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Prognosis: Misconception

Coming Soon: The Pay Check Season 3

Prognosis: Misconception

Bloomberg

Health & Fitness, Science

4.1838 Ratings

🗓️ 8 March 2021

⏱️ 4 minutes

🧾️ Download transcript

Summary

More than 150 years after the end of slavery in the U.S., the net worth of a typical white family is nearly six times greater than that of the average Black family. Season 3 of The Pay Check digs into into how we got to where we are today and what can be done to narrow the yawning racial wealth gap in the U.S.

Jackie Simmons and Rebecca Greenfield co-host the season, which kicks off with a personal story about land Jackie's family acquired some time after slavery that they're on the verge of losing. From there the series explores all the ways the wealth gaps manifests and the radical solutions, like affirmative action, quotas, and reparations, that can potentially lead to greater equality.

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Transcript

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0:00.0

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0:35.6

Last year, like a lot of black Americans, I started thinking more about our collective history in America,

0:42.4

and my own place than it.

0:44.4

My family had a plot of land in East Texas near a town called Mount Pleasant.

0:48.9

I grew up in Arizona, and as far as I was concerned, Texas was another planet.

0:54.6

Big hats, rodeos, that showed Dallas.

0:59.1

We drove through Mount Pleasant once, but I don't remember much.

1:02.7

As I got older, my dad would call and talk about the Texas property.

1:07.5

He daydream about all the ways that might one day give him a financial cushion.

1:12.0

How would buy a better life for him and my brother, who has a disability, how there might be

1:16.4

oil on the land or some kind of rare timber. And if I'm being honest, he planted some of those

1:21.8

thoughts in my head too. Then came the pandemic and George Floyd, and I started thinking more about inequality in America,

1:30.3

and because I'm a business journalist, the racial wealth gap.

1:33.3

I started digging into my past, and Texas.

1:37.3

I learned that the land would never be our ticket to prosperity.

1:40.3

It was gone.

1:42.3

When I found out why, I realized my family's story isn't much different from other

1:47.0

black Americans. I started wondering, how did other black people build wealth in America?

1:55.3

And how did they hold on to it? Or, like my family, failed to hold on to it. That's what we'll be exploring on this season of the paycheck, the racial wealth gap.

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