Economics professor Bob Williams says a series of talks at Guilford on anti-racism inspired him to look at the growing disparity of wealth between whites and minorities.
A Guilford College professor has written a book that shows how federal policies have served to perpetuate and widen the racial wealth gap in the United States.
Funding White Supremacy: Federal Wealth Policies and the Modern Racial Wealth Gap by Stedman Professor of Economics Bob Williams examines how U.S. federal policies have systematically advantaged white Americans in building wealth while excluding Black Americans and other people of color.
Focusing on the 20th century to the present, Bob reveals how government programs such as the GI Bill, mortgage subsidies and tax policies helped white families accumulate home equity and financial security, while redlining, discriminatory lending and uneven access to public benefits entrenched racial disparities. Today, a dozen tax deductions funnel $1.2 trillion annually to households, already wealthy, with the vast bulk of this aid assisting white families.
Bob says a series of anti-racism talks hosted by Guilford in the 1990s inspired his research. “(The discussions) were paradigm shifting for me,” says Bob. “They made me realize the depth and extent the racial wealth divide plays in our society.”
Bob’s research shows that, rather than being accidental, the racial wealth gap is a direct outcome of deliberate policy decisions. He argues that true economic justice requires acknowledging this history and restructuring public policy to invest in racial equity.
In his book, Bob offers ways to rectify those policies such as reparations and an increase in funding for Pell Grants, a subsidy the federal government provides for students with exceptional needs to pay for college.
“The argument is that these gaps were systematically created and exacerbated,” says Bob. “These seem like a good start in responding to them.”