Although Black Americans have seen record-breaking economic gains in recent years, a new report from the Joint Center for Political and Economic Studies and the Center for Economic and Policy Research has outlined the persisting economic inequalities facing the Black American community today.
According to the report, Black Americans reached a record-low unemployment rate of 5.5 percent, while the rate of prime-age employment among Black adults reached a high of 78 percent in 2023. However, the $45,000 median wealth of Black American households is still far below the $190,000 estimated to be the lower limit of middle-class wealth, and significantly less than the White median household wealth of $285,000. Similarly, the $53,000 median annual household income among Black Americans, is significantly less than the $75,000 median annual income for all American households.
The authors analysis revealed that at the current rate of financial advancement, it would take more than 500 years to bridge the Black/White household income gap and a staggering 800 years to bridge the Black/White household wealth gap.
“If the nation is to get past its history of racial inequality, it must build on the areas of recent progress for African Americans,” the authors write. “Even as the country faces a backlash around issues titled ‘diversity, equity, and inclusion,’ the reality is that without a strong, targeted approach to increase economic advancement for African Americans, Black people will continue to be economic second-class citizens.”
