Illinois racial wealth gap among largest in country

By Glenn Minnis | The Center Square contributor
The Center Square

(The Center Square) – With Illinois ranked the eighth-worst state in the country for its racial wealth gap, Democratic State Rep. LaShawn Ford is calling lawmakers to do more to give more black residents their best chance for reaching their heights.

With WalletHub analyzing factors that include gaps in median income, homeownership, unemployment rates, poverty rate and educational attainment, researchers found white residents now earn roughly 45% more than blacks, making the state’s median income gap between the two the country’s fourth largest.

“I think that it all ties to poverty and priorities of federal, state and local governments at budgeting for results, making sure that we spend money with transparency in areas of need,” Ford told The Center Square. “And then it also ties to our criminal justice system where our criminal justice system has disembarked many people out of the mainstream economy with undue and unjust charges from overzealous prosecutors, and that takes people out of the mix. I think just like Elon Musk, he’s become wealthy and rich because of government contracts, if the state of Illinois wants to help black businesses grow, start up and thrive they will get contracts to black businesses.”

With Illinois’ poverty rate also being the eighth largest, Ford said what the Trump administration is now doing in dismantling such programs as DEI and affirmative action isn’t helping.

“Thousands of black women lost their jobs under the Trump administration,” he said. “And so many people use jobs as stepping-stones to start their business. When you are cut out, your credit becomes a problem, and you don’t have the ability to save as you earn. It’s a big problem.”

In the end, Ford argues more black financial- institutions that are willing to invest in such businesses and causes are desperately needed across the country.

“Racism is strong in America, and we don’t have black banks,” he said. “You know, we need to make sure that there are black financial institutions that’s willing to invest in black wealth, and so that’s the number one problem, that blacks have to go to outside sources to borrow money. We need to have more black banks in America, especially in Illinois, to help black businesses.”