We Were Eight Years in Power: An American Tragedy

by Ta-Nehisi Coates

the unemployment rate among black college graduates (4.1 percent) is almost the same as the unemployment rate among white high-school graduates (4.6 percent). But that college degree is generally purchased at a higher price by blacks than by whites. According to research by the Brookings Institution, African Americans tend to carry more student debt four years after graduation ($53,000 versus $28,000) and suffer from a higher default rate on their loans (7.6 percent versus 2.4 percent) than white Americans. This is both the result and the perpetuator of a sprawling wealth gap between the races. White households, on average, hold seven times as much wealth as black households—a difference so large as to make comparing the “black middle class” and “white middle class” meaningless; they’re simply not comparable. According to Patrick Sharkey, a sociologist at New York University who studies economic mobility, black families making $100,000 a year or more live in more disadvantaged neighborhoods than white families making less than $30,000.