Democrats believe that today’s extreme levels of income and wealth inequality are bad for our people, bad for our businesses, and bad for our economy. Our country depends on a thriving middle class to drive economic growth, but the middle class is shrinking. Meanwhile, the top one-tenth of one percent of Americans now own almost as much wealth as the bottom 90 percent combined. These trends create problems beyond insulting our sense of basic fairness. Social mobility is far lower than most believe it to be. Children who are born to families in the lowest fifth of earnings are more than 10 times more likely to remain there as adults than they are to earn as much as those in the top fifth. Unless we invest in building a level playing field, we all lose.
Democrats believe that everyone deserves the chance to live up to his or her God-given potential. We know that there are barriers standing in the way of that goal, from the enduring scourge of systemic racism to our deeply broken immigration system to discrimination against people on the basis of sexual orientation or gender identity—and we are committed to facing those problems and fixing them. Being stronger together means reaching communities that have been left out and left behind for too long, from coal country to Indian Country to neighborhoods held back by multigenerational poverty. In America, we do not tear each other down—we lift each other up.
Democrats will fight to end institutional and systemic racism in our society. We will challenge and dismantle the structures that define lasting racial, economic, political, and social inequity. Democrats will promote racial justice through fair, just, and equitable governing of all public-serving institutions and in the formation of public policy. Democrats support removing the Confederate battle flag from public properties, recognizing that it is a symbol of our nation's racist past that has no place in our present or our future. We will push for a societal transformation to make it clear that black lives matter and that there is no place for racism in our country.
America’s economic inequality problem is even more pronounced when it comes to racial and ethnic disparities in wealth and income. It is unacceptable that the median wealth for African Americans and Latino Americans is roughly one-tenth that of white Americans. These disparities are also stark for American Indians and certain Asian American subgroups, and may become even more significant when considering other characteristics such as age, disability status, sexual orientation, or gender identity.
The racial wealth and income gaps are the result of policies that discriminate against people of color and constrain their ability to earn income and build assets to the same extent as other Americans. It has accumulated over time and is made worse by ongoing policies and practices. For example, African Americans and Latinos lost more than half of their net worth as a result of the housing crisis and the Great Recession, because they lost jobs at a much faster rate than white workers and because they were disproportionately targeted for subprime, predatory, and fraudulent mortgages during the run-up to the housing crisis.
Democrats believe it is long past time to close this racial wealth gap. Disparities in wealth cannot be solved by the free market alone, but instead, the federal government must play a role in eliminating systemic barriers to wealth accumulation for different racial groups and improving opportunities for people from all racial and ethnic backgrounds to build wealth. Federal policies must remove barriers to achieving sustainable homeownership, provide for greater diversity in federal and state contracting practices, incentivize and expand access to retirement investment programs, increase opportunities for quality jobs and education, and challenge the deeply rooted structures that perpetuate and exacerbate current disparities and ultimately stagnate the nation’s economic growth and security.