How did the Great Recession of 2008 positively or negatively affect different racial groups in terms of their median household income? Why is it that certain specific groups were most negatively affected?
This research question will help us understand the different economic impacts of large-scale events like the Great Recession on various racial groups (inclusive of minorities) and identify some of the factors that contributed to patterns and trends in income disparities and inequality. By exploring these issues, trends, and patterns more in depth with our project, we aim to inform the general public about the systemic challenges certain communities faced throughout history and identify potential opportunities to promote economic equity for all.
The timeline above highlights key events, policies enactments, and legislative actions that the United States have experienced that have affected the income of Americans in some way shape or form. We begin by discussing the long-standing American history of systematic racism, which has manifested and continues to manifest into historic injustices and unequal distribution of wealth. From events that range from the dismantling of Jim Crow laws, to encouraging education and offering resources through the Civil Rights Act, we can see America change its course by finding ways to foster inclusive economic growth that can benefit all Americans, regardless of race or color. However, America faced an economic downturn with the impact of the Great Recession, which further exacerbated the existing wealth gap between racial households.