For many, getting a college education is the first step toward living the American Dream. You find a good-paying job, save up for a new home, maybe marriage and eventually retire when the time is right. If able, you endow the next generation with your accumulated wealth.
For most college-educated Blacks, however, achieving economic security post-graduation is no easy feat. In fact, a 2015 report by the Federal Reserve Bank of St. Louis indicated Black Americans with college degrees have actually lost wealth over the past generation. Between 1992 and 2013, Black grads saw their wealth plunge a whopping 55 percent while college-educated whites enjoyed an 86 percent spike in theirs.
With such meaningful progress among African-Americans in everything from educational achievement, equal rights and political representation, it’s hard to understand why highly educated Blacks are having such a hard time attaining wealth compared to whites. A more recent report by the St. Louis Fed discusses this issue, highlighting why higher education isn’t a guaranteed fix for racial and ethnic wealth gaps. (Atlanta Black Star)