Posts Tagged ‘middle class’
A new Great Migration: the disappearance of the black middle class
After the great recession of 2008, inequality widened along racial lines as people lost their homes, often their only major asset. Earlier this month the Institute for Policy Studies, a Washington, D.C. think tank, reported in “Billionaire Bonanza: The Forbes 400 and the Rest of US,” that the average white family today has net assets of $141,900, compared with the $11,000 for African American families. This hollowing out of the African American family asset base is a nationwide phenomenon that can be explained by the shrinking African American middle class. It’s even more a factor in “strong market” regions like the Bay Area, where housing costs are soaring.
Read MoreRetrospective: Archives show difficult road for Richmond middle class
As Richmond prepared to enter the 1960s, the city was about to encounter an era of rapid change. In November of 1959, readers opened the pages of the city’s daily newspaper, the Richmond Independent, to be confronted with Thanksgiving sales and headlines about next fall’s presidential race (“State GOP Supports Nixon”). The advertisements reflected an…
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