Wealth Gap Widens for Blacks, Latinos
The median net worth of white households is 20 times greater than that of black households and 18 times greater than that of Latino households, according to a new study by the Pew Research Center, which attributes the increase to the decline in the housing market and the ensuing recession. From 2005 to 2009, inflation-adjusted median wealth fell by 66 percent among Latino households and 53 percent among black households, compared with just 16 percent among white households. From Pew:
As a result of these declines, the typical black household had just $5,677 in wealth (assets minus debts) in 2009, the typical Hispanic household had $6,325 in wealth and the typical white household had $113,149.
Moreover, about a third of black (35 percent) and Hispanic (3 percent) households had zero or negative net worth in 2009, compared with 15 percent of white households. In 2005, the comparable shares had been 29 percent for blacks, 23 percent for Hispanics and 11 percent for whites.
Green Jobs Growing Faster Than Other Industries
The renewable energy industry has grown steadily over the past decade, adding jobs at more than twice the national rate, according to a study by the Pew Charitable Trusts.
“The Clean Energy Economy: Repowering Jobs, Businesses and Investments Across America” reports on the first-ever count across all 50 states of the actual jobs, companies and venture capital investments that supply the growing market demand for environmentally friendly products and services.
The study found that solar and wind-power companies, energy-efficient light bulb makers, environmental engineering firms and others expanded their workforce by 9.1 percent from 1998 to 2007, while the average job growth in all industries was 3.7 percent.
