Estimates generated from the 2013 round of the Federal Reserve’s Survey of Consumer Finances indicate that black households have one-thirteenth of the wealth of white households at the median. We have concluded that the average black household would have to save 100 percent of its income for three consecutive years to close the wealth gap. The key source of the black-white wealth gap is the intergenerational effects of transfers of resources. White parents have far greater resources to give to their children via gifts and inheritances, so that the typical white young adult starts their working lives with a much greater initial net worth than the typical black young adult. These intergenerational effects are blatantly non-meritocratic.

Indeed, the history of black wealth deprivation, from the failure to provide ex-slaves with 40 acres and a mule to the violent destruction of black property in white riots to the seizure and expropriation of black-owned land to the impact of racially restrictive covenants on homeownership to the discriminatory application of policies like the GI Bill and the FHA, created the foundation for a perpetual racial wealth gap.

Blacks working full time have lower levels of wealth than whites who are unemployed. Blacks in the third quintile of the income distribution have less wealth (or a lower net worth) than whites in the lowest quintile. Even more damning for any presumption that America is free of racism is our finding that black households whose heads have college degrees have $10,000 less in net worth than white households whose heads never finished high school. As we point out in our report, “Umbrellas Don’t Make It Rain”, studying hard and working hard does not enable blacks to eliminate the racial wealth gap. Doing the right thing is far from enough.

I had a queasy feeling about Barack Obama’s candidacy from the moment I heard his 2004 Democratic National Convention speech that lifted him into national prominence, a speech that Coates summarizes in the profile. Toward the end of the speech Obama observed that black families in urban centers realized “that government alone can’t teach our kids to learn … that children can’t achieve unless we raise their expectations and turn off the television sets and eradicate the slander that says a black youth with a book is acting white.” “The acting white” libel—a myth that will not die—argues that low school performance for black students is a product of a culturally based black opposition to high academic achievement.

I long have been baffled by the tenacious hold this argument has on the American imagination. After all, black families have fought for education for their children against insuperable odds from slavery times. White students who label their high achievers “geeks” and “nerds” have no less a degree of anti-intellectualism. In fact, they may have a higher degree of anti-intellectualism, since black students from families with a given level of parental income or education get more years of schooling and more credentials than white students from families with comparable socioeconomic status. In our research for the NASCC project we discovered that black parents who provide some financial support for their children’s higher education have one-third of the wealth of white parents who provide no financial support for their children’s higher education. Black culture, if anything, has been ferociously supportive of education.