In an article Race, Wealth, and Intergenerational Poverty, written bySeptember 16, 2009 (http://www.prospect.org/cs/articles?article=race_wealth_and_intergenerational_poverty), a "wealth gap" exists largely due to the lack of assets transferred from generation to generation for African (Black) Americans. Consider the following excerpt:
"Apart from the national failure to endow ex-slaves with the promised 40 acres and a mule after the Civil War, blacks were deprived systematically of property, especially land, accumulated between 1880 and 1910 by government complicity and fraud as well as seizures by white terrorists. During the first three decades of the 20th century, white rioters destroyed prosperous black communities from Wilmington, North Carolina, to Tulsa, Oklahoma. Restrictive covenants, redlining, and general housing and lending discrimination also inhibited blacks from accumulating wealth.
Given the importance of intergenerational transfers of wealth and past and present barriers preventing black wealth accumulation, private action and market forces alone cannot close an unjust racial wealth gap -- public-sector intervention is necessary."
Twenty-five years later, today, the discussion of too little intergenerational transfer of wealth/assets is just as relevant. I encourage my friends and family to engage in the discussion and start a project to help eliminate this "wealth gap". We have a responsibility to our children and also to future generations. Or maybe we should justify or interpret I Timothy, 5: 8 to fit our needs: "But if any provide not for his own, and specially for those of his own house, he hath denied the faith, and is worse than an infidel." KJV