic Policy Institute, race and the Great Recession has been a major news issue this week. Dion Haynes wrote today about the dire circumstances for Black communities in the US. January 15, 2010

Surprise! White - Minority Income Gap Continues to Widen
"What do you call a society that in a period of crisis leaves its weakest to fend for themselves, while rushing to the aid of its most powerful? The United States." Daniela Perdomo writes about the current racial economic divide in the US, citing UFE's new State of the Dream 2010 report, on AlterNet. January 14, 2010

We Need a Fair Jobs Policy (op-ed)
Ajamu Dillahunt, UFE Board member and co-author of State of the Dream 2010, explains that the economic stimulus has been tilted in favor of white people. He writes that there's much more we can do to support communities of color. Read more in this Huffington Post op-ed. January 13, 2010

PRESS RELEASE: State of the Dream 2010
Boston, MA, January 13, 2010 – A new report released today finds that African Americans and Latinos are continuing to disproportionately experience economic hardships, and that targeted economic policies are required to address the racial economic divide in the US. January 13, 2010

MLK's Dream as it stands in 2010
Dedrick Muhammad, co-author of our newly released report, State of the Dream 2010: Drained, writes that Martin Luther King, Jr.'s dream continues to be just that in 2010. In this op-ed, he highlights the different targeted policies necessary to close the racial wealth gap in the U.S. January 12, 2010

NEW REPORT: Economy Worse for Blacks, Better for Whites
UFE's seventh annual State of the Dream report, this year entitled, Drained: Jobless and Foreclosed in Communities of Color, sheds light on the question of who is right about how to better support our Black communities - President Obama or the Congressional Black Caucus? January 11, 2010

Video: Meizhu Lui on The Color of Wealth
Watch a video of Meizhu Lui, co-author of UFE's book, The Color of Wealth, discussing the story behind the U.S. racial wealth divide. December 23, 2009

Black Unemployment: A "Canary in a Coal Mine"
Black unemployment is a nationwide crisis of proportions far greater than the national average. Michelle Chen writes that unemployment numbers for workers of color should signal to us the need for targeted policies in the economic recovery. UFE's 2009 State of the Dream report is cited in this article in Air America. November 24, 2009

PRESS RELEASE: UFE Backs Congressional Black Caucus
UFE supports the Congressional Black Caucus' actions to ensure that financial reform also address the crises of unemployment and homeownership in communities of color. UFE's Brian Miller states, "With so much of the economic recovery legislation focused on the financial services industry and Wall Street, it's a welcome breath of fresh air to see someone stand up for [those] trying to find decent work and hold onto their homes." November 23, 2009

Washington Unemployment Up in September
Washington state's unemployment numbers show that a turnaround in the labor market is still out of sight - especially for people of color. UFE's 2009 State of the Dream report is cited in this article in the Sky Valley Chronicle. October 22, 2009

Learning God’s Economy from Muslim Friends
Jonathan Wilson-Hartgrove wonders, "[W]hat if [Christian] churches in this country took the law of Christ as seriously as Muslim banks seem to take their law?" UFE's State of the Dream 2008 mentioned in this blog post.   October 9, 2009

Building Opportunity
UFE's 2008 and 2009 State of the Dream reports are cited in this report, which calls for transparency, equity, and accountability in Florida's allocation of recovery funds. October 6, 2009

Nowhere To Fall: Facing the economic crisis in the U.S.
This article in Z Magazine explores the evolution and realities of poverty in the US, and discusses the troubling link between culture and economy. The authors cite UFE's report, State of the Dream 2010: The Silent Depression. October 1, 2009

Why We Need Robust Consumer Financial Protection
Hilary Shelton, VP of Advocacy for the NAACP, cites information from UFE's State of the Dream report in his testimony to the House Financial Services Committee in support of creating a strong Consumer Financial Protection Agency. October 1, 2009

Race, Ethnicity and Economic Destiny (video)
Watch video of UFE's Amaad Rivera as he participates in a panel discussion on race and economic destiny at the 2008 "A Better Deal" conference, hosted by Demos. September 23, 2009

The Recession’s Racial Divide (op-ed)
"WHAT do you get when you combine the worst economic downturn since the Depression with the first black president?" Find out in this op-ed, where Barbara Ehrenreich and Dedrick Muhammad cite UFE's State of the Dream 2008. September 16, 2009

Recession hits minorites harder
"For many Americans, the recession officially began in December 2008, but recent studies show it began much earlier — and had a greater impact — for minorities." September 16, 2009

Hypocrisy at the NAACP 100th Anniversary Celebration?
Launched by great civil rights leaders 100 years ago; sponsored by Corporate America and the U.S. Army today.  See Alex Kane's take on the direction of the NAACP.   July 29, 2009

Racial Justice Communications in Obama’s America (Podcast)
On Febuary 25th, the Boston Chapter of the Progressive Communicators Network convened a panel discussion called “Talking About Racial & Economic Justice in Obama’s America.” April 17, 2009

Documenting the Silent Depression
Bill Fletcher writes: "Structural racist oppression has represented, to borrow from Columbia University Professor Manning Marable, the underdevelopment of Black America. Specifically, the conditions under which we have operated, often in the so-called best of times, have represented recession or sometimes near depression-like realities for millions of people." January 29, 2009

Recession Worsens the Racial Divide
UFE staffer Mike Lapham writes: "During any crisis, it is common to focus on the surface troubles and thereby miss opportunities for addressing underlying problems. Already, as the new administration tackles the current economic crisis, it seems diligent about plugging today's holes, to the exclusion of preventing more holes in the future. "...while we watch the first black president take office, we risk falling into another trap: Thinking that race is finally irrelevant. The truth is that, in an economic sense, race continues to be a major barrier." January 25, 2009

2008 Financially Bad Year for Blacks - 2009 May Be Worse
The nation's unemployment rate soared to 7.2 percent last month as the economy loss 524,000 jobs. The current recession took jobs from all major population groups. Whites saw their jobless rate jump from 6.2 percent in November to 6.6 percent in December. Black unemployment rose from 11.3 percent to 11.9 percent while joblessness for Hispanics increased from 8.6 percent to 9.2 percent. Unemployment for Asians stood at a seasonally unadjusted 5.1 percent. January 15, 2009

King’s take on dream? ”˜Yes, but . . .’
Those on both sides of the civil rights divide like to argue about what the Rev. Martin Luther King Jr. would say if he were still around. The essence of his message can better be found in the pages of "State of the Dream 2009: The Silent Depression," the report released today by United for a Fair Economy.   Click here to read the Buffalo News story.   January 15, 2009

State of the Dream 2009: The Silent Depression
Our new report finds that people of color are being hurt by the economy far more than the general population. January 15, 2009

No Adult Supervision
The current financial crisis is disproportionately affecting people of color. In our search for solutions, we must remember that deregulation led us to this crisis and that those who are traditionally the hardest-hit are people of color. Movement Vision Lab. September 23, 2008

Sub-Prime As A Black Catastrophe
No other recent economic crisis better illustrates the saying "when America catches a cold, African Americans get pneumonia" than the sub-prime mortgage meltdown. African Americans, along with other minorities and low-income populations, have been the targets of the sub-prime mortgage system. The American Prospect. September 22, 2008

The Housing Crisis: Blacks & Latinos Targeted
Subprime mortgages recently have expanded greatly. With higher interest rates and higher fees and penalties than conventional mortgages, subprime loans qualify individuals who otherwise couldn't get a loan because of low income or bad credit history. DiversityInc. September 10, 2008

The Color of Credit (Op-ed)
Charles Steele Jr., of the Southern Christian Leadership Conference, builds on our report "Foreclosed: State of the Dream 2008," in a critique of proposals to ease the credit crunch. The Washington Post. June 23, 2008

Credit Crunch Reveals Economic Racial Divide (Op-ed)
Jose Garcia of Demos uses data from our State of the Dream report in his recent op-ed. From the Hartford Courant. June 2, 2008

Race, Ethnicity and Economic Destiny (Event)
This panel discussion held on 05/09/2008, focused on the diversity of young adults and their economic expectations. Amaad Rivera, Racial Wealth Divide Program Leader at United for a Fair Economy presented. (Includes link to video.) May 9, 2008

What's the ”˜Color of Wealth'? (Op-ed)
Before there can be meaningful discussion, typical Americans will need to come face to face with some meaningful facts about U.S. economic history. Beneath the superficial race talk is the very real and complex issue of the color of wealth. By Sean Gonsalves in CommonDreams.Org. March 31, 2008

Town Hall Meeting Focuses on Harmful Banking Practices
Town Hall Meeting in Boston with Rep. Barney Frank, Mass. AG Martha Coakley Focuses on Harmful Banking Practices, Rising Credit Card Interest Rates Hurting Working Families and Consumers. Co-hosted by Service Employees International Union (SEIU), the Massachusetts Public Interest Research Group (MassPIRG), and UFE. March 19, 2008

A Community Approach to Affordable Housing
In their article "A foreclosure-free option," Responsible Wealth member, David Abromowitz, and his colleague Roz Greenstein discuss the use of Community Land Trusts (CLTs) to provide a community-based alternative to subprime mortgages as a way for low-income folks to become and remain homeowners. (From UFE's Enews.) February 29, 2008

Bank of America Benefits from Lending Crisis, Taxpayers to Foot the Bill
While many homeowners stand to lose their homes due to predatory lending, Bank of America is setting itself up to shift millions of dollars of corporate taxes onto taxpayers. (From UFE's Enews.) February 29, 2008

Subprime Lending Crisis Gets Racial Perspective
Our report, "Foreclosed: State of the Dream 2008," is getting a lot of attention. By pointing out the destructive nature of predatory loans for people and communities of color, we hoped we would make people see the issue in a new way. We are pleased that it seems to be working. For example, we've heard from federal policy makers as well as many social justice and social change organizations. (From UFE's Enews.) February 29, 2008

Doing More to Help Subprime Crisis (Op-ed)
The Bush administration is not doing nearly enough to help people who are facing foreclosure. February 22, 2008

King's Dream Deferred, One More Victim of the Subprime Mortgage Crisis
Michelle Singletary devotes her "Color of Money" column in The Washington Post to the findings in our "State of the Dream" report. February 10, 2008

Bush And 'Financial Apartheid'
Editorial by Investor's Business Daily claims that the disproportionate affect of the subprime crisis on people of color is not Bush's fault. February 6, 2008

The Boom Was a Bust For Ordinary People
Barbara Ehrenreich's Op-ed in the Washington Post uses data from our "State of the Dream 2008" report to illustrate how the recent boom hurt the non-rich. February 3, 2008

People of Color Face Historic Wealth Loss
The wealth gap between African American and white median households cannot but grow bigger in the wake of the subprime lending catastrophe. A Black Agenda Radio commentary by Glen Ford. January 23, 2008

Home Foreclosures and Minorities (TV Interview)
Amaad Rivera was interviewed about our report, "Foreclosed: The State of the Dream 2008." He also responded to telephone calls and electronic mail. January 21, 2008

Boston Herald Covers "State of the Dream" Story
UFE's Co-Executive Director, Brenda Cotto-Escalera, talks to the Boston Herald about the new report, "Foreclosed: State of the Dream 2008." January 15, 2008

NPR reports on Foreclosed: State of the Dream 2008
NPR host Michel Martin talks with a co-author of Foreclosed: State of the Dream 2008 for her show "Tell Me More." Listen to the interview. January 15, 2008

Building Bridges (Radio): Foreclosed: The State of the Dream
For tens of millions of people in the US, owning a home is the essence of the American dream. The Rev. Dr. Martin Luther King, Jr., would undoubtedly agree, and aspired to make the dream more broadly available - to Blacks, Latinos & Asians as well as Whites, to poor people as well as rich. But now, the sub-prime lending crisis has spread its tentacles across the country causing the greatest wealth setback for people of color ever. January 14, 2008

Let America Have Racial Wealth Equity
Race and gender compound the greatest economic inequality since the Great Depression of the 1930s. It is time for a change. By UFE staffer Amaad Rivera. December 18, 2007

Triple Threat: Racism, Economic Exploitation and War
UFE's Racial Wealth Divide staffer Amaad Rivera writes in Black Agenda Report about the triple threat that economic exploitation, racism and war pose to people of color. October 21, 2007

The Summer of our Discontent...Again
Amaad Rivera explores the recent US Supreme Court decision against desegregating schools. August 31, 2007

Fair Lending Helps Community Prosperity
A new report finds that African-Americans in Baton Rouge were more than twice as likely to receive sub-prime home loans as non-minorities in 2005. The report is the second in a series of reports on Louisiana lending practices commissioned by the Louisiana Community Reinvestment Coalition (LCRC) and compiled by the National Community Reinvestment Coalition (NCRC) Research and Policy division. June 27, 2007

People of Color Vote Blue, But Stay in the Red
http://cjonline.com/stories/011907/opi_139528448.shtml January 19, 2007

Dems '100 Hours' Agenda Does Little to Address Economic Divide
Study: Dems '100 Hours' Agenda Does Little to Address Economic Divide Between Whites and People of Color January 9, 2007

State of the Dream 2007
The fourth annual State of the Dream report finds that in 2007, while people of color support Democrats in the voting booth, they are still waiting for policies and programs that close the economic gap between them and whites. January 9, 2007