r/FluentInFinance 7d ago

You Disagree? Discussion/ Debate

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u/lostcauz707 6d ago

A key reason poor demographics stay poor. After redlining and no reparations, the median equity of black Americans today is about $30k. Meanwhile the median equity of a white American is $190k. Years of leveraging that for higher education and paying debts has kept the poor poor as multi-generational wealth basically runs the existence of one demographic and doesn't exist for the other.

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u/Sweezy_McSqueezy 6d ago

Now do this analysis on Asian and African immigrants that come to the country with nothing.

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u/YesterdayOne7917 6d ago

They literally have to have SOMETHING to be able to afford to move to america and become citizens. Its not free or easy

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u/tboykov 6d ago

To the redditer who brought up the good point, usually it's much less than 30k... Can say from first hand experience.

Not to say there aren't issues influencing the posted statistics, but generational wealth isn't remotely all of it.

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u/YesterdayOne7917 6d ago

Thats what many people dont even make a year in this country… if you can save 20-30k you arent poor

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u/tboykov 6d ago

According to the poster it's the median equity

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u/ramoneduke 6d ago

Median equity and being able to save that amount is definitely not the same thing. There’s people that make >$75000 and don’t have any savings

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u/tboykov 6d ago

Median equity and being able to save that amount is definitely not the same thing.

Never said they were...

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u/ramoneduke 6d ago

Then what is your point?

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u/CaptainTheta 6d ago

That isn't really true. I worked with a guy who was a high paid consultant at a fortune 500 company whose family fled to America in a refugee boat during the Vietnam war from South Vietnam. He used to tell us the stories about how his whole family almost starved as he ate the orange peels off every orange. Said it was a waste to not eat it, and sometimes that was all he got to eat some days during the Pacific crossing.

No offense to any particular demographic but I think that there's something about the culture and work ethic of East Asians that was a huge advantage such that even the utterly destitute seem to succeed.

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u/nCubed21 6d ago edited 6d ago

It's definitely based on expectation. My immigrant grandparents are fine working in a sweatshop for minimum wage. I am not and neither are my parents.

Because we both know you can get paid more for less strainous work.

Starving people will work for food, doesnt mean they have better work ethic. It's just desperation.

Which is just a whole lot of words to explain exploitation.

Almost as if, they are incentivised to keep us on the edge of poverty to improve our "work ethic".

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u/Fausterion18 5d ago

No, I grew up with many children of refugees who arrived with quite literally nothing. They sold everything just to get to the US.

The US government gives them $900 to get them started and that's it.

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u/Significant-Pea1799 6d ago

Please provide this analysis that shows they come in with nothing

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u/0000110011 6d ago

Bingo. Because they come in with the motivation to bust their ass, not fuck around and play a victim. 

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u/0000110011 6d ago

The median income for blacks is so low because black culture went from being focused on hard work and being a good person to the current culture of idolizing gang members and criminals and attacking fellow blacks that study hard for "acting white". You can't have your subculture focus on being the worst you can be and then blame "society" when you fail. 

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u/lostcauz707 6d ago

Black culture? My dude, the civil rights act wasn't even 60 years ago. Those people that threw stones at black people are running the federal government right now. They idolized illegal activity due to not being welcome for centuries among white "law abiding" activity. When they fought for gun rights on CA, Reagan straight up passed down the strictest gun laws in the country. Is gun ownership now white? Even then, upper middle class black people are by far one of the largest victims of bad housing appraisals, with cases of some having homes that are worth $800k if a white person owned them getting offered $550k instead. We made that their culture. They weren't given options, they weren't accepted, they had different fucking water fountains.

Study hard? Lowest funded school systems, live in places with poor access to healthcare, dirty water, compete with prison slave labor, and many of those neighborhoods were originally redlined. Tell me more about how black Americans need to just pull themselves up by their bootstraps while our boot mark is still on their throats. White people pulled ahead further after the civil rights act by leveraging their equity and multigenerational wealth they already had. You think a black family is going to leverage their $15k of equity in the 1990s to put a kid in college while white people had $140k?

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u/Fausterion18 5d ago

How do immigrant families living in the exact same neighborhoods do it? They had even less money arriving in the US.

Why do African refugee children score better on standardized tests, including English, than native born Black Americans?

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u/lostcauz707 5d ago

Again, as someone else asked, immigration benefits and leverage. "Even less money", please. I just moved out of Boston. Immigrants from Nigeria moving to Boston are getting housing near indefinitely for their whole family while the state is cutting the length of housing stays for native born families that are growing in count of homelessness.

Not sure where you are getting exact same neighborhoods from, but places like Nigeria have access to college for free. So I dunno man, maybe access to free education and money spent on said education could be your answer. You also have economic advantages if you have family back home. For example, you send $100 back home, you can get a lot more, including equity, which you can then have your family leverage to raise their standing back home. Economies to scale exist and can be leveraged. There's a Polish American guy I used to work with who married a woman from Peru, he would send money back home to her family, whenever he would visit he was basically treated as the mayor because they basically own the town her family is from. Guy made $18/hr pulling parts in a warehouse, he'll retire early and move there to marble floors and a mansion. You can then leverage that further by using it as a rainy day fund, equity leverage such as home ownership to those working and living in the US in case there is an emergency expense. You can't do that native born in the US when you get paid so low you don't even have $100, and if you have it, sure, save it, but it will be gone 2-3 times faster than in most economies in Africa or Central/South America.

Dunno where the fuck you get "refugee children" so to say African refugees all test better is fucking stupid. Feel free to link a source because I'm pretty sure it's bullshit. There are dumb ass white Americans that test fucking horribly in the same states and get beaten by the same immigrants, even in English.The state of Mississippi is literally on par to a third world country, as is Louisiana, West Virginia, Missouri. There are cities in Africa that have better QoL, immigrants are required to score high on tests like SATs to even get into the US for schooling as well, but you'd need to be smart enough to not be a racist prick and blanket all Africans as though they are all equal. Not to mention the ones we take are testing better and when you take families into cities like Boston, one of the best places in the US to get an education. And Boston is taking on refugees right now. Let's test them against families in Mississippi or places in the US with sky high college tuition. In fact Nigeria hasn't been able to improve it's healthcare despite having so many medical graduates paid for by the state that they are considering doing what Cuba did and banning their immigration, because we were taking doctors from Cuba for the same reason. Easier to grab someone from a country with socialized college than give a fuck about people in the US getting a degree, just to fill jobs in the medical field for cheap.

Same answers. We spend less on quality education in black communities. In poor black communities, good luck finding a well educated free college degree holding African immigrant, and more affluent communities, chances are they have less favor than immigrants.

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u/Fausterion18 5d ago

Again, as someone else asked, immigration benefits and leverage. "Even less money", please. I just moved out of Boston. Immigrants from Nigeria moving to Boston are getting housing near indefinitely for their whole family while the state is cutting the length of housing stays for native born families that are growing in count of homelessness.

ROFLMAO. You think there's some kind of special section 8 for immigrants? No. Every refugee family I grew up with didn't get any kind of free housing.

Not sure where you are getting exact same neighborhoods from, but places like Nigeria have access to college for free.

I had access to college for free too! It's called being low income. Everyone with low income gets free college in America.

 So I dunno man, maybe access to free education and money spent on said education could be your answer. You also have economic advantages if you have family back home. For example, you send $100 back home, you can get a lot more, including equity, which you can then have your family leverage to raise their standing back home. Economies to scale exist and can be leveraged. There's a Polish American guy I used to work with who married a woman from Peru, he would send money back home to her family, whenever he would visit he was basically treated as the mayor because they basically own the town her family is from. Guy made $18/hr pulling parts in a warehouse, he'll retire early and move there to marble floors and a mansion. You can then leverage that further by using it as a rainy day fund, equity leverage such as home ownership to those working and living in the US in case there is an emergency expense. You can't do that native born in the US when you get paid so low you don't even have $100, and if you have it, sure, save it, but it will be gone 2-3 times faster than in most economies in Africa or Central/South America.

What the fuck does any of this nonsense have to do with immigrants finding success in the US?

Dunno where the fuck you get "refugee children" so to say African refugees all test better is fucking stupid. Feel free to link a source because I'm pretty sure it's bullshit. There are dumb ass white Americans that test fucking horribly in the same states and get beaten by the same immigrants, even in English.The state of Mississippi is literally on par to a third world country, as is Louisiana, West Virginia, Missouri. There are cities in Africa that have better QoL, immigrants are required to score high on tests like SATs to even get into the US for schooling as well, but you'd need to be smart enough to not be a racist prick and blanket all Africans as though they are all equal. Not to mention the ones we take are testing better and when you take families into cities like Boston, one of the best places in the US to get an education. And Boston is taking on refugees right now. Let's test them against families in Mississippi or places in the US with sky high college tuition. In fact Nigeria hasn't been able to improve it's healthcare despite having so many medical graduates paid for by the state that they are considering doing what Cuba did and banning their immigration, because we were taking doctors from Cuba for the same reason. Easier to grab someone from a country with socialized college than give a fuck about people in the US getting a degree, just to fill jobs in the medical field for cheap.

Why the fuck would you test African refugee kids in Seattle against Black kids in Mississippi instead of black kids in Seattle? That's the actual comparison.

Newsflash, this isn't the 1800s anymore, most Black families live in liberal states and cities where the poorest inner city schools receive just as much funding as the richest suburban schools through state funding equalization programs. We even have a decades long natural experiment in NJ that showed school funding had no impact on student performance.

https://en.wikipedia.org/wiki/Abbott_district

Explain to me how refugee children from Africa have better test scores than native born black kids in the same exact schools.

https://www.seattletimes.com/seattle-news/alarming-new-test-score-gap-discovered-in-seattle-schools

Same answers. We spend less on quality education in black communities. In poor black communities, good luck finding a well educated free college degree holding African immigrant, and more affluent communities, chances are they have less favor than immigrants.

Except we're talking about immigrants living in those same exact communities. And no, we do not.

https://pubs.aeaweb.org/doi/pdfplus/10.1257/app.20160567