WEBVTT 00:00:00.616 --> 00:00:05.315 Hello, my name is Ethan Adkins and I'm discussing today with Omar Drammeh on how 00:00:05.315 --> 00:00:10.166 we can bridge the racial and ethnic divide in relation to specifically economics. 00:00:13.487 --> 00:00:16.939 So to start, we're gonna talk about how there is the racial and 00:00:16.939 --> 00:00:19.170 ethnic economic divide specifically. 00:00:19.170 --> 00:00:23.898 For example, in 1968, the typical middle class black household 00:00:23.898 --> 00:00:28.546 held around $6,600 of wealth compared to around 7,100, 00:00:28.546 --> 00:00:33.452 71,000, my bad, for the typical middle class white household. 00:00:33.452 --> 00:00:36.847 And in 2016, you'd think that it'd get better, right? 00:00:36.847 --> 00:00:39.122 But it actually got much worse. 00:00:39.122 --> 00:00:43.405 It was 13,000 for the typical middle class black household, 00:00:43.405 --> 00:00:47.399 were 149,000 for the typical median white household. 00:00:47.399 --> 00:00:52.478 And in 2016, you'd need around 11.5 black households on average to get the net 00:00:52.478 --> 00:00:56.884 worth of one typical white US household, which my opinion is not very good. 00:00:56.884 --> 00:01:02.929 Why do you think and this may be a bit uneducated on this matter. 00:01:02.929 --> 00:01:04.975 >> First 11.5. 00:01:04.975 --> 00:01:06.146 >> 11.5. 00:01:06.146 --> 00:01:10.410 >> 12 separate households to make up one house? 00:01:10.410 --> 00:01:14.120 >> It is on average, but it's still a ridiculously high number. 00:01:14.120 --> 00:01:16.976 >> I think there's just under education going on and 00:01:16.976 --> 00:01:19.633 a lack of proper funding from the government. 00:01:19.633 --> 00:01:25.103 More POC populated areas tend to have less funding from their 00:01:25.103 --> 00:01:31.218 respective school districts and less funding on education leads to 00:01:31.218 --> 00:01:35.980 lower social status and level up I'd say- >> Yeah, I get what you're saying. 00:01:35.980 --> 00:01:39.842 >> If you're not as educated, you're not as likely to make more money. 00:01:39.842 --> 00:01:42.115 >> You're not gonna pursue those higher careers. 00:01:42.115 --> 00:01:47.640 >> Yeah cuz to make over six figures that's more than likely college degree and 00:01:47.640 --> 00:01:52.576 most people don't go past high school in more POC populated areas. 00:01:52.576 --> 00:01:56.485 >> Sure, sure, and keep in mind, these numbers were pre COVID. 00:01:56.485 --> 00:01:59.894 So we're gonna now look on COVID because obviously people have been losing 00:01:59.894 --> 00:02:00.497 their jobs. 00:02:00.497 --> 00:02:01.256 It's been getting worse. 00:02:01.256 --> 00:02:06.596 You can see here that pre COVID there was 5.8% unemployment rate for 00:02:06.596 --> 00:02:10.868 the black community, or for the white, it was 3.1 and 00:02:10.868 --> 00:02:16.844 here in September with COVID, it rose to 12.1% with the black community. 00:02:16.844 --> 00:02:19.493 And 7% in the white community, I think it's the same 00:02:19.493 --> 00:02:22.961 situation you're talking about, just more amplified, if you will. 00:02:22.961 --> 00:02:27.287 Because, Like you were saying, 00:02:27.287 --> 00:02:31.678 the less educated people probably lost their jobs more often. 00:02:31.678 --> 00:02:32.336 They were let go. 00:02:32.336 --> 00:02:36.701 Do you have anything to add on that? 00:02:36.701 --> 00:02:39.864 >> I mean I think you covered it but just like recap in a way. 00:02:39.864 --> 00:02:47.302 If you're less educated, you hold less value so to speak to your business. 00:02:47.302 --> 00:02:51.858 To your employer you hold less value if you're not as educated and based on what I 00:02:51.858 --> 00:02:55.938 initially said, if more POCs are less educated than those of non POCs, 00:02:55.938 --> 00:02:58.970 then they're more likely to get let go. 00:02:58.970 --> 00:03:02.380 Making up the reason for why the rate of unemployment is so high. 00:03:02.380 --> 00:03:03.376 >> Yeah, yeah. 00:03:03.376 --> 00:03:08.588 And here we can see real quick on figure two on the right hand side that 00:03:08.588 --> 00:03:13.710 with COVID, only 18% of the white people that were interviewed 00:03:13.710 --> 00:03:19.026 had trouble paying bills where it was 43 with the black community. 00:03:19.026 --> 00:03:22.969 It's 43% had trouble paying bills, which is quite a ridiculous number. 00:03:22.969 --> 00:03:24.955 So let's look at- >> [LAUGH] 43? 00:03:24.955 --> 00:03:26.449 >> Yeah, 43. 00:03:26.449 --> 00:03:28.051 So some solutions to this. 00:03:28.051 --> 00:03:32.324 I mean, I say overall awareness because people aren't aware, 00:03:32.324 --> 00:03:34.390 communication on the issues. 00:03:34.390 --> 00:03:37.649 You have anything to add? 00:03:37.649 --> 00:03:42.033 >> Yeah, with awareness, you just need to acknowledge that there's a problem. 00:03:42.033 --> 00:03:44.669 >> Of course. >> Communication I agree with but for 00:03:44.669 --> 00:03:47.718 the discussion, I think there should just be 00:03:47.718 --> 00:03:51.505 more government spending in more POC populated areas. 00:03:51.505 --> 00:03:56.131 Because the more funding you have, the higher level of education you get, 00:03:56.131 --> 00:04:01.125 a higher level of education leads to you pursuing more types of education leading 00:04:01.125 --> 00:04:02.827 to a smaller economic gap. 00:04:02.827 --> 00:04:07.774 So the gap will completely be bridged if more government 00:04:07.774 --> 00:04:13.270 spending was allocated and more awareness was given as well. 00:04:13.270 --> 00:04:15.290 >> Because right now the gap's just only getting worse and 00:04:15.290 --> 00:04:18.650 worse because it's here and it gets worse. 00:04:18.650 --> 00:04:20.600 This gets better, this gets worse, this gets better. 00:04:20.600 --> 00:04:21.890 So I see what you're saying. 00:04:21.890 --> 00:04:22.920 I agree. 00:04:22.920 --> 00:04:24.540 And I think that's about it. 00:04:25.560 --> 00:04:27.010 Thank you for your time. 00:04:27.010 --> 00:04:28.200 >> Yeah, of course. 00:04:28.200 --> 00:04:28.700 >> Thank you.