How to Close the Wealth Gap

David Steltz / Flickr

The gap in wealth between whites, blacks and Hispanics has grown to historic levels, as discussed on today’s Diane Rehm Show.

“These people draw upon their assets… to finance their children’s education, or to help with children’s tuition or to use as a down payment on their first home,” Roderick Harrison, senior research fellow at the Joint Center for Political and Economic Studies, said on the show. “This will play out not only until we see the net worth of these families rising back to the levels that they rose to in 2005, but it will play out in the lives of their children.”

We caught up with Harrison after the show to ask if D.C., with its rising home prices, stands in contrast to the growing wealth gap seen on a national level. He said, “D.C. is an exaggeration. It’s more polarized by income and by race [than elsewhere].”

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Indian Americans Increasingly Pursuing Creative Jobs

Indians comprise the largest Asian group in the D.C.-area, and although many are working professional jobs, not all are. But another interesting trend has taken hold in the Indian-American community: the number of Indian Americans who have taken up jobs in the arts, entertainment and food industries has doubled in the past decade from 2.9 percent to 6.1. percent, reports Chicago Business. This video the network produced features Indian Americans who have taken up jobs as chefs and comedians:

This is similar to what I’m witnessing, at least anecdotally, among my fellow Iranian Americans. Members of my parents’ generation have traditionally viewed doctor, dentist or engineer as the predestined careers for their children. It makes sense — they’re relatively stable jobs, and if you’re a new arrival to this country, particularly without a network of friends and family, you may not feel secure enough to go after a “risky” career.

But those of us who were born here may have more stable-footing than our parents did — we have families, institutions and communities here that raised us and that we can rely upon.  We may even have a measure of accumulated family wealth, thanks to the hard work of our parents. Perhaps that’s part of the reason I felt comfortable with pursuing journalism (not the most stable or well-paid of professions), and my brother, who once seriously considered medical school, is now an aspiring film-maker.

I’m curious — are others experiencing something similar, or is the pressure to follow a more traditional career paths still strong?