Where 'progressive' policies have failed: median black family wealth in Boston is the cost of a case of Mountain Dew.

Despite having several moderate Republican governors, Massachusetts has been primarily run by Democrats. The great city of Boston has not had a Republican mayor since the Depression. From The Boston Globe:

That was no typo: The median net worth of black Bostonians really is $8

By Akilah Johnson | Globe Staff | December 11, 2017

The $8 detail in the Globe’s Spotlight series on race in Boston is not a typo.

The median net worth for non-immigrant African-American households in the Greater Boston region is $8, according to “The Color of Wealth in Boston,” a 2015 report by the Federal Reserve Bank of Boston, Duke University, and the New School.

This Spotlight seven-part series — which began Sunday — tackles the city’s most vexing question: Does Boston deserve its racist reputation? . . . .

Researchers conducted phone interviews about the financial status of households in Boston, Los Angeles, Miami, Tulsa, and Washington, D.C. The survey asked respondents about their assets, liabilities, financial resources, personal savings, and investment activities.

The cities were selected because their diversity allowed researchers to disaggregate data among subgroups within broader racial categories. In Boston, the report said researchers focused on “multigenerational African Americans (referred here as US blacks), Caribbean blacks (including Haitians), Cape Verdeans (both black and white), Puerto Ricans, and Dominicans.” A total of 403 people were surveyed.

The household median net worth was $247,500 for whites; $8 for US blacks (the lowest of all five cities); $12,000 for Caribbean blacks; $3,020 for Puerto Ricans; and $0 for Dominicans (that’s not a typo either.) The sample size for Cape Verdeans was too small to calculate net worth, the report said.

“A lot of people have the impression that the major way in which people amass wealth is through savings out of their income,” said William A. Darity Jr., a professor of public policy at Duke University who was one of the lead investigators of the study.

That’s not the case.

Net worth, the report said, is determined by “subtracting debts from assets.”

There’s more at the original; the full report can be found here. The current minimum wage in the Commonwealth of Massachusetts is $11.00 per hour.

How is it, I have to wonder, that after eight years under President Barack Obama, certainly a friend of the black community, a long-time Democratic dominated state legislature, a municipal government controlled lock, stock and barrel by Democrats for almost ninety years, the median wealth of black families is the cost of a case of Mountain Dew? In the deep blue Bay State, home to the Kennedy clan, to far-left Senator Elizabeth Warren, and to long-time Senator John Kerry, the 2004 Democratic presidential nominee and Secretary of State during President Obama’s second term, the progressive bastion of Massachusetts, where Hillary Clinton almost doubled Donald Trump’s vote stare, 60.01% to 32.81%, carrying every congressional district and every county,¹ has left black Bostonians with a median net worth of less than one hour’s minimum wage.

In Brockton, the Boston area’s least expensive town, the median home cost was $245,000 in 2016. City-wide for Boston proper, the median home price was $530,000, and that had appreciated by 12% in just one year, 47% over five years. Bostonian homeowners were clearly building wealth at a significant clip. But black Bostonians had a median net worth of the price of a small pack of drill bits at Home Depot. The stock market has surged in 2017, more than 25% for the Dow, and 30% for NASDAQ; the S&P 500 closed at a record high, as did the other major indices today. Black Bostonians who have 401(k) plans at work should have seen their net worth surge, even if they are simply working class stiffs.

With a median income of $72,266, Massachusetts is our fifth best paid state. Massachusetts’ official poverty rate is 11.7%, lower than the national average of 14.8%, and using the Census Bureau’s more accurate Supplemental Poverty measure, the Bay State comes in at 13.8%, lower than the national average of 16.0%.

How, then, do half of black Bostonians have a net worth of less than two gallons of milk?

One thing is clear to me: the ‘progressive’ policies of deep-blue Massachusetts have not worked for the black citizens therein. It does not matter how well-intended the Democrats say that they are, it doesn’t matter how noble and diverse and inclusive they claim to be, their actual policies have not worked.

At some point, it has to be asked: why do black Americans so strongly support the Democratic Party and its policies, when those policies have not helped black Americans? Massachusetts has the eighth worst disparity in income between whites and minorities, though Hispanics tend to be worse off than blacks in the state.

Source: WalletHub

Of course, Massachusetts also has one of the highest home ownership gaps between races/ethnic groups, something that persists throughout liberal New England:


Source: WalletHub

We are led to believe, by the left, that it is Republican policies which promote a racial gap in economic success, that it is the Republicans who are trying to make the rich richer, and the poor poorer. Yet it’s the Republican states in the South with lower income and home ownership gaps between races.

Black Americans ought to be supporting Republican policies. After all, what the GOP has proposed can’t provide much worse results than what Democrats have achieved in the bluest regions of our country.
¹ – Mrs Clinton carried every county in only three states: Massachusetts, Vermont and Hawai’i.
Cross-posted on The First Street Journal.

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