A new study on the wealth gap between blacks and white in the U.S. conducted by the Institute for Policy Studies (IPS) and the Corporation For Economic Development (CFED) shows that it would take the average Black household 228 years to catch up to everyone else.
Currently 28 percent of African Americans live under the poverty line including 38 percent of African American children. Even with all the known statistics, very few policy makers focus on the issue of poverty on a regular basis. It still remains rare that President Obama says the word “poverty” much less makes a strong political effort to mobilize the political will to enact policy on the issue.
The study by the Institute for Policy Studies (IPS) and the Corporation For Economic Development (CFED), pointed out that the tax code is a contributing factor to the wealth gap in general. The study covered a period of three decades when “Reaganomics” and “trickle down” theories — all of which have been since debunked — were popular.
trends and policy were studied, as connected to household wealth, were studied from 1983 to 2013. The report also points out that if there is no major policy intervention on issues that impact wealth and income, the the current trent will likely never reverse itself.
With a Republican party in control of the House and Senate and focused on tax breaks for the wealthy and reversing President Obama’s policies, it’s unlikely the current policy trend will change any time soon unless voters point the country in a different direction in 87 days.