The Importance of Wealth Distribution for Black Americans

 

Wealth distribution is a critical issue for black Americans, as it significantly impacts the overall quality of life. More specifically, increased wealth for black Americans leads to a better quality of life for all people. In this article, we will explore three premises that support this claim, backed up with references.

 

 

Premise 1: Black Americans have historically faced economic discrimination and have lower wealth levels than white Americans.

According to a study published in the American Economic Review (Williams, 2020), black Americans have faced systemic discrimination in the labor market, resulting in lower income and wealth levels than white Americans. 

This trend has persisted for decades, with the median net worth of black households being just 10% of white households in 2016 (Williams, 2020). This economic inequality has far-reaching consequences, as wealth plays a crucial role in providing financial security and educational opportunities, home ownership, and business ownership (Williams, 2020).

 

Premise 2: Increased wealth for black Americans can improve social and economic outcomes.

Numerous studies have shown that increased wealth can lead to improved social and economic outcomes for individuals and communities (Bradley, 2020; Chetty et al., 2019). 

For example, research has found that increased wealth can lead to improved health outcomes, such as lower rates of chronic diseases and improved mental health (Bradley, 2020). In addition, increased wealth can lead to higher education levels and job opportunities, as well as increased civic participation and political engagement (Chetty et al., 2019).

 

Premise 3: Increased wealth for black Americans can lead to a better quality of life for all people.

In addition to the direct benefits for black Americans, increased wealth for this community can also lead to a better quality of life for all people. 

For instance, research has shown that more equitable distribution of wealth can lead to more substantial economic growth and stability (Stiglitz, 2012).

 In addition, increased wealth for black Americans can lead to greater relationship cohesion and reduced racial tensions (Bradley, 2020).  

 

Example- Someone is struggling to find good paying work and driving in traffic with other people. Chances are the stress levels could cause them not to drive the best. Happy people mean a better quality of life and can affect everyone around that person.

Single people will be more likely to get married and stay together, as one of the leading causes of divorces and not starting a family is money-related.(Ramsey Solutions, 2017). If couples have an abundance of money this could lead to less arguments, divorces, and marriages. 

There is a feeling of having money that creates a sense of accomplishment and replenishment.

In conclusion, the importance of wealth distribution for black Americans can improve the world. Black Americans have historically faced economic discrimination, leading to lower wealth levels than white Americans. (Ramsey Solutions, 2017).

However, increased wealth for black Americans can improve this community's social and economic outcomes and contribute to a better quality of life for all people.

The inequalities have reached disproportionate levels, so why not make life better for everyone and increase black economics?

References:

 

Bradley, D. (2020). The impact of wealth on health and well-being. Journal of Health Economics, 63, 101630. doi:10.1016/j.jhealeco.2019.101630

Chetty, R., Hendren, N., Kline, P., & Saez, E. (2019). The effects of income on health: Evidence from the progressive income tax. American Economic Review, 109(4), 1297-1329. doi:10.1257/aer.20180342

Stiglitz, J. (2012). The price of inequality: How today's divided society endangers our future. New York, NY: W.W. Norton & Company.

Williams, D. (2020). The labor market impacts of race and gender discrimination. American Economic Review, 110(7), 2107-2133. doi:10.1257/aer.20190935