Study Says Average Caucasian High School Drop Out Makes More Money Than Black College Grad
A study done by researchers at The New School titled “Umbrellas Don’t Make it Rain: Why Studying and Working Hard Isn’t Enough for Black Americans” is breaking down the myth of “classism is the new racism”. The research shows that the average white high school drop out earns more than the average black college graduate.
The study, that uses figures from The Pew Research center, says:
For black families and other families of color, studying and working hard is not associated with the same levels of wealth amassed among whites. Black families whose heads graduated from college have about 33 percent less wealth than white families whose heads dropped out of high school. The poorest white families—those in the bottom quintile of the income distribution— have slightly more wealth than black families in the middle quintiles of the income distribution. The average black household would have to save 100 percent of their income for three consecutive years to overcome the obstacles to wealth parity by dint of their own savings activity.