The Poor Keep Getting Poorer: What The Unemployment Rate Isn't Telling You

Even as unemployment reaches a 17-year low, America’s wealth gap continues to increase. According to the Federal Reserve, the top 1 percent of Americans hold 38.6 percent of the nation’s wealth.

Conversely, the racial wealth gap for low-income families appears to have shrunk since the recession. However, this is not due to an improvement in the income of African American or Hispanic families, it comes down to the fact that the wealth of low-income white families has diminished by half since the recession.

"The median white family is worth nearly ten times as much as the median black family and about 8 times as much as the median Hispanic family," CNN Money’s Lydia DePillis stated.

In other news, Maxine Williams, Facebook’s global director of diversity, has argued that underrepresented people in the workplace need affirmation that the bias against them is real. In her controversial Harvard Business Review essay, Ms. Williams criticized the social media conglomerate, writing “Basically they’re saying, ‘if only there were more of you, we could tell you why there are so few of you.”

Ms. Williams also called for more individual and anecdotal assessments, confirming that “algorithms and statistics do not capture what it feels like to be the only black or Hispanic team member.”

"We must talk openly with people, one-on-one, to learn about their experiences with bias, and share our own stories to build trust and make the topic safe for discussion,” Ms. Williams concluded.

Source: CNN Money
Photo: Pexels

More

Did you know that plants are therapeutic for you and your home in various ways? They not only give off well-needed oxygen, but also have been...

Morocco is the place to go for an exotic vacation with much cultural diversity. Positioned between Africa and Europe, Morocco has many cultures...

Everyone ought to have a special place where they can unwind and relax after a hard day’s work. For many people it is their bedroom. You can own a...

A reverse mortgage is a collateralized loan product that allows retirees to borrow against the equity they have accrued in their homes. After...

If you keep meaning to eat healthier but find yourself falling back on the same old unhealthy favorites, your problem may not just be your diet....

Latest Fab Stories

Have you ever sat out by a stream listening to the running water and just felt amazing? It seems like the sound of rushing or trickling water...

For the past seven years, the world has changed their ideas about what makes a woman's body beautiful. In the past, it might have been a female...

If only there were a fountain of youth-- we wouldn't have to worry so much about aging. While nothing will turn back time, there are still things...

How much do you know about Feng Shui? Some people who are getting into interior decorating are becoming more and more interested in Feng Shui. Did...

How old you feel, may actually determine how long you’ll live and life may be determined by mind over matter.

Researchers say those who...

You can't deny it anymore. Nicotine fits, smelly breath, the fact that it costs a small fortune to support your smoking habit-- not to mention a...

Codependency means always having the need to either be in control or be with someone. Codependency in relationships can lead to a very unhealthy...

Whether you believe there is such a thing as a soul mate out there for you, there are things you can do to attract that special person to you to...

The Apple iPhone is considered the flagship of smartphones, but buying one can be confusing to anyone who isn't a total gadget junkie. With all...

Life insurance is a personal insurance product that allows an individual to designate a beneficiary in the event of their death. When the...

Will giving your child things your parents struggled to give you—toys, electronics, and name brand clothes—inevitably spoil them?

Wall...