The State of Black America
Listening to all the rhetoric in the popular media, you would think America is the most unfair, racist nation in the world. You would think that Black Americans are uniformly living in oppression and poverty, with no hope for the future, save the federal government arriving on the scene to their rescue.
Sorry, liberals, to trouble you with facts. But indeed there are facts. And the facts tell a far different story than what we are hearing.
Let's start with the most recent annual report of the Census Bureau: Income and Poverty in the United States: 2019.
According to this report, annual real median household income in the U.S. increased 6.8% in 2019, the largest annual increase recorded by the Census Bureau going back to 1967.
Black median household income in 2019 increased 7.9%, the largest on record and, per American Enterprise Institute economist Mark Perry, "almost nine times the average annual increase of 0.90% over the last half-century."
Moreover, in 2019, 29.4% of Black households had income of $75,000 or more, compared with 28.7% of Black households that had income of $25,000 or less. This was the first time, ever, that the percentage of high-income Black households exceeded the percentage of low-income Black households.
In 1967, 44.5% of Black households were low-income, compared with 9.1% high-income.
Last September, the Federal Reserve published its Survey of Consumer Finances, published once every three years. The survey covers the three-year period 2016-2019, just prior to the onset of the pandemic.
Over this period, per the report, Black net worth increased 32.1%, Hispanic net worth increased 63.6% and white net worth increased 4%.
Business equity among Blacks increased 138%.