Even before the pandemic, in an allegedly strong economy, workers at the bottom end of the opportunity scale were struggling to support themselves and their families. No single metric is more striking in this respect than the divisions in wealth between men and women, and between white households and households of color. White households have roughly 10 times the wealth of Black households. Households headed by single women have less than 40% of the wealth of those headed by single men.
Workers and families in low-wealth households face daunting barriers to achieving common financial goals, such as owning a home, investing in education, starting a business, saving for retirement, and taking control of their economic future. The pandemic has exacerbated and heightened awareness of these inequities, and there is a mounting sense of urgency to surface practical solutions. Broadening opportunities to participate in the ownership of business assets can help address this wealth divide and offer working people the opportunity to meaningfully participate in the success of our economy.
This discussion includes perspectives from research, business, policy, and worker-owners.
The Economic Opportunities Program’s Opportunity in America discussion series has moved to an all-virtual format as we all do what we can to slow the spread of COVID-19. But the conversations about the changing landscape of economic opportunity in the US and implications for individuals, families, and communities across the country remain vitally important. We hope you will participate as we bring our discussions to you in virtual formats, and we look forward to your feedback.
We are grateful to the Ford Foundation, Prudential Financial, Walmart.org, the Mastercard Center for Inclusive Growth, and the Surdna Foundation for their support of this series, and to Citi for its support of this special event.