[Congressional Record Volume 165, Number 125 (Wednesday, July 24, 2019)]
[House]
[Page H7252]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




     THE GROWING RACIAL WEALTH GAP IN THE UNITED STATES OF AMERICA

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Illinois (Mr. Rush) for 5 minutes.
  Mr. RUSH. Mr. Speaker, I rise today to address the crisis that is the 
growing racial wealth gap in the United States.
  A recent report from the Institute for Policy Studies noted that the 
median wealth for Black families, adjusted for inflation, declined from 
$7,323 to $3,557 between the years 1983 and 2013.
  Mr. Speaker, if these alarming trends continue, the average Black 
household is on track to own $0 in wealth by the year 2053.
  This stands in sharp contrast to the average wealth of White 
households, which increased by nearly $14,000 during the same period, 
to an average of $137,000 by the year 2053.
  Zero dollars for the Black families, $137,000 for the White families 
by the year 2053.
  The wealth disparity between Black and White families persists across 
nearly all levels of income and education.
  White middle-class households have almost eight times more wealth 
than a Black household in the same income bracket.

                              {time}  1045

  Mr. Speaker, even a 4-year degree cannot remedy these disparities. A 
2014 census survey found that a Black family whose head of household 
has obtained a master's degree owns an average $37,600 of wealth, 
compared to an average of $181,220 in a comparable White household, a 
difference of nearly $150,000.
  Mr. Speaker, the racial gap in our Nation must be addressed, as it is 
a critical concern for all of our Nation.
  The barriers between Black families and White families must be 
addressed. The barriers preventing Black families from accumulating 
wealth drive up poverty rates and stifle America's economy.
  This is not just a Black issue; this is an American issue.
  The inability to secure your future no matter how hard you work runs 
contrary to our basic American principles. We must do more in this 
House of Representatives to alleviate this critical issue, this crisis, 
and we must continue to make our Nation, these United States of 
America, the land of opportunity for all of its citizens.

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