ABSTRACT
The Great Recession of 2007–2009 was deeper and more extensive than any other since the Great Recession of the 1930s. The basic foundation for economic security is equal distribution of wealth and income, but this distribution is not equal along racial and ethnic lines. Data from the Survey of Consumer Finances (SCF) show that wealth increased in all racial and ethnic groups between 2013 and 2016. The racial wealth gap progressed differently for families at different income levels. The greater losses for low-income white families could easily be due to their higher home ownership as well as greater exposure to the market crash. Middle-income African American families were also damaged severely by the recession. Racial and wealth inequality among middle-income families increased during or after the recession. The increasing wealth gap between Whites and Blacks in the United States is severely disabling African American communities.
