College degrees have not helped tighten the wealth gap
Even a college degree may not be enough to tighten the racial and ethnic wealth gap, the New York Times reports.
According to a new study by the Federal Reserve Bank of St. Louis, college-educated blacks and Hispanics earn a much better income and accumulate more money than blacks and Hispanics who don’t attend college, but still suffered far more than their White and Asian counterparts during times of financial struggle.
The piles of debt many blacks and Hispanics take on to attend college and to get into the middle-class may have a lot to do with it, according to the Times, but the answer as to why this is the case is not as straightforward.
William A. Darity Jr., director of the Duke Consortium on Social Equity at Duke University wrote in an email to the Times, “Prior family wealth is the key,’’ noting that it “shapes both income-generating opportunities and the capacity to allow wealth to grow more wealth.’’
Read the full story at the Times.
The 15 most expensive colleges in New England:
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