As January 15 marks the annual remembrance of Martin Luther King Jr., the nation reflects on his enduring legacy and the quest for racial equality. This year, on what would have been his 95th birthday, evidence suggests that America is still far from fulfilling King's dream.
Take income inequality, for instance. From 2007 through 2021, the financial divide between the rich and the poor in the U.S. only widened. Those with higher incomes benefit from better-paying jobs, investments in savings, stocks, and bonds, and are more likely to own homes. They also have access to comprehensive health insurance for themselves and their families.
The wealthiest Americans are thriving at an unprecedented rate. A nonprofit organization tracking these trends revealed that between 1979 and 2020, the average income of the richest 0.01 percent of households—about 12,000 households—grew 17 times faster than that of the bottom 20 percent. Unsurprisingly, roughly 90 percent of the super-wealthy are White.
Income disparities are stark across ethnic lines. In 2022, the median annual income for White families was approximately $82,000, compared to $63,000 for Hispanic families and just $53,000 for Black families. While these differences might seem modest annually, they compound significantly over a decade. In ten years, a typical White family could earn $820,000, while a typical Black family might only accumulate $530,000.
This financial imbalance means White Americans are better prepared for emergencies and have more disposable income for education, vacations, and other opportunities. But income inequality is just one facet of a deeper issue: racism.
Human Rights Watch has criticized the United States for persistent structural racism and xenophobia, highlighting issues like reparative justice, discrimination in the criminal legal system, excessive use of force by law enforcement, biased migration controls, and significant disparities in economic opportunities and healthcare. These entrenched patterns continue to hinder the realization of a truly equal society.
As we honor Martin Luther King Jr.'s vision, it's evident that the journey toward racial equality in America remains incomplete, calling for continued efforts to bridge economic divides and dismantle systemic racism.
Reference(s):
cgtn.com
