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Simulating How Large Policy Proposals Affect the Black-White Wealth Gap.

Christian E Weller1,2, Connor Maxwell3, Danyelle Solomon4

  • 1Department of Public Policy and Public Affairs, University of Massachusetts Boston, Boston, MA USA.

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|March 18, 2022
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Summary

The Black-White wealth gap persists despite proposed interventions. Simulations show baby bonds have the largest impact, but only direct cash transfers can fully close the wealth gap.

Keywords:
DiscriminationInequalityRaceWealth

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Area of Science:

  • Socioeconomic studies
  • Public policy analysis
  • Economics

Background:

  • The Black-White wealth gap is a long-standing issue in the United States.
  • Numerous large-scale policy interventions have been proposed to address this disparity.

Purpose of the Study:

  • To evaluate the potential impact of five major policy proposals on the Black-White wealth gap.
  • To determine the most effective interventions for reducing wealth inequality between African-American and White households.

Main Methods:

  • The study employed simulations based on existing data and literature.
  • Economic modeling was used to project the effects of different policy interventions.

Main Results:

  • Baby bonds demonstrated the most significant impact among the evaluated proposals.
  • Even with the implementation of all five policies, a substantial wealth gap would persist.
  • Targeted cash or liquid asset transfers were identified as the most effective solution.

Conclusions:

  • While interventions like baby bonds can reduce the wealth gap, they are insufficient on their own.
  • Addressing the Black-White wealth gap requires more direct and substantial financial interventions, such as targeted asset transfers.