Employment-Based Strategies for Closing the Racial Wealth Gap September 24, 2008 Moderator: Tse Ming Tam, United Way of the Bay Area Panelists: Tim Lohrentz,

Employment-Based Strategies for Closing the Racial Wealth Gap

September 24, 2008

Moderator: Tse Ming Tam, United Way of the Bay Area

Panelists:• Tim Lohrentz, Insight Center for Community Economic Development

• Dr. Maya Rockeymoore, Global Policy Solutions

• Dr. Jessica Gordon Nembhard, Center for Race and Wealth, Howard University

Employment-Based Strategies for Closing the Racial Wealth Gap September 24, 2008 Page No. 2

Moderator:

Panelists:

Tse Ming Tam, United Way of the Bay Area

Tim Lohrentz,

Insight Center for Community

Economic Development

Dr. Jessica Gordon Nembhard, Center

for Race and Wealth, Howard University

Dr. Maya Rockeymoore, Global

Policy Solutions

Employment-Based Strategies for Closing the Racial Wealth Gap September 24, 2008 Page No. 3

Intergenerational Mobility

Intergenerational Wealth

0%

10%

20%

30%

40%

50%

60%

70%

Parents in bottom fifth, children in bottom two fifths Parents in top fifth, children in top two fifths

Perc

enta

ge

Source: Jared Bernstein, Economic Policy Institute

Employment-Based Strategies for Closing the Racial Wealth Gap September 24, 2008 Page No. 4

Intergenerational Mobility

Intergenerational correlations, fathers and sons, US, UK, Europe, and Scandanavia

0.47

0.5

0.41

0.32

0.27

0.19 0.180.17

0.15

0

0.1

0.2

0.3

0.4

0.5

0.6

United States United Kingdom France Germany Sweden Canada Finland Norway Denmark

Fath

er-s

on e

arni

ngs

elas

ticiti

es

Source: Corak (2006)

Source: Jared Bernstein, Economic Policy Institute

Employment-Based Strategies for Closing the Racial Wealth Gap September 24, 2008 Page No. 5

Intergenerational Mobility

Intergenerational mobility, 1950-2000

0.4

0.35 0.340.32

0.46

0.58

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

1950 1960 1970 1980 1990 2000Source: Aaronson & Mazumder (2005)

Source: Jared Bernstein, Economic Policy Institute