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Biden administration moves to protect Alaska wilderness; opening statements and first witness in NY trial; SCOTUS hears Starbucks case, with implications for unions on the line; rural North Carolina town gets pathway to home ownership.

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The Supreme Court weighs cities ability to manage a growing homelessness crisis, anti-Israeli protests spread to college campuses nationwide, and more states consider legislation to ban firearms at voting sites and ballot drop boxes.

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Wyoming needs more educators who can teach kids trade skills, a proposal to open 40-thousand acres of an Ohio forest to fracking has environmental advocates alarmed and rural communities lure bicyclists with state-of-the-art bike trail systems.

Report: Decades Needed to Close Racial Wealth Gap

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Friday, August 12, 2016   

BISMARCK, N.D. - If current trends continue, a new study said it would take the average African-American family 228 years to accumulate the amount of wealth the average white family has today. It will take the average Latino family 84 years to do the same. The "Ever-Growing Gap" report, by the Corporation For Economic Development and the Institute for Policy Studies (IPS), looked at trends in household wealth for families from 1983 to 2013.

Josh Hoxie, the director of the Project on Opportunity and Taxation at the IPS, said widening racial gaps in home ownership and median incomes are part of the overall wealth gap.

"The story we're seeing around wealth is that this problem has been growing for decades and is going to continue for decades, unless we take serious action," he said.

In South Dakota, African Americans' median incomes are about 38 percent lower than whites', according to a survey by the online research group WalletHub. The new report said the wealth gap is far worse, with median wealth for Hispanics and blacks about 90 percent lower than for whites, nationwide.

Hoxie said home ownership is one of the biggest ways families build wealth, and minority families are far less likely to own homes after years of discriminatory housing policies. He said an "upside-down" tax system has also contributed to the disparity, by putting money in the pockets of the disproportionate number of white homeowners.

"What we have is a system to incentivize wealth creation, which is a good thing," he added. "However, the bad thing is that that system is currently benefiting people who are already wealthy, and contributing to the racial wealth divide."

The report said the minimum wage is another piece of the wealth puzzle. Hoxie said a low minimum wage can hurt families who are simply trying to stay above water.

"When we don't raise the minimum wage for a long time, it's not just that people aren't creating new wealth, they're not creating a safety net to fall back on, on hard times," he explained. "They're also going further into debt just to cover their basic expenses."


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