Forty Acres and a Gap in Wealth - New York Times

This column by Louis Gates at Harvard is worth a read because it taps into a truth that may underpin the terrible divide among poor blacks and the rest of American society.

"The telltale fact is that the biggest gap in black prosperity isn’t in income, but in wealth. According to a study by the economist Edward N. Wolff, the median net worth of non-Hispanic black households in 2004 was only $11,800 — less than 10 percent that of non-Hispanic white households, $118,300. Perhaps a bold and innovative approach to the problem of black poverty — one floated during the Civil War but never fully put into practice — would be to look at ways to turn tenants into homeowners. Sadly, in the wake of the subprime mortgage debacle, an enormous number of houses are being repossessed. But for the black poor, real progress may come only once they have an ownership stake in American society.

People who own property feel a sense of ownership in their future and their society. They study, save, work, strive and vote. And people trapped in a culture of tenancy do not."

Forty Acres and a Gap in Wealth - New York Times