The deterioration of data is robbing marginalized communities of their voice – The Globe and Mail

by ahnationtalk on February 7, 201990 Views

February 07, 2019

The Institute for Policy Studies released a study last month on median wealth in American households, and the findings were unsettling, if unsurprising. While the inflation-adjusted median wealth of white families in the United States had grown from US$110,160 to US$146,984 over the past three decades, it had hardly increased at all for Hispanic families (US$4,289 to US$6,591), and dropped by roughly half for Black families (US$7,323 to US$3,557). By 2082, the study concluded that, should current trends hold, the Black family will have a median net worth of zero.

I posted excerpts from the study online, and an acquaintance of mine asked how Black families in Canada compared with their U.S. counterparts. I had no idea, I said. In Canada, we don’t collect, study and distribute such information.

This has long been a point of frustration. When I was a financial planner in a previous life, I often found myself having to debunk misconceptions about the ever-shrinking middle class. One of the more pernicious narratives was the long-term effects of the 2008 financial crisis, which, more than a decade later, many still erroneously blame on irresponsible, low-income “deadbeat borrowers.”

Read More: https://www.theglobeandmail.com/opinion/article-the-deterioration-of-data-is-robbing-marginalized-communities-of-their/

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