June 14, 2010
Free Enterprise
Written by Angela Harris
When I was in college, there was a button that some of us took to wearing. It was green (I seem to remember) and the message it bore was "59¢." It recorded the fact that, on average, for every dollar a man made a woman made fifty-nine cents.
I was reminded of that button after attending the AALS Mid-Year Workshop on "'Post-Racial' Civil Rights Law, Politics, and Legal Education: New and Old Colorlines in the Age of Obama," last week in New York City. There, Professor Florence Roisman called our attention to a report released in May by the Institute on Assets and Social Policy (IASP) at Brandeis University. According to this report, between 1984 and 2007 the racial wealth gap between black households and white households increased fourfold: from $20,000 in 1984 to $95,000.
As Thomas Shapiro (who leads IASP) and Melvin Oliver explained in their important book, Black Wealth/White Wealth, this wealth gap is different from the income gap my friends and I protested in college. Income is, for most people, their paycheck; it pays the mortgage or the rent, buys groceries, goes toward the car payment, and disappears by the end of the month. Wealth -- or "assets" in the IASP parlance -- is money that sticks around, gaining in value; it allows people not just to get by but to invest in the future: to "pursue an education, buy a home, start a business, live securely in retirement, and weather economic challenges of unemployment, illness, or disaster."
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