Economic Crisis Hurting Blacks, Latinos; Whites, Not So Much


New research has found that the economic crisis has hurt blacks and Latinos the hardest, while white people are still doing just fine.

The report from the Pew Foundation found that wealth in Latino households has declined a whopping 66% from 2005 to 2009. That figure among blacks is 53%. Whites saw a more modest 16% drop.

The raw numbers are even more stunning. The average black family had "wealth" of $5,677 in 2009. Hispanics were at $6,325. White households were at -- get ready -- $113,149.

The Christian Post reports that the research showed that the financial gap between blacks, whites and Latinos has doubled over the past two decades. CNN said it is the largest gap since that type of record-keeping began.

“It’s a very stark reminder of the high share of minorities who live at the economic margins of this country,” said Pew Research Center executive president Paul Taylor said. “These data really show their economic vulnerability.”


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