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Current Events > Biden was't very truthful about his statements on wealth gap.

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cjsdowg
03/09/24 12:21:25 PM
#1:


Someone else made a topic speaking about how well Biden did. However it feel about people debating one another someone not livening America voting and the last time I checked people talking about the ADL. But I felt that this was topic that people might want to speak more about.



Biden said, "The racial wealth gap is the smallest its been in 20 years."

By one measure, the white-Black wealth ratio, thats true. In 2022, that ratio modestly reduced to the smallest its been in 20 years.

By a different measure, the dollar amount difference in wealth, the gap widened between white Americans and Black Americans to more than $240,000. Thats the largest disparity since 1989, the earliest year recorded in the Federal Reserve data.

Bidens claim is partially accurate, but leaves out additional context about how the Federal Reserve assesses the racial wealth gap in the U.S. We rate this claim Half True.

https://www.politifact.com/factchecks/2024/jan/12/joe-biden/what-president-joe-biden-got-right-and-what-he-mis/

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CheshireSimper
03/09/24 12:22:59 PM
#2:


I think you have to have almost no numerical sense to find this compelling.
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boomgetchopped3
03/09/24 12:23:14 PM
#3:


By a different measure, the dollar amount difference in wealth

Im confused, what other way to measure wealth than this? They mean like assets or something?

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Dark_Arbron
03/09/24 12:25:36 PM
#4:


Any statement regarding the wealth gap decreasing was always going to be horseshit. The economy is built on it getting worse.

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Mecha_Sonic
03/09/24 12:26:15 PM
#5:


dumb as shit topic

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cjsdowg
03/09/24 12:26:49 PM
#6:


boomgetchopped3 posted...
Im confused, what other way to measure wealth than this? They mean like assets or something?

https://gamefaqs.gamespot.com/a/forum/8/80c8944a.jpg

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1337toothbrush
03/09/24 1:06:31 PM
#7:


I'm confused. Was Biden talking about the percentage in increase of wealth? That would be stupid because if you have $10,000 in assets, then growing that to $20,000 is a 100% increase, but it's still nothing compared to someone with $100,000 in assets who "only" increased 20% to $120,000.

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CheshireSimper
03/09/24 1:09:44 PM
#8:


This is just a trick of words.

Let's say the wealth gap is 10% between two groups. That means that of the total available wealth in the pool, group 1 gets 55%, group 2 gets 45%. Let's say the wealth gap stays identical, 10%. But the total amount of wealth in the pool increases. The real dollar gap between the two groups increases, despite the gap being the same.
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FolkenRawr
03/09/24 1:10:15 PM
#9:


Mecha_Sonic posted...
dumb as shit topic

I mean, of all the topics ever made - this sure is one of them.

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cjsdowg
03/09/24 3:32:34 PM
#10:


FolkenRawr posted...
I mean, of all the topics ever made - this sure is one of them.

So political fact and the number other trusted fact checkers are just wrong ? Just cus

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ClayGuida
03/09/24 3:37:54 PM
#11:


cjsdowg posted...
By one measure, the white-Black wealth ratio, thats true. In 2022, that ratio modestly reduced to the smallest its been in 20 years.


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bfslick50
03/09/24 3:38:01 PM
#12:


So you're saying if we completely ignore inflation and only look at the numerical difference then the difference is the largest it's been in decades. Why the fuck would you analyze the numbers that way?

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cjsdowg
03/09/24 3:42:25 PM
#13:


bfslick50 posted...
So you're saying if we completely ignore inflation and only look at the numerical difference then the difference is the largest it's been in decades. Why the fuck would you analyze the numbers that way?

Everyone is still impacted the same when you do it this way. And it shows how people are really impacted. However say we take Biden at his word and forget other official ways of looking at the rap. For everyone 100 dollars a white family has a black family as 15.79 up from 15.74. So even at it's best that isn't something to good. Five more cents.

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viewmaster_pi
03/09/24 3:43:39 PM
#14:


i for one am glad we can all be poor expendable workers together, while the rich get richer and our food and housing gets more expensive with no reprieve in sight

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Damn_Underscore
03/09/24 3:45:33 PM
#15:


bfslick50 posted...
So you're saying if we completely ignore inflation and only look at the numerical difference then the difference is the largest it's been in decades. Why the fuck would you analyze the numbers that way?

Yeah, this actually makes me question the validity of politifacts claims.

Plus this topic attracts all the people who think capitalism is evil and the US needs to drop it. Overall Its just stupid and basically trolling (deliberately provoking users to react negatively)

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cjsdowg
03/09/24 3:53:44 PM
#16:


Damn_Underscore posted...


Yeah, this actually makes me question the validity of politifacts claims.

Plus this topic attracts all the people who think capitalism is evil and the US needs to drop it. Overall Its just stupid and basically trolling (deliberately provoking users to react negatively)

It is trolling to point out that a number of a legitimate news sites disagree with biden.

The NACCP abd Brookings disagrees.

https://twitter.com/NAACP/status/1765931339071488270

The Feds Survey of Consumer Finances has said it has grown.

https://www.stlouisfed.org/open-vault/2024/feb/us-wealth-inequality-widespread-gains-gaps-remain

The AIXOS has reported it has wrong.

So now it is trolling to report that more than one legit source says that Biden was wrong. About his impressive 5 cent moving of the needle ? How does that work .


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