The poverty rate for all sectors was the lowest in 20 years. If you look at median household incomes, for Non-Hispanic White ($44,366), African American ($27,910), Hispanic ($30,735) and Asian and Pacific Islander ($51,205) the news is not that bad. It wouldn’t be unusual, for white people to have median net worth, they’ve owned most of the stuff here longer and have passed it on to their kids. What’s important is that people in all sections learn to keep a part of what they earn and pass it on to their kids. I have no doubt that will happen for everyone because if you do spend more than you earn then you’re just being stupid.
I think this is a very misleading article. Take a look at the median income according to the government census when it realeased its findings in 2000.
http://www.census.gov/Press-Release/www/2000/cb00-158.html
The poverty rate for all sectors was the lowest in 20 years. If you look at median household incomes, for Non-Hispanic White ($44,366), African American ($27,910), Hispanic ($30,735) and Asian and Pacific Islander ($51,205) the news is not that bad. It wouldn’t be unusual, for white people to have median net worth, they’ve owned most of the stuff here longer and have passed it on to their kids. What’s important is that people in all sections learn to keep a part of what they earn and pass it on to their kids. I have no doubt that will happen for everyone because if you do spend more than you earn then you’re just being stupid.