In fact, when you deduct the family car and other depreciating assets from their worth of the total 14.5 million African American homes, half of all black American households accounting for over 7 million families of three, have a total net worth of less than $1,700. While the net worth of the median white family remains near $100,000 using the same method of accounting. Yet African Americans dream on. Even the white poor have more money than most black families. Princeton University sociologist Dalton Conley has found that even white families living near the poverty line have a net worth exceeding $10,000.

Going even further into the data, a recent study by the Institute for Policy Studies (IPS) and the Corporation For Economic Development (CFED) found that it would take 228 years for the average black family to amass the same level of wealth the average white family holds today in 2016. All while white families create cheap eagles jerseys even more wealth over cheap titans jerseys those same two hundred years. In fact, this is a gap that will never close if America stays on its current economic path. According to the Institute on Assets and Social Policy, for each dollar of increase in average income an African American household saw from 1984 2009 just $0.69 in additional wealth was generated, compared with the same dollar in increased income creating an additional $5.19 in wealth for a similarly situated white household.

Earlier this year I had the opportunity to have an in depth discussion with African American media mogul Byron Allen, which can be heard on my YouTube channel. Allen, who after recent dealings is reportedly worth in excess of a billion dollars, characterized the current situation facing black families quite simply as “economic genocide”. In an attempt to create some change, he has brought lawsuits against major cable companies, Charter and Comcast for what he frames as the telecommunications giants plainly avoiding doing business with fully black owned media companies. Allen explained

“The matrix which is hey, as African Americans, primarily we do not have access to a real education. You do not have access to jobs. You do not have access to opportunity. We do not have access to capital that is not predatory. So what does that leave you? It leaves you with. economic genocide.”

I agree, and believe a large part of the reason we can’t get honest is a decadent veil of black celebrity has been used to mask the massive amount of black poverty. African Americans have increasingly come to base their view of the current economic state of black America on the reflections of Jay Z’s purchase of Tidal for 56 million dollars, rather than the millions of black American families that as a whole lost by some reports half of their wealth over the last several years. For a generation of blacks, celebrity exceptionalism and its results has been confused with the economic progress, or the lack thereof that has been achieved by the black race as a whole since the days of the Civil Rights Movement. This approach has come to create an escape for far too many, one where vision boards on bedroom walls filled with quotes of overcoming odds from wealthy African American celebrities, proves more important than their very own real economic struggles of the moment.

In addition, a middle white America overexposed to a few million dollar NBA stars, has become apathetic to the normal plight of black Americans as a result. We must remember the empathy of the white middle class was among Dr. Martin Luther King Jr.’s greatest tools in the fight for equality and civil rights. Now apathy has set in as white Americans say, well you have rich people too black America. All this being believed while failing to deal with the data, which shows a different story altogether. A set of numbers that show these African American celebrities are of such small numbers, and limited level of real wealth, they shouldn’t frame anyone’s idea of a population of over 40 million black people. Thomas Piketty in his acclaimed book “Capital in the Twenty First Century” stated

Recent research, based on matching declared income on tax returns with corporate compensation records, allows me to state that the vast majority (60 to 70 percent, depending on what definitions one chooses) of the top 0.1 percent of the income hierarchy in 2000 2010 consists of top managers. By comparison, athletes, actors, and artists of all kinds make up less than 5 percent of this group. In this sense, the new US inequality has much more to do with the advent of “supermanagers” than with that of “superstars.”

Bloomberg recently gave a racial framework to the information above by reporting that only 1% of the S 500 CEOs are black, with African Americans making up a mere 2.6% of those holding posts within striking distance of becomi