A lot of “majorities” aren’t educated that their financial advantage isn’t because of their investments. It’s because of whiteness.
— Michael Harriot (@michaelharriot) February 24, 2020
Let me show you how: https://t.co/SvLMWWBIZ3
First of all, of you live in a home in a black neighborhood, it’s worth, on average, $48,000 less than an identical home in an identical white neighborhood.
— Michael Harriot (@michaelharriot) February 24, 2020
Part of this is because of the history of redlining and it’s partly because white people just don’t want to live around us
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But, for the sake of argument, let’s say that all things are equal. Simply because you are awhite homeowner, you now have $48,000 in equity that a black homeowner doesn’t have.
— Michael Harriot (@michaelharriot) February 24, 2020
We know that schools are funded by property taxes. So, if you’re white, your kids get to go to a better school. This has nothing to do with your “investments.”
— Michael Harriot (@michaelharriot) February 24, 2020
It’s white privileged.
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So, of course, the white districts are considered better because they had higher scores, more college attendees and more programs.
— Michael Harriot (@michaelharriot) February 24, 2020
But the advantages were built in.
But let’s get back to home ownership. When those white kids got a chance to go to college, their parents could use that $48,000 in equity to pay for college while black students had to take out loans.
— Michael Harriot (@michaelharriot) February 24, 2020
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But let’s say both kids graduated from college.
— Michael Harriot (@michaelharriot) February 24, 2020
I mentioned a study by @theSBPC yesterday. The study was really incredible in revealing institutional racism.
Here’s what they did.
They created a profile of a student. 24 yrs old, recent college grad making $50,000 per year. The only difference was that they went to different institutions. They went ONLINE to refinance their loans
— Michael Harriot (@michaelharriot) February 24, 2020
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The study found that kids who went to majority black schools were charged higher rates than any other group—even though their credit, income, jones etc were IDENTICAL.
— Michael Harriot (@michaelharriot) February 24, 2020
So now you’re a black college grad with more debt than a white student. Regardless of what you do, if you’re black, it’s impossible to avoid. So, what happens?
— Michael Harriot (@michaelharriot) February 24, 2020
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Part of your credit score calculates debt. So, simply being black—NOTHING ELSE —means you have a higher credit score.
— Michael Harriot (@michaelharriot) February 24, 2020
But now you need a car. Remember, your debt is already higher bc you’re black
Well, @CRLONLINE found that auto lenders charge black borrowers higher rates
Now car lenders might say that blacks have lower credit scores but we know why that is. Instead of looking at payment history and income, they compound the problem.
— Michael Harriot (@michaelharriot) February 24, 2020
In 2018, congress eased rules making it easier for car lenders to discriminate
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So you have a car, an education and you want to buy a home.
— Michael Harriot (@michaelharriot) February 24, 2020
In 2018, @reveal did a study. They didn’t look at a group@of black borrowers v whites. They essentially looked at the govt data from every mortgage over a decade—31 million loans
They found that black borrowers were denied at 3 times the rate of white borrowers and ALWAYS got higher interest rates.
— Michael Harriot (@michaelharriot) February 24, 2020
But, according to some people “minorities” need to study investment.
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Add that with double the unemployment rate, fewer educational resources, higher car insurance rates and tithes and offering, you see that black people’s lack@of upward mobility has nothing to do@with buying Jordans and sipping Hennessy (although Hennessy is, objectively trash)
— Michael Harriot (@michaelharriot) February 24, 2020
And white people’s advantages have nothing to do with their investment knowledge or hard work.
— Michael Harriot (@michaelharriot) February 24, 2020
It’s built into the system. And no amount of after-school programs or charity can fix a SYSTEM that is built to perpetuate inequality.
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