ABSTRACT
The Great Recession was responsible for the largest setback in wealth equality in the United States over the last quarter century. The role of wealth and the role of income should not be confused, as wealth and income are significantly different. Racial wealth inequality in the United States has been a challenge for African Americans since the economic restrictions established during slavery, practices which have contributed to the enormous income and wealth disparities that are observed today. African Americans could not participate in the Homestead Act because they were not granted citizenship until the Fourteenth Amendment was ratified in 1866, granting citizenship to people born in the United States regardless of race or color. Wealth among black families is concentrated primarily in home ownership, whereas the wealth of white families is distributed across a number of different assets. The recession of 2007–2009 was an additional issue faced by African American homeowners.
