The U.S. Constitution was ratified a full 228 years ago. The cutting edge technology that year was the steamboat, and the country had not yet even had a presidential election.
If 228 years seems like a really long time, that’s because it is. But if current trends continue, that’s how long it will take for the average black family to reach the level of wealth the average white family has today.
The average Latino family fares slightly better—if the current trend continues, it would take them a little more than 80 years to amass the same amount of wealth white families have today.
Racial discrepancies in income and wealth are nothing new in this country. The troubling thing is that they aren’t improving. A new report by the Corporation for Enterprise Development (CFED) and the Institute for Policy Studies (IPS) compares data on white, black, and Latino households over the past 30 years to see just how big the gap is—and the findings are staggering.