The Coronavirus Pandemic and the Racial Wealth Gap

The new coronavirus, which causes the disease COVID-19, continues to spread quickly, threatening the health and economy of the United States. Since January, more than 8,300 Americans in 50 states; Washington, D.C.; and three territories have tested positive for the COVID-19 virus. And many more cases have undoubtedly not been discovered due to a lack of testing. The outbreak of this deadly respiratory illness is especially worrisome for Black, Latinx, and other vulnerable communities.

These communities are disproportionately uninsured or underinsured and have fewer financial resources and employment benefits with which to weather this major public health emergency. Nothing demonstrates this vulnerability more vividly than the dramatic and persistent intergenerational racial wealth gap. The COVID-19 pandemic is another stark reminder that the next administration must address wealth inequality and make asset security a top priority.