Recession Study Finds Hispanics Are Hit Hardest

Recession Study Finds Hispanics Are Hit Hardest -...

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Recession Study Finds Hispanics Are Hit Hardest  by Sabrina Tavernise Hispanic families accounted for the largest single decline in wealth of any ethnic  and racial group in the country during the recession, according to a study published  Tuesday by the Pew Foundation. The study, which used data collected by the Census Bureau, found that the  median wealth of Hispanic households fell by 66 percent from 2005 to 2009.   By  contrast, the median wealth of whites fell by just 16 percent over the same period.  African Americans saw their wealth drop by 53 percent.  Asians also saw a big decline,  with household wealth dropping 54 percent. The declines have led to the largest wealth disparities in the 25 years that the  bureau has been collecting the data, according to the report. Median wealth of whites is now 20 times that of black households and 18 times  that of Hispanic households, double the already marked disparities that had prevailed in  the decades before the recent recession, the study found. “It’s a very stark reminder of the high share of minorities who live at the economic  margins of this country,” said Paul Taylor, executive vice president of the Pew Research  Center   and   the   author   of   the   report.     “These   data   really   show   their   economic  vulnerability.”  
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This note was uploaded on 09/27/2011 for the course SOCIOLOGY 290 taught by Professor Jeffwilhelms during the Spring '11 term at Rutgers.

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Recession Study Finds Hispanics Are Hit Hardest -...

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