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Eliminating the Racial Wealth Gap

The Asset Perspective

By Karen K. Harris & Kathleen Rubenstein

The racial wealth gap in the United States persists after centuries of government policies advantaging wealth accumulation by white Americans. Although legal discrimination has ended, many current government policies have the effect of promoting further wealth building by those who already possess significant assets. The government should instead work to reverse years of discrimination by adopting policies that directly encourage asset building by minority and low-income populations. Promoting savings, increasing access to mainstream credit, and improving and increasing financial education can close the racial wealth gap.

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