How America’s Wealth Gap Shaped the Modern Economy
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- čas přidán 6. 05. 2021
- White Americans have amassed almost seven times more wealth than Black Americans since the end of the Civil War. In the decades since the modern civil rights movement, that wealth gap has actually widened. This is the story of how the racial wealth gap came to be, and how it has been perpetuated to this very day.
#ThePayCheck #Equality #BloombergQuicktake
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It's wild to think how much money it has actually cost and continues to cost to purposefully and strategically exclude large percentages of the American population for centuries. Imagine if everyone regardless of race, class, or gender could truly have an equal
chance to compete, we would have innovated and advanced by leaps and bounds compared to where we are now.
Modern economy - you got modern masters and modern slaves (low wages workers).
I like how this video is literally just explaining American History and people are getting triggered in the comments. A racial wealth gap exists and America has a racist history there is no debate.
sure. But don't forget the fact that america's wealth gap isnt just black and white. Many white americans are poor as hell and the gap is widening. It's very typicall that this video does not touch upon the fact that rich people don't pay their fair share. Instead focusses on racism as a perfect distraction from the real problem.
If you know history you'll know this isn't a debate its fact
@@hansklok3564 Those poor whites are still wealthier than Blacks. Even in households where Blacks have college degrees they have less wealth than households with whites that are high school drop outs. White Supremacy has it's privileges.
One thing to note: Slavery made slave holders very wealthy but it made America poorer. Slavery is very bad for an economy; it slows manufacturing development and crushes wages. Not only did it slow the development of the North but was toxic to the south. If they south won the war and kept slavery they would have become an underdeveloped pariah state.
Slavery not only is a moral evil but an economic disaster even to this day
Finally, someone who actually understands economics and the drive for innovations. American didn't become the global economic powerhouse it is today because of slavery but because of innovations.
Slavery made African Chiefs wealthy.
They sold their fellow tribesmen as slaves to Arab traders...in fact, it is still practiced today in Northern Africa.
You're exactly right, modern capitalism is at odds with slavery, the workforce has to have freedom to be hired or fired according to the needs of an industry without lasting liabilities, the workforce becomes one more input of the production process.
In a sense, slaves were materially better under slavery as they had housing and food somehow assured, as they were considered property. Without capital and support, black people gained freedom but were left into a segregated & discriminative society to their own devices, to starve.
As you point out, had the South won, the US would've been severely held back at a key point in history.
less pay equals more workers equals high productivity, so more wealth for slave and business workers, which formula are you using?
There are in fact some historians that say that ancient greeks/romans could have industrial revolution if not for slavery. Having slaves eliminated incentives for modernisation, since it was possible to solve every problem of the state by throwing slaves on it, to work it over instead of paying costs of modernisation. Kind of where we are now with fossil fuels as energy source. It is much easier to continue with them than to move out of them.
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Thank you for making this. A lot of this still exists today. My family owned a business and we had to jump through more hoops than others who were trying to build a business. Racism runs deep.
If an entire group only has 2% of all wealth, while another group of 2% has 51% of the wealth, then everyone should ask themselves who is that 2 percent?
Ignorance is convenient and most people wouldn’t even know what to do if they started pondering these things. The majority has the power to control the market but we’re far too segmented. “We mustn’t have any collusion!”
Amen!
It is irrelevant how much wealth they have and how much % it is, since it is all an illusion! Money on that scale are illusion. People like Bill Gates cannot in reality buy 10.000 yachts that he could by counting value of the stock he controls, nor he would be interested to have them! But you would not have computers as you have them today if there was no path for Gates to have that wealth that you see he has today. If Elon Musk have no money now, you would have not progress with rockets as you do today. And so on... One should be against the propaganda like in material that Bloomberg's sponsors but not against him having the wealth if he in fact delivers what people want, even if it is garbage.
Some people just don't want to accept the truth. Nevertheless, historical fact is indifferent to anyone believes or national myth.
It's racist white americans pretty much. I've met plenty of white people from other countries and they definitely understand the mistakes their ancestors did...to a large degree. But...most white americans don't want to accept this fact
Sit tight everyone, the wealth will trickle down to us eventually... right??
Thats lazy people thinking
😂😂😂😂😂
Only if we work your asses off building stuff. But we are on youtube instead.
It always does
Before watching this
I watched Kevin O’Leary’s comment on the wealth gap. It was hilarious how the host reacted
never thought about it like this- great perspective which I did not think of before.
Here's what you're not supposed to find out!
88% of today's millionaires weren't born into their wealth, research shows. A study by Fidelity Investments found that 88% of millionaires are self-made millionaires.
Don't tell anyone. Wealth doesn't get passed on like you think. Shhh
The Japanese were hated after ww2. Yet they make more than whites. Is America racist in favour of Japanese? Jews also have faced hatred across Europe for centuries. It never stopped them being a wonderful, successful people.
If hatred holds you back, why doesn't it hold back the most hated people in America?
Maybe there's a story you haven't been told
@@truth.speaker why weren't the Japanese hated as much after ww2? Because we nuked them, destroyed them in the war and communism in China existed.
And please, it's a lot easier to become a self made millionaire when you start from 500k
Man was this heavy! A lot of much needed knowledge in this video. Thanks for sharing.
Wealth might be divided to some degree due to racial history. But the majority of wealth inequality comes from the fact that the top 1% holds more wealth than 50% of middle class combined.
When you look at interest rates for the past 50 years, they have been going down. Look up who benefits from lower interest rates and it's people with assets such as properties, stocks, bonds, etc. Why does this matter, it's because lower interest rates help the wealthy grow their wealth faster, while those with a basic savings account or GICs have lower and lower interest rates to the point where now inflation grows faster than these guaranteed savings. Lower interest rates deflates money faster, while demand for properties grow more and more. Who set's these policies, governments, those with wealth. Economists, banks, investors, and governments say lowering interest rates are meant to grow the economy and that is partly the motivation and theoretically true, however the real motivation is to grow their wealth even when times are tough. During a recession, people lose jobs, foreclosures increase and the rich are rewarded with low interest rates so they can buy these people's homes at discount prices. When people can't afford their rents, they are evicted and landlords do cosmetic renovations that are based on ROI that dramatically increase rent for the next tenant. There's still a problem in the current economic system too. Interest rates are connected to the policies of the past.
The wealth gap accelerated after the gold standard was abolished, constraints to borrowing and spending were abolished...inflation is insidious.
Damn this is CRAZY! I know @tonetalks Antonio Moore has BEEN EXPLAINING this for SEVERAL YEARS! I am glad they're FINALLY having this discussion & reaching wider audiences. Although I must ask, where are we going from here @Bloomberg Quicktake ???
0:51 So, the percentage of wealth has doubled to quadrupled, but that is, "practically no movement"?
Frankly - depends on the point of view. If you are on the street, you have a dollar and I give another one, your wealth increased by 100%. However your desperate situation remains the same. Even though your wealth doubled.
@@noclafcz That is a fair point
3:14 I don’t understand the math. Online sources suggest that $1 in 1861 is equivalent to about $30 today. Assuming a slave cost $1000 then and there were 4 million slaves, that is about $120 billion in today’s dollars, orders of magnitude less than the $42 trillion quoted. For the quoted number to be true, $1 in 1861 would need to be worth about $10,000 today, making the cost of each slave about $10 million in today’s dollars. If true, then anyone with 100 slaves in 1861 would be a billionaire in today’s dollars. That is rather hard to imagine.
Good ear, I don't understand where they got the 42 trillion from
@Marty. You lost your argument by citing "online sources", which mean trolls & outright bullshitters. I'd take my analysis from Harvard, Stanford Profs anyday than from your "sources".
I actually paused the video when she said that and did the math because it was SO obviously off.....how did that egregious error make it into the final cut of this???
That’s what you are focusing on? The accuracy of the cost of a slave in 1861 adjusted for inflation today? Wow...
@derrick Hamilton, if you come to the Bier garden of Asheville, your food is on me.
This was very well produced! Thank you for producing and sharing. Nothing like the real truth.
I remain completely perplexed at how people can claim to be capitalist and still talk about intergenerational wealth. That's feudalism. Remove all income taxes and move to death taxes. Aren't we supposed to live in a meritocracy? Granpappy was a good businessman so I get to live in opulence without ever doing a day's work? How is that meritocratic again? That won't immediately erase the wealth gap but it will give it a pretty good start
Excellent video, many thanks.
Wealth really depends on what you value. if you value helping others and creating a greater good. Then devote yourself to that and succeed. You will naturally be rewarded with the common definition of wealth. What you look like doesn't matter. What you do, what you value matters.
Wealth gap began by disease or violence removing Native Americans and then taking their land. The first slaves in the New World were also indigenous. The original sin in the New World was genocide. Slavery was the second major sin.
Wonderful documentary..
Thanks
There is no freedom without economic freedom, there is no economic freedom without wealth. The legacy of racism which pervades this country's history is not merely morally shameful, it has also held us back as a country. Wealth creation is not a zero sum game, economies of agglomeration exist, and intentionally dedicating large swathes of cities to impoverished slums assured that large portions of the capital stock of every city were lost to deprivation, depreciation, and degradation. Unfortunately for everyone, the rich and powerful (and racist) care more about relative wealth than absolute wealth; some people would rather have a literal servant's hand than modern toilet paper.
You guys forget to mention the native Americans in this video.
Mind blowing
This explains US's response to Chinese rise of living standard.
They started by masacring the indigenous people. It's in their culture.
@@popcornsniper who ? You talking about US, right ?
Since just before the Reagan years, stock profits went for stock buybacks, executive pay increased a lot, and profits went to investors instead of wages and research and development.
It began when industrialization begun and started propelling Europe to new levels of wealth.
Sorry, can someone explain? Creators of that a masterpiece is thinking what all white people are born rich as fuck ? Or there is no gap between white (rich) and just white?
The human race is a race for resources.
Like gas and oil? How is this relevant?
😞
Our fiat money system we currently on is the root cause of wealth gap between rich & poor. If we rid the country of the Central Bank and we as a nation create a currency backed by something tangible like gold & silver or even crypto we would avoid the drastic depreciation of USD and yearly inflation risk.
Nothing has changed for us taínos in 🇵🇷Or ther state or countrys no money Is moving to poor like me
I thought this was about the wealth gap between the elites and poor...that's the real problem
how many black billionaires again please?
@@QuizmasterLaw oprah, lebron, dr dre, just to name a few...
Real is relative, what we should have is empathy and an understanding of history so we don't make the same mistakes.
@@madmaxthrax2964 oh right, ok, I guess everything's great in the black community. Seriously?
Buffet, Gates, Bezos, just to name a few out of millions of similar individuals and multi-millions of well-to-do white people who can utilize a system that was designed for white people.
just to name a few.....🙄
@@Ceob i said Billionnaire , not millionnaire.
Americans Descendants of Slavery are owed reparations. We are standing on the shoulders of our ancestors
42 trillion dollars
All brown folks did not arrive here by ship, let that be clear……
Old school: manacles and an "overseer"
New school: handcuffs and a blue uniform
and A Drug War ( only on the poor )
If there were only a test of sorts, that could measure a person's innate intelligence. That would avail the truth for ALL to see. Then, we'd know.
The greatest nation...
Lol.
I'm not saying mistreatment has not led to a significant disadvantage for african americans, but I think it's misleading to frame the argument against how Caucasian americans historically built wealth through exclusively racial opportunities. It seems to treat wealth as if it can only be amassed generation to generation without ever be reduced or entirely lost which is obviously not true. In addition, the figure cited earlier that slaves valued at $1000 each would surpass the current GDP of America is also misleading. This would assume that every individual was available for sale at the same time for that price, when in reality that price reflects a likely much more limited supply. To sell everyone at once would increase the supply thereby likely resulting in drop in that cited figure (Believe me, it feels extremely sickening to talk about human beings in those terms). I'm not against trying to right the wrongs our country has committed, but the nature of this topic faces a lot of pushback so it's important to shore up your argument to negate critics of any such actions.
Great video,keep it up!🍋
Is it slavery? Yup, it's slavery.
I cannot stand when folks say that
Doesn’t the new capital gains tax or wealth tax impact minorities sooner and in a greater manner than any other group?
Nothing change
Nada ha cambiado
Industrialization is responsible for our growth, which eliminated their jobs anyway.
You could make the racial wealth distribution 100% in line with racial population distribution overnight. And STILL 99.99999% of black Americans could see zero change. All you'd have to do is give 12.3% of the entire US's wealth to one single black person. On the other hand you could distribute equally 13.8% of US wealth to all black Americans, which would result on not a single black American being in the bottom 70%.
Neither those options make a single bit of goddamned sense. So how goddamned useful is it to go purely on racial wealth distribution? Not very much at all.
I mean. It's easy to see only the plight of your own racial group, but meanwhile 40% of US wealth is owned by just 1% of the population. And the bottom 90% of the population owns just 22.7% of US wealth.
Now white people do not make up 1%, nor 10% of the population, and black people do not make up 90% of the population either. They make up 13.8% of the US population.
With that information in hand anybody has enough information to figure out what the actual right thing to do is. But I ain't explaining it. I think most people have enough basic math ability for that at least. Surely?
Oh! Here's another tidbit of information that might help. Most of the wealth belonging to the top 1% (which is 40% of total wealth) is owned by people like Bill Gates, Elon Musk, Jeff Bezos, the Waltons, etc.. etc... For whom, for the most part, it actually makes PERFECT sense that they have that much money. Because you don't just pull something like that out of a hat. These people own gargantuan businesses which trade, vigorously, with the entire world. Hmm... Now isn't that an interesting part of the equation... For the practical purposes of fair distribution of wealth you might as well leave that entire portion of the total wealth out of the discussion entirely.
With education and parenting?
Nope.... systematic racism
have the Americans thaught of reservation?
UBI would be a solution.
Capital endowment for everyone!
Sounds like we need to reframe the idea of reparations for slavery as reparations for the particular racist policies: the homestead act, redlining, voter suppression, the GI Bill, segregation, etc.
I got mine by selling weed tax free.
Misleading title...
Multiple studies have revealed the surprising fact that about 75-85% of millionaires are "first generation wealthy" and started with nothing. Other studies have shown that intergenerational wealth is destroyed in 3 generations or less.
This shows that even in "advantaged" communities, long-term wealth and prosperity is elusive.
I think its critical to consider the environment that creates those millionaires? Did the go to a well funded school, did the live in a safe neighborhood, did the have secure housing, were they able to secure finance at a fair rate of interest, were they able to secure investors?
A lot of millionaires started at the bottom but they did start at zero, small things like a well-funded school can make all the difference something that is denied to millions of Americans now and throughout history.
What a shame
America is too stuck on race, and not focused on themselves as individuals. People of any race have to fully focus and work on themselves everyday to succeed and excel in life. My father came to the United States in the 80s without speaking a lick of English, and through learning his trade of automotive parts sales became a manager, and eventually branched out and started his own business. 20 years later he became a millionaire. He started from nothing to achieving the 'american dream'. Never did he get a government handout or did he cry about unfairness. He sucked it up and operated like a man.
Wow thanks awesome story!!
Of course there are exceptions. But they are just that, exceptions. The fact is that blacks have been subjected to systemic racism until very recently, at least, and it's also a fact that the average black family has 1/7 the wealth of the average white family and the gap has been increasing. That kind of ingrained generational wealth doesn't just transfer overnight, especially when you can't see a doctor or afford the best schools, and when there's something called inheritance.
Is just a matter of time so ppl realize this. This propaganda bs is ending soon
That's an awesome story, and it's great that your father was able to realize his dream while providing you a better life, but you are missing the point of this story. The point isn't that with hard work, anything is possible but that an entire class of citizens has been excluded at an institutional level for generations. This isn't about being a "man" and toughing it out.
-aspects of inequality were based on imperialism, and using systematic racism as an avenue to enslave what would we would regard today as workers. When slavery was abolished, those that reaped the rewards still had their fortunes and those that weren’t historically systematically opposed could achieve without all these morally bankrupt laws that were implemented thereafter.
-Just because your father “made it” doesn’t mean everyone can achieve his success or even a slither of it. Unfortunately it’s survival bias
-“government handouts” are necessary, helpful and are needlessly demonized by people that think the have-nots don’t deserve “handouts”. People aren’t a monolith and we all deserve equity
-“like a man” is just a branch of toxic masculinity that discourages men to ask for help when they’re in need. We should question why to be successful we need to ignore our senses, and devise this white-knuckle, grass root effort just to support your family. No shade in your father, I’m sure he’s earned what he has.
42 trillion!!!!
Hey, it is a definitive fact that racism help back wealth building for black families. But my anger from this injustice is fuelling my determination to defeat the system and be as successful as I can NOW, to then help other black families do the same. We can change the system when we are the system.
「上記のギフトのいずれかを選択できます」、
So many dislikes? Is it because you are painting this big problem, the wealth gap, as racial? Not wrong but the wealth gap problem is much bigger than race.
I like to look at the percent of dislikes to total votes on these types of videos to see how far we’ve come as a society in dealing with racism. Looks like we’ve still got a long ways to go, folks 😁
Black people always victim. Let's talk about education and savings. How did asians and east Indian got so wealthy in first gen imagrant. While blacks been here for centuries and still poor? And fighting racism. Ahha such a joke
Wealth inequality includes a story about racism in the United States. Thats not the whole story. Why else would Bloomberg center our economic issues on Race? Almost positing as a solution: More Blacks as Wealthy repressive owners of human capital and labour. Nice try. We dont need more token women and black people among the owner class, we need to take the power from the owner class. I know ill never own a home; despite me and my white ancestors fighting every major American war since the 1700's, I have a different point of view. That of controlling information, dialogue, and discourse. We have the highest number of incarcerated people in the world, so what do we see? "Look at their wealth and comfort, you can have that too if you work hard for us". My Black brothers and Sisters, avoid the easy temptation to fight your neighbors and lets all take down the repressive aristocracy that is responsible for our suffering.
It’s a shame that Black Americans can’t take advantage of all of the resources that exist today in the US. There is equal access and more opportunity than ever before but their families are mostly in shambles. Hard to build generational wealth when 80% of your kids are born to single mothers and you can’t blame that on racism because the illegitimacy rates were never that high prior to the 1960’s.
Blame it on Red lining, Corporate White Walling, Predatory Banking, Military policing and Mass Incarcerations. BTW, who created and controls those systems and the institutions that practice them? It's not Black Americans.
Can you find new speakers, thst one robotic monotone woman is annoying.
It's called American dream because you've to be asleep to believe it.
Sheesh that’s deep, imma use that
i thought the american dream was a complete welfare state??? I didnt sign up for this! xD
@@walkingdead171 it's George Carlin
- George Carlin
boom baby! 👍🏽
Not even a black president could solve that gap...it can never be undone unless there's some kind of massive wealth redistribution which'll never happen
This is just pure propaganda. Wealth cannot be given. Money can be given, but not the real wealth! One has to either take, or create. And the only way to have it long term, is to create it. Whatever redistribution you will only spark resentment.
Annnnnnnnd it’s about race... k
humanity is already owned by the fed fyi lol
Increase the quality of education in public schools and universities and the problem will be solved.
I thought this was about a general "wealth gap", and now the video is about only the racial component. What?
The wealth gap is a perfect example of.... how things in America almost always starts of with race (Black people). What non-Black people allow to happen to Black people in America will eventually happen to the middle and poor whites and non-Blacks. Welcome to America 🇺🇸
It pains me watching this! What a disgrace and shame.
Southern Democrats.... PERIOD
No….downvote…..
Willing to talk about a race wealth gap but not criminal statistics or how certain kids are raise.
It’s called Equity not Equality
Equity comes at the expense of other people. Who expense is it going to come from?
It would be fatherless and programs that decentivise families staying together. Affirmative action is also a factor.
🤣🤣🤣 listen up **hole
The government literally offered to give support to black women ONLY if they didn't have black men/husband's in the home. That was the start of the racist breaking apart of families. You racist idiots open your mouth without even reading a single book of your own racist history
Martin Luther King was a true hero and a thinker who cared and led a civil rights movements not some people who uses other people’s murder create civil unrest and find money for their mansions.
Journalism check list:
1. Everything bout murica should be connected to racialism.
2. Never mind, just read no.1.
Yes, that's the nature: only strongest, fastest, smartest "survive"... you have to adapt. Because some people were born with much bigger opportunities than others.
Welfare system
Institutional and systemic racism continued throughout, until at least, the 1990s.
It hasn't stopped.
It's still a thing, dood. What's the 90s? What?
you think it is over now?
What a relief thats over. Glad to see democrats changed their ways.
Bloomberg getting wokey much
I don't think racism is the reason the black race is struggling today. Asian Americans also received a lot of prejudiced yet they are the highest income per capita demographic
When liers lie it's no surprise
how is this video a lie?
Are you referring to AOC?
Minorities need to understand the past and go forward, Bloomberg could make a show about different minority entrepreneurs from a variety of industries but this probably get the same or more views SMH. ✌
Not all slaves were black. Not all slave owners were white. Most slaves came to the continent pre-united states. Not taking away from the message but there are broad strokes being taken with the narrative that aren't painting an accurate picture.
Number of dislikes proves so many racists are still around
It could also indicate that people can do math. I don’t deny racism, but I do question that racial patterns of generations past dictate current circumstances. I also question the inflation and GPD math starting at around 3:14 in the video.
There is obviously a wealth gap in any country. But it has less to do with races and more to do with hard work, skills, talents and a bit of luck. Stop blaming race and society for your situation and start doing st about it.
We have to accept: "More intelligence more Rich"
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