Generational wealth starting from zero = never catching up

Isabel Wilkerson

“. . . colored people, having received next to nothing in material assets from their slave foreparents, had to labor with the knowledge that they were now being underpaid by more than half, that they were so behind it would be all but impossible to accumulate the assets their white counterparts could, and that they would, by definition, have less to leave succeeding generations than similar white families. Multiplied over the generations, it would mean a wealth deficit between the races that would require a miracle windfall or near asceticism on the part of colored families if they were to have any chance of catching up or amassing anything of value. Otherwise, the chasm would continue, as it did for blacks as a group even into the succeeding century. The layers of accumulated assets built up by the better-paid dominant caste, generation after generation, would factor into a wealth disparity of white Americans having an average net worth ten times that of black Americans by the turn of the twenty-first century, dampening the economic prospects of the children and grandchildren of both Jim Crow and the Great Migration before they were even born.”

“The Warmth of Other Suns: The Epic Story of America’s Great Migration” by Isabel Wilkerson