Education has long been recognized as a path to building wealth, but outcomes vary widely by race. The Federal Reserve’s 2016 Survey of Consumer Finances found that the median net worth (assets minus debts) of a white household headed by a bachelor’s degree holder is $391,000, compared to $68,300 for a Black household. The difference is even greater with a high school diploma only: $100,600 for a white household, compared to only $10,010 for a Black household.
There are many reasons for this vast discrepancy, but long-standing systemic problems in our K-12 schools are likely culprits. The 2015-2016 Office of Civil Rights Data Collection survey found that Black students were 3.4 times more likely to have a single out-of-school suspension than white students, 5.8 times more likely to have multiple suspensions, 3.2 times more likely to have in-school suspensions and 2.2 times more likely to be held back a grade. On the other hand, white students were 3.2 times more likely to be placed in gifted programs and 2.3 times more likely to take advanced placement courses.
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