The argument that “anyone in America can build wealth” is flimsy financial advice. #thread
When added to “The only thing holding you back is you” and “If you’re just willing to work hard you can become a millionaire,” you get a set of outdated beliefs that ignore the role that racism played (and continues to play) in the creation of wealth in America.
Yes, anyone “can” build wealth in America, but quotes like this ignore the fact building wealth is much more difficult for certain groups. This difficulty level is often based on race and not work ethic.
One of the main generators of wealth in the U.S. has been 100s of yrs of laws and policies that have worked to advance one group of people, while actively working to ignore or exclude others. Some of these laws were enacted over 150 years ago, they still have an impact today.
In 1862 Congress passed the Homestead Act which distributed 246 million acres of land across the next 60 years to 1.5 million families.

99.73% went to white families. Researchers estimate that up to 93 million Americans today are direct beneficiaries of that program.
In 1944, the federal government invested $95 billion via the GI Bill to create opportunities for returning soldiers. That is the equivalent of $700 billion today but, less than 2% of that money went to the 1.2 million Black veterans who served in World War II.
Researchers from George Washington University found that Black homeowners receive 18% less value for their homes than white homeowners at about $48,000 per home.
On top of owning homes that are worth less, the Economic Policy Institute found that Black Americans with a 660 FICO credit score are three times more likely to receive higher interest rates then white Americans with a 660 credit score.
Data from 2016 indicates that Black college graduates have nearly $25,000 more in student loan debt at an average of $52,726, compared to $28,006 for the typical White bachelor’s graduate.
Despite paying more for a college degree Black graduates still face an unemployment rate that is double the rate of their white peers. African Americans are also often paid less at every education level.
The Economic Policy Institute found that 85% of Black people need to have Bachelor degrees for Black Americans to have the same employment rate as white Americans who have a 36% rate of college degree attainment.

Right now, Black bachelor’s degree holders are at just 24%.
These costs start to add up quickly if you’re not white: Higher unemployment rates, lower pay, higher costs for education, and lower returns on real estate all combine to make things considerably more difficult to build wealth.
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