By Robert Stark
The racial wealth gap has become a heated issue as part of the ongoing woke crusade, but rather than the economic elite, it is average, workaday White Americans who are the scapegoat. White millennials in particular—ironically given their role as some of the most vocal carriers of the woke torch—will be the primary bearers of this burden The explosion of anti-white identity politics over the past decade coincides with one of the worst economic crisis’ in modern history which has particularly impacted Millennials. Millennials now control just 4.2% of the nation’s wealth, and are 4 times poorer than Boomers were when they were 34. Those now graduating from college face grim job prospects while older millennials are still recovering from the last economic crisis. Rhetoric and policy aimed at depleting White Privilege can only make a bad thing worse for this floundering generations of whites—but it may just supply a moral veneer for their suffering.
Millennials have been hard hit across racial-lines by recent economic downturns, but the media, academia, and powerful corporate interests persist in focusing on the racial dimension of inequality. JP Morgan Chase, for example, proposes spending $30 Billion to solve the racial wealth gap, with a significant portion of that granting home loans to African Americans and Latinos. The bank’s CEO, Jamie Dimon, who is of the Baby Boomer generation, has taken this cause as an opportunity to virtue signal, professing that “Systemic racism is a tragic part of America’s history,” and that “It’s long past time that society addresses racial inequities in a more tangible, meaningful way.” The last foreclosure crisis demonstrated where these policies could well lead: to another economic bubble-burst in the housing sector, spurred by overzealous loan-granting. Meanwhile, Millennials across racial lines are unable to achieve security at the very age that is crucial for starting families and building up assets. 17% of Millennials state they will further delay starting a family due to Covid-19 and the economic aftermath of these policies could very well end up having an impact on the future of family formation.