The wealth gap between the haves and the have-nots is at an all-time high, and the disparity is even larger among marginalized sects of the population. In line with the Goldfarb Center’s theme of racial income inequality this year, Christel Kesler, associate professor of sociology, joined us on March 3 to examine the role of policy on the growing wealth gap in the United States. In addition to the overarching issue of wealth inequality, Kesler’s talk zeroed in on wealth discrepancies based on race and gender.
As time goes on, fewer and fewer are in a position to accumulate wealth. Whether living paycheck to paycheck due to low wages, relying on a social safety net because of an inability to participate in the job market, or living as a single parent with bills piling up, myriad policies have widened the wealth gap tremendously over the last few decades.
Also important to discuss is how the wealth gap is further fissured due to race and gender inequality. To put the level of inequality into perspective, Professor Kesler shared that on average, black households own only 2% of the wealth that white households do. Wage gaps based on gender, as well as the bulk of single parenting falling to mothers, are additional ways in which some find it impossible to achieve upward mobility. Professor Kesler offered that there is no one policy change that will singularly close this cavernous gap.
