Sep 20, 2023
Editor: Vladimir Bajic | Tactical Investor
Racism continues to be a serious problem plaguing American society, according to a recent survey from the Pew Research Center. The survey found that about six-in-ten Americans say racism is a “big problem” in society, and a majority of Black Americans say they have experienced discrimination or been treated unfairly because of their race or ethnicity in the past year.
The survey highlights how racism in US persists as a challenge. About two-thirds of Black Americans say they have faced discrimination or unfair treatment in situations like visiting a doctor or applying for a loan or mortgage. Over half of Asian Americans also report experiencing racism or unfair treatment.
The survey underscores the need for continued efforts to combat racism in America. While progress has been made since the civil rights era, inequalities and discrimination remain all too common for many minorities. Tackling systemic racism will require acknowledging its existence and addressing its root causes through open discussion, policy reform, and changes to address inequities.
One form of racism that remains a serious problem is racial profiling and excessive use of force by police against minorities. Incidents caught on video in recent years have drawn national attention and outrage. However, the policies have been slow to change.
According to the research organization Mapping Police Violence, Black Americans are three times more likely to be killed by police than white Americans. Such statistics point to the need for police reform with improved training, oversight and accountability.
Reforming policing is an important part of addressing racism in America. But racism also manifests itself in other areas like inequities in health, wealth, employment and education. Closing these gaps will require a comprehensive approach.
One area where racial inequities persist is in health outcomes. Studies have shown that even with access and income controlled for, racial minority groups in the US tend to receive lower quality health care and face higher mortality rates than white Americans.
For example, the maternal mortality rate for Black women in the US is three times that of white women, according to the Centers for Disease Control and Prevention. Racial bias and discrimination may be factors resulting in worse care and medical advice for minority patients.
Addressing these inequities will require efforts like improving diversity among medical professionals, addressing implicit bias in healthcare, and promoting culturally competent care. Public health policies must also seek to close long-standing health disparities between racial groups.
Another area where the impact of racism is clearly visible is the wealth gap between white and Black Americans. The typical white family has nearly ten times the wealth of the typical Black family according to the Brookings Institution.
The Legacy of Racism: How Redlining Deepened the Racial Wealth Gap
This massive gap stems from historical discrimination like redlining which denied loans and mortgages to Black homeowners, as well as ongoing disparities in areas like equal pay, access to higher education and job opportunities. The effects of redlining are still felt to this day, as the neighborhoods that were redlined in the early 20th century continue to have lower homeownership rates and property values compared to other areas. Studies have shown that homes located in formerly redlined districts appreciate at roughly half the rate of homes outside these boundaries.
The Lingering Effects of Racist Redlining Policies
Closing the racial wealth gap will require targeted policies and reforms to address both the historical and ongoing causes of the disparity. Legislation could help promote fair lending practices, combat housing discrimination, and provide reparations to communities that suffered from redlining. Increasing minority homeownership through down payment assistance programs and cracking down on predatory lending tactics that disproportionately impact people of color would help to build wealth through home equity.
Reforming Policies to Fight Historical and Modern Racism
Reforms are also needed in the areas of education and employment. Closing opportunity gaps in accessing higher education degrees and vocational training programs is essential for improving career prospects and earning potential. Paid family leave, a higher minimum wage, and bans on salary history inquiries could help shrink ongoing disparities in wages and career advancement. Public-private partnerships focused on training and apprenticeships in growing industries would expand job opportunities. With a comprehensive approach that tackles both legacy discrimination and modern-day barriers, progress can be made toward achieving equal economic outcomes regardless of race.
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