A better educated black population will mean a higher income earning black population. But income alone is a limited tool for creating wealth. Wealth is created through savings, investment, and entrepreneurship. And blacks lag far behind in each category.
The Pew study shows that the major destruction of wealth from 2005 to 2009 resulted from the collapse of housing prices. Blacks suffered disproportionately because black net worth has been almost entirely in their homes.
The idea of allowing of allowing investment in a personal retirement account rather than paying the Social Security payroll tax would be a boon to building black wealth.
But when President Bush suggested the personal retirement account idea, NAACP chairman Julian Bond said this was asking blacks “to play the lottery with their future.”
A life of government guarantees and controls is not a formula for building wealth. Freedom and capital markets are. Blacks need to decide which they want.
And entrepreneurship must become part of black culture. Blacks need to get that poor people are not poor because rich people are rich.
The formula for more black wealth: less government, more ownership and initiative.
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