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College Was Supposed to Close the Wealth Gap for Black Americans. The Opposite Happened.

Race Jones

Race Jones

gangster. grace. alchemy
www.wsj.com

College Was Supposed to Close the Wealth Gap for Black Americans. The Opposite Happened.

The wealth of Black college graduates in their 30s has plunged over the past three decades, the result of skyrocketing student loans and sluggish income growth.
www.wsj.com www.wsj.com

“The median net worth for Black households with college graduates in their 30s has fallen to $8,200 from about $50,400 three decades ago, a WSJ analysis found.

Over the same period, their white peers saw their median net worth grow 17% to $138,000.”




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I read an article last week that said that even among Black folks in the US that the little bit of wealth that is there is held by such a small percentage of people that it barely makes a dent in these graphs. You really have to luck into a chance to change the social class you grew up in because most people stay stuck their there entire lives
 
I'd like to read that study. Those numbers are pretty crazy. We expect the gap between white and black because of systemic racism, but racism doesn't explain why, in that 3 year period, black people with college degrees were making about the same as black people without them. That's very strange.
 
Race Jones said:
www.wsj.com

College Was Supposed to Close the Wealth Gap for Black Americans. The Opposite Happened.

The wealth of Black college graduates in their 30s has plunged over the past three decades, the result of skyrocketing student loans and sluggish income growth.
www.wsj.com www.wsj.com

“The median net worth for Black households with college graduates in their 30s has fallen to $8,200 from about $50,400 three decades ago, a WSJ analysis found.

Over the same period, their white peers saw their median net worth grow 17% to $138,000.”




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The college graduate pool has been diluted so much it’s crazy. Everybody got a degree, but the degree is in a low wage major or people don’t know how to leverage their degree.

The advantage white people have is systemic racism and generational connections.
 
Access to shit means nothing.

Niggaz always thought people were stupid cuz of lack of access to information. Smart phones connect you to any information you need to look up in the world. Niggaz use them to record and post stupid shit all day long. 🤷🏿‍♂️

It's never just access. Having access to education ain't doing shit for black folk
 
Probably cause black folks going into debt for worthless degrees. I always tell people that Asian parents push their kids to get a STEM degree while black families just happy that their child got a degree and expect them to get a good job just because they have any degree.

I made the mistake of getting my undergrad degree in Latin American studies. Graduated and was hard for me to find a job and eventually I had to settle for a temp job which I could’ve gotten without a college degree. I was able to come up with a plan and go back to school for a degree in MIS but knowing what I know now, back then I would’ve just went with MIS or stuck with computer science when I was in undergrad.

Now I know what I do know, I can steer my my kid in the right direction. I remember my younger cousin was majoring in comp science and asked me about changing his major to anthropology cause comp science was too hard and I told him not to do it and stick it out. Now cuz doing real well, got offered a job at some naval air system spot making 75k
 
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Vagrant-718 said:
Probably cause black folks going into debt for worthless degrees. I always tell people that Asian parents push their kids to get a STEM degree while black families just happy that their child got a degree and expect them to get a good job just because they have any degree.

I made the mistake of getting my undergrad degree in Latin American studies. Graduated and was hard for me to find a job and eventually I had to settle for a temp job which I could’ve gotten without a college degree. I was able to come up with a plan and go back to school for a degree in MIS but knowing what I know now, back then I would’ve just went with MIS or stuck with computer science when I was in undergrad.

Now I know what I do know, I can steer my my kid in the right direction. I remember my younger cousin was majoring in comp science and asked me about changing his major to anthropology cause comp science was too hard and I told him not to do it and stick it out. Now cuz doing real well, got offered a job at some naval air system spot making 75k
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the first part is a flat out lie

do yall know how to critique issues without being anti-Black?
 
Race Jones said:
the first part is a flat out lie

do yall know how to critique issues without being anti-Black?
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only a portion of his first sentence is inaccurate

and it isn't really a critique of black folks....it's more so just sharing his/her own experience

this problem is multi-layered...........but somewhere down the line we taught our kids that a college degree automatically = good paying job

going to college should instead be seen as supplemental education and primarily a forum to network


the biggest issue is the number of us going into debt to get a degree

the 2nd problem is our choice of major and even our performance (GPA) while in school

the 3rd is the choice of college in relation to the job/career field we are looking to get into (parents should consider best fit vs. the career pipeline, but a lot of black parents don't know becuz they didn't have enough college experience themselves to provide guidance)

and the underpinning to all of it is systemic racism that puts black students at a disadvantage from jump starting way back in K-12 education



truthfully we need to encourage our kids to get both a degree and a trade type skill......just cuz we know the game is unfair for us

and STEM majors should be a priority..........u can major in something else as a sidebar that u like, but any black kid looking for job prospects should aim for a STEM major, or a major as close to STEM as possible IMO
 
Mr BFK said:
only a portion of his first sentence is inaccurate

and it isn't really a critique of black folks....it's more so just sharing his/her own experience

this problem is multi-layered...........but somewhere down the line we taught our kids that a college degree automatically = good paying job

going to college should instead be seen as supplemental education and primarily a forum to network


the biggest issue is the number of us going into debt to get a degree

the 2nd problem is our choice of major and even our performance (GPA) while in school

the 3rd is the choice of college in relation to the job/career field we are looking to get into (parents should consider best fit vs. the career pipeline, but a lot of black parents don't know becuz they didn't have enough college experience themselves to provide guidance)

and the underpinning to all of it is systemic racism that puts black students at a disadvantage from jump starting way back in K-12 education



truthfully we need to encourage our kids to get both a degree and a trade type skill......just cuz we know the game is unfair for us

and STEM majors should be a priority..........u can major in something else as a sidebar that u like, but any black kid looking for job prospects should aim for a STEM major, or a major as close to STEM as possible IMO
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I mean ijs a stem major ain’t the only career out here. You can make money without having a stem major
 
Vagrant-718 said:
Probably cause black folks going into debt for worthless degrees. I always tell people that Asian parents push their kids to get a STEM degree while black families just happy that their child got a degree and expect them to get a good job just because they have any degree.

I made the mistake of getting my undergrad degree in Latin American studies. Graduated and was hard for me to find a job and eventually I had to settle for a temp job which I could’ve gotten without a college degree. I was able to come up with a plan and go back to school for a degree in MIS but knowing what I know now, back then I would’ve just went with MIS or stuck with computer science when I was in undergrad.

Now I know what I do know, I can steer my my kid in the right direction. I remember my younger cousin was majoring in comp science and asked me about changing his major to anthropology cause comp science was too hard and I told him not to do it and stick it out. Now cuz doing real well, got offered a job at some naval air system spot making 75k
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We do be lost tho when it's time to go to college. A lot of us doesn't get educated on what fields to major for in college. I know when I started, I was blind as a bat until the IC put me on game, a few years back. By then, I was already near finished with my degree. Now I take what I've learned and tell other people in my family. "I did that so hopefully you won't have to go through that" - Jay-Z

I'm looking at the charts tho. That's crazy that even with whites without a degree are making a ton of more than us blacks with degrees smmfgdh. Like @TheNightKing said, systematic racism and generational connections at its finest
 
Hell Czar said:
I mean ijs a stem major ain’t the only career out here. You can make money without having a stem major
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This is true. Majoring in a business related field can get you money too. I’m an accountant and I do well salary wise. I graduated with an Exercise & Sports Science degree when I got too lazy to stay on the pre-med track. Went back and got my MBA then got my CPA.

That brings me to another point. Back when I was coming out of high school 20 years ago, some people thought lawyer, doctor (nurse), and teacher were the only things you can be coming out of college. I had never been exposed to any STEM or business field before going to college.

Now that I know better I have my son at the STEM Early College at NCA&T. He’ll be taking college courses this year as a high school Junior.
 
BlackRain said:
There is a point to be made that the conversation around college is now "go get a STEM degree or else it's worthless" which is far from true. There's plenty careers and degrees outside of the STEM field that are not only integral to the world and how it works but also you can make a nice career out of too.
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Exactly the funny part about it is the people now screaming that STEM shit don't realize they're repeating the same shit from years past. Instead of it just being "go to college and get a degree" now its "go to college and get a degree in a STEM field"

Same shit different generation.
 
The anti-college crowd always amuses me. If you thought college was an instant key to success, you're an idiot. People simply going to college doesn't guarantee anything. You have to got to college with a purpose, plan, and understanding of what you want to do. Tons of people of all races are coming out of colleges with either useless degrees or degrees that they either don't know how to use or aren't willing to put in the work to use. A college degree is not a free pass to wealth. At best it's just the credential you need to get in the door for a lot of professions.
 
The Lonious Monk said:
The anti-college crowd always amuses me. If you thought college was an instant key to success, you're an idiot. People simply going to college doesn't guarantee anything. You have to got to college with a purpose, plan, and understanding of what you want to do. Tons of people of all races are coming out of colleges with either useless degrees or degrees that they either don't know how to use or aren't willing to put in the work to use. A college degree is not a free pass to wealth. At best it's just the credential you need to get in the door for a lot of professions.
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This is true but let's be real...alot of people vision of college is you go, you graduate, then you got somebody offering you a job soon as degree is in hand. Alot of people don't learn about how important internships and networking are til they actually get there. And the right internship can let you know if your chosen major is actually a field you want to go into.

I'd also be careful about calling so many degrees useless. There's degrees that people see as useless that actually have a major impact on things but they're not glamorous so people overlook their actual importance
 
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