People of Color in the US Should Brace for the Next Recession

Angelo Young SAVE THIS

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Unless you’re a member of royalty or have inherited immense wealth, you’ve likely gone through good and bad times financially. These periods of wealth and scarcity often synchronize with the cycles of economic expansion and contraction — one of America’s sad and enduring truths is that not all booms and busts are created equal.

Statistically, white people are more likely to experience less hardship during economic recessions; they are also likely to bounce back faster as unemployment falls, home prices rebound, and stock markets rally. A decade after the worst economic crisis since the Great Depression, minority households still struggle to recover what little wealth they had accumulated by 2007, right before the housing market caught on fire and 8.6 million US jobs went up in smoke.

“The original source of the recession — the collapse of the housing market — had an impact on the Black-white wealth…

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2 comments

  • Kevin Turner

    Thanks for sharing this topic. I agree that people of color hurts the most. I am terrified of what the next recession brings. For this reason I am saving a few pennies and trying to be proactive for the inevitable rainy days. This is the best I can do at the moment.

  • sjacks35

    Following up on this, I would love to see a story about how people of color can start businesses for cheap and/or how we can find equitable financial backing for business concepts. I think creating our own streams of income is an important way to start building wealth in our communities to combat things like this.

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