A new report calculates that median wealth for black Americans will fall to $0 by 2053, if current trends continue. “By 2020, median black and Latino households stand to lose nearly 18% and 12% of the wealth they held in 2013 respectively, while median white household wealth increases by 3%,” the report states. “The middle class didn’t just happen by market forces, and the whiteness of the middle class didn’t just happen by market forces. Black median wealth has never recovered from the 2001 recession, nor Latino median wealth from the 2008 financial collapse. White median wealth, on the other hand, was left unaffected in 2002, and began rebounding just two years after the speculative housing bubble began to implode.

Source: The Guardian September 13, 2017 10:52 UTC