When it comes to financial stability, black Americans are often in much more precarious financial situations than white Americans. Their unemployment rate is higher, and so is the level of poverty within the black community. In 2013, the poverty rate among white Americans was 9.6 percent, among black Americans it was 27.2 percent. And the gap between the wealth of white families and black families has widened to its highest levels since 1989, according to a 2014 study by Pew Research Center.
The facts of this rift aren’t new, or all that surprising. But perhaps what’s most unsettling about the current economic climate in black America is that when black families attain middle-class status, the likelihood that their children will remain there, or do better, isn’t high.
American Income Distributions, by Race
“Even black Americans who make it to the middle class are likely to see their kids fall down the ladder,” writes Richard Reeves, a senior fellow at the Brookings Institution. In a recent blog post Reeves says that seven out of 10 black children who are born to families with income that falls in the middle quintile of the income spectrum will find themselves with income that's one to two quintiles below their parents' during their own adulthood.