In recent decades, Illinois has lost a significant portion of its Black population. While a variety of issues have been cited as reasons for Black families to leave the state, a recent study suggests financial equity could also be a consideration.
for financial racial equity using data on employment levels, income share of executives and housing to make its assessments.But Audra Wilson, president and CEO of the Shriver Center on Poverty Law, said it’s hardly a problem confined to Illinois.
“We don’t have data specific to Illinois for wealth in particular — we have data for the whole country,” Jones said. “And we know that there are huge wealth gaps. The median wealth of a White household is about 10 times as much as a Black household; on average, it’s about eight times as large. And so we can’t say specifically in this region what the wealth gap is, but those other measures are all things that are going to be related.
Wilson said public institutions also have a responsibility to create policy that will help shrink the gap. “Wealth is the type of thing that just compounds over your lifetime,” Jones said. “The less wealth you start out with, the harder it is to grow that wealth and then when you have children, you pass it on to the next generation. Those gaps are just going to grow over generations. You see a lot of studies in Chicago, for example, that find that Black households inherit less from their parents, they get less financial support for school and for buying their first home.
As reparations pilots make their way in municipalities across the country, Wilson said she doesn’t believe reparations are a solution for the future.
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