Treasury Secretary says US economy 'has never worked fairly for Black Americans' or 'for any American of color'

'There is still much more work Treasury needs to do to narrow the racial wealth divide,' Yellen said Monday.

1/17/2022 9:59:00 PM

Treasury Secretary Janet Yellen discussed the systemic inequities still lurking in the U.S. economy and the work her department 'needs to do to narrow the racial wealth divide,' during remarks at an event honoring the late Dr. Martin Luther King, Jr.

'There is still much more work Treasury needs to do to narrow the racial wealth divide,' Yellen said Monday.

Catch up on the developing stories making headlines.J. Scott Applewhite/AP, FILETreasury Secretary Janet Yellen discussed the systemic inequities still lurking in the U.S. economy and the work her department"needs to do to narrow the racial wealth divide," during remarks Monday at an event honoring the late Dr. Martin Luther King, Jr.

"From Reconstruction, to Jim Crow, to the present day, our economy has never worked fairly for Black Americans -- or, really, for any American of color," the Treasury chief said during the Rev. Al Sharpton's National Action Network's annual breakfast honoring the life and legacy of King.

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Work on your messaging. Yeah but you know who it’s great for? Look no further than a democrat trying to set economic policy for the nation to understand why we have inflation skyrocketing, small businesses dying, supply chain gridlock and no one looking for a job.. Can’t wait for the mid terms to get some grownups into the house and senate

I can't wait until Democrats start judging people by their character rather than the color of their skin. Should be any day now.... MLKDay It's not a federal issue. Its democratic ran cities issue. 🤣🤣🤣🤣🤣 Don’t celebrate MLK if you unconditionally and unquestionably support our racist, amoral, violent, imperialist, militaristic, capitalist and terrorist empire. There is an utter contradiction in doing it.

U.S. economy has ‘never worked fairly for any American of color,’ treasury secretary says in speechJanet Yellen referred to Martin Luther King’s famous speech in remarks she recorded for delivery at the Rev. Al Sharpton’s National Action Network breakfast in Washington. Can’t wait to see the comments on this one! Seems to work for Beyonce Jay-Z LeBron NBA NFL Hollywood MBL Obama

Charles McGee, one of the last surviving Tuskegee Airman, dies at 102'Today, we lost an American hero,“ U.S. Defense Secretary Lloyd Austin tweeted Sunday.

Most Americans say Biden not focused enough on inflation, the economy: pollA majority of Americans believe the Biden administration has not focused enough on the economy and inflation, and 50 percent say Biden’s first year in office has left them feeling “frus… Umm yea no shit Inflation caused by central banks Don’t know where he is 🤦🏻‍♂️

On MLK Day, Janet Yellen Says U.S. Economy Is Unfair To Black People“There is still much more work Treasury needs to do to narrow the racial wealth divide,” the treasury secretary said. GET RID OF CREDIT SCORES! All over the world Blacks are discriminated against.

Why More Americans Are Putting Off Having KidsA recent study found that the average age for new American parents is up to 26 for mothers and 31 for fathers, both record highs. The Onion looks at the top reasons why more Americans are putting off having kids. cuz fuck a shitty ass baby i gotta take care of TF If they're trying to have sex in that boat, then yeah, not many kids from that. Super uncomfortable and unhygienic. Hahahahaha

On MLK Day, Biden says Americans must commit to King's work | AP NewsAmericans must commit to the unfinished work of Martin Luther King Jr., delivering jobs and justice and protecting “the sacred right to vote,” President Joe Biden said. Biden spoke to mark the holiday honoring the slain civil rights leader. Data from work product mine. Look at these graphs and ask yourself why the Median Usual Weekly Earning for White Men who achieve less education almost always MORE than Black men with more education. Sorry, Martin. Frauds like Henry Rogers and Robin D'Angelo have debunked your theory of content of character and a color blind society. It's all about the melanin and pyramid of victimhood. A meritocracy is a problem for those without merit. Anyone who wants to work has a job. Every store is hiring. Anyone who wants to vote can vote. Can the media or Dem party find one person who wanted to vote and couldn't? We just had more people vote in the last election than ever before. Facts before Fiction

On Location: January 17, 2022 Catch up on the developing stories making headlines. J. Scott Applewhite/AP, FILE Treasury Secretary Janet Yellen discussed the systemic inequities still lurking in the U.S. economy and the work her department"needs to do to narrow the racial wealth divide," during remarks Monday at an event honoring the late Dr. Martin Luther King, Jr. "From Reconstruction, to Jim Crow, to the present day, our economy has never worked fairly for Black Americans -- or, really, for any American of color," the Treasury chief said during the Rev. Al Sharpton's National Action Network's annual breakfast honoring the life and legacy of King. MORE: How sky-high inflation is evaporating Americans' savings, imposing 'cruelest tax' on the poor On what would have been his 93rd birthday, Yellen reflected on how the late civil rights icon -- often referred to as the"moral leader of our nation" -- knew that,"economic injustice was bound up in the larger injustice he fought against." Since taking office last January, Yellen said that she and her team have worked hard to"ensure that neither the figurative bank of justice -- nor any literal economic institution -- fails to work for people of color." She said the Treasury has recently completed its first equity review,"looking across the department and asking: Where are our operations not as inclusive as they should be?" J. Scott Applewhite/AP, FILE Federal Reserve Chair Janet Yellen. Yellen added that they have also hired the department's first-ever counselor on racial equity and sought to hire the"most diverse leadership team in Treasury's history." She added that the Treasury was injecting some $9 billion into Community Development Financial Institutions and Minority Depository Institutions that seek to serve people and places that the financial sector historically has left out. "Of course, no one program and no one administration can make good on the hopes and aspirations that Dr. King had for our country," Yellen said."There is still much more work Treasury needs to do to narrow the racial wealth divide." Data backs up Yellen's sentiments that there is still vast work needed to be done to address race-based economic disparities -- many of which were heightened over the past year as the COVID-19 pandemic took a disproportionate toll on communities of color. The insidious legacy of slavery in the U.S., as well as decades of racist policies that followed, results in systemic economic issues that are still present today -- such as the racial wealth gap, experts said. A Brookings Institution report published last year said that the net worth of a typical white family ($171,000) is nearly 10 times greater than that of a Black family ($17,150) in America, with researchers saying the gaps in wealth between Black and white households"reveal the effects of accumulated inequality and discrimination, as well as differences in power and opportunity that can be traced back to this nation’s inception." MORE: Bank of America to slash overdraft fees amid pressure from consumer advocacy groups Separate and more-recent data from the Federal Reserve indicated that in 2019, the typical White family has eight times the wealth of the typical Black family and five times the wealth of the typical Hispanic family. The Fed dataset indicates that in 2019, the median wealth of a white family in the U.S. was $188,200 and the median wealth of a Black family was some $24,100. The data notably is before the COVID-19 pandemic hit Black and Latino communities with inordinate furor and in many cases widened the gap between the haves and have-nots. The central bank researchers said inheritance and inter-generational gifting of wealth, as well as investments families make in their children (such as paying for college tuition) are a big factor in their children's ability to accumulate wealth. "For these reasons, wealth (or a lack thereof) can persist across generations and reflect, among other factors, a legacy of discrimination or unequal treatment in housing, education, and labor markets," the Fed researchers