The racial inequality in the US has in recent years been subject of positive changes regarding the gap in wealth. This is because of the numerous positive steps that have been made towards the great end of achieving economic equity for all; however following the author’s analysis it is clear that there are still quite a few challenges that need to be addressed.
Another reason why the racial wealth gap is decreasing is the rising conscious and activism by combating for the equality of wealth between races. Recent discourse concerning equal rights and inequitable distribution of wealth has led to change in policy and corporate programmes intent on eliminating these disparities. Projects like affordable housing policy, minority business enhancements, and financial literacy have also contributed in providing the growth of wealth for these communities.
Moreover, some factors such as progress in education and the development of the labor market faced and contributed to closing the gap. Nowadays, implementing training and educational programs that would open up higher-paid jobs and career perspectives for people of the historically underrepresented groups promises to be beneficial. There have also been attempts to make some manufacturing and services sector more inclusive and it has inevitably meant better economic outcomes for everyone.
There are some positive trends despite these stunning inequalities still persist. Challenges such as disparate lending standards, unequal access to assets such as housing loans, and differences in health-seeking behaviors still constrain wealth building among minorities. COVID-19 has played an extra role in highlighting the inequalities, as the economic impact was more felt by people of color.
Apart from income divisions the wealth gap is also as a result of distinguishing in terms of possession of assets and richness among members of the family today from the previous generations. The societal segregation categorically maintains a cycle of deprivation from one generation to the next for vulnerable communities.