By GEORGE E. CURRY
The United States’ population is growing increasingly diverse, but the sharp demographic shift is unlikely to close the huge economic gap between Whites and people of color, according to an annual report issued by United For a Fair Economy, a nonpartisan think tank that studies wealth and power in the U.S.
Each year the Boston-based organization issues its “State of the Dream” report near Dr. Martin Luther King Jr.’s birthday.
Citing Census Bureau figures, the report notes that Whites constituted 80 percent of the U.S. population in 1980. By 2010, that figure had slipped to 65 percent. And by 2042, Whites will become a minority for the first time since the Colonial days.
“If the trends in racial economic inequality continue at the rate that they have since 1980, the changing demographics of the country will produce a vast racialized underclass that will persist even after the majority of the country is non-White,” the report concluded.
Examples of racial and ethnic inequality in the U.S. include:
• In 2010, the median family income of Black and Latino families was 57 cents to every dollar of White median family income. By 2042, the median Black family will earn approximately 61 cents for every dollar of income earned by Whites. Latino families are projected to earn only 45 cents in 2042 on every dollar of White median family income.
• The wealth gap is particularly disturbing. In 2007, at the height of the housing bubble, the average White family net worth was five times greater than the average Black net worth and more than 3.5 times the average Latino net worth. If current trends continue, the report states, Black families will by 2042 accumulate 19 cents for each dollar of White net worth. Latinos will have 25 cents per dollar. That means the