The Boston Globe wrote a report on Sunday describing the racism that persists within the city of Boston, much to the chagrin of liberals and Democrats. After the exposé was released, the publication was inundated with calls reporting a mistake. Surely, the average net worth of black Bostonians is more than $8.
Of all the cities coming under examination for their racial disparities, Boston is the worse. Non-immigrant African Americans have a median household net worth of $8. Dominicans have a net worth of $0. The survey conducted included samples of 403 people.
Boston has seen six terms between three republican mayors since 1900. The last republican left the office in 1930. Boston has never come close to electing a black mayor; cities with smaller black populations, such as Minneapolis and Denver, have elected a black mayor at one point.
The liberal stronghold has gone so far to declare the city under sanctuary status. Mayor Walsh defied President Trump and offered his office and capitol building to any who want to live in the government building.
The state’s only republican senator since 1980 has been Ted Kennedy’s appointed replacement. Current Senator, Elizabeth Warren, has been in headlines recently as she continues her feud with President Trump.
The spotlight investigation carried out by the Boston Globe aims to focus on the some of the most racist urban regions of America. In their first installment, Boston seems to have earned its reputation as one of the more racists cities in the nation.
Boston may be home to some cultural icons such as Harvard and M.I.T., but the city is unable to compete on the same diversity level as New York or Chicago. These other major metropolitan areas benefited from the Great Migration after the Civil War. Boston, however, has not grown as much in size or population at the same rate as other eastern hubs.
The day after the bombshell investigation was released, the media company had to write a second article explaining the statistics are true and not a mistake. Proving it was no typo, the numbers are taken from a 2015 report by the Federal Reserve Bank of Boston, Duke University and the New School.
Juxtaposed to other demographics, the report reveals for the greater Boston area Puerto Ricans have a net worth of $3,000, Caribbean blacks own worth of $12,000, and whites a staggering $247,500. These values were determined by subtracting debts from assets. In layman’s terms, blacks and Dominicans owe as much or more than they own in assets or savings.
Although these numbers may be staggering, recent studies are pointing to a nationwide trend for the African American community. By 2005, black home ownership had already peaked at 69% and was beginning to decline.
Between 2004-08, a class action lawsuit accused Wells Fargo of predatory lending. By purposefully seeking specific demographics and tricking them into taking ‘ghetto loans’. The Peoples Policy Project, an economic institute, found that black wealth had severely declined under the policies of the Obama administration.
Between 2007-16 the economic bottom 99% decreased in wealth by $4,500, and particularly effected was the black community. During the same time, the top 1% increased in value over $4.9 million. 2016 saw the 1% accumulate 38.6% of the nation’s wealth according to the report published by the Federal Reserve in September.
While Congress fights back on President Trump’s policies and refuses to pass a tax bill, one in five American families have zero or negative wealth. The appalling wealth inequality has caught the attention of human rights advocates.
The United Nations Human Rights Council, headed by Saudi Arabia, has opened an investigation into poverty levels in the United States. Rural Alabama represents some of the worst conditions in the industrialized world.
Secretary of Housing and Urban Development, Ben Carson, uncovered an astounding amount of fraud within the department. Earlier in the year, multiple audits found an unaccounted $516 billion for the 2016 fiscal year. With proper accounting now, perhaps the neurosurgeon will be able to provide better support for lower income households.
President Trump has been pushing hard lately for Congress to pass a tax plan to benefit all Americans. The American President is acutely aware of the struggle fought by those on the lower end of the socio-economic scale.