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About Portland observer. (Portland, Or.) 1970-current | View Entire Issue (Oct. 4, 2017)
Page 10 Minority & Small Business Week New Prices Effective April 1, 2017 October 4, 2017 O PINION Martin Cleaning Service Carpet & Upholstery Cleaning Residential & Commercial Services Minimum Service CHG. $50.00 A small distance/travel charge may be applied CARPET CLEANING 2 Cleaning Areas or more $30.00 each Area Pre-Spray Traffic Areas (Includes: 1 small Hallway) 1 Cleaning Area (only) $50.00 Includes Pre-Spray Traffic Area (Hallway Extra) Stairs (12-16 stairs - With Other Services) : $30.00 Area/Oriental Rugs: $25.00 Minimum Area/Oriental Rugs (Wool) : $40.00 Minimum Heavily Soiled Area: $10.00 each area (Requiring Extensive Pre-Spraying) UPHOLSTERY CLEANING Sofa: $69.00 Loveseat: $49.00 Sectional: $109 - $139 Chair or Recliner: $25.00 - $49.00 Throw Pillows (With Other Services) : $5.00 ADDITIONAL SERVICES • Auto/Boat/RV Cleaning • Deodorizing & Pet Odor Treatment • Spot & Stain Removal Service • Scotchguard Protection • Minor Water Damage Services SEE CURRENT FLYER FOR ADDITIONAL PRICES & SERVICES Call for Appointment (503) 281-3949 Inequality is Hollowing Out the Middle Class Wealth gap a threat to racial progress by D eDriCk a sante - M uhaMMaD anD C huCk C ollins America’s middle class is under assault. Since 1983, national median wealth has declined by 20 percent, falling from $73,000 to $64,000 in 2013. And U.S. homeownership has been in a steady decline since 2005. While we often hear about the struggles of the white working class, a driving force behind this trend is an accelerating decline in black and Latino household wealth. Over those three decades, the wealth of median black and Lati- no households decreased by 75 percent and 50 percent, respec- tively, while median white house- hold wealth actually rose a little. As of 2013, median whites had $116,800 in wealth — compared to just $2,000 for Latinos and $1,700 for blacks. This wealth decline is a threat to the viability of the American middle class and the nation’s over- all economic health. Families with more wealth can cover emergencies without going into debt and take ad- vantage of economic opportunity, such as buying a home, saving for college, or starting a business. We looked at the growing racial wealth gap in a new report for the Institute for Policy Studies and Prosperity Now. We found that if these appall- ing trends continue, median black household wealth will hit zero by 2053, even while median white wealth continues to climb. Latino net worth will hit zero two decades later, according to our projections. It’s in everyone’s interest to reverse these trends. Growing ra- cial wealth inequality is bringing down median American middle class wealth, and with it shrinking the middle class — especially as Americans of color make up an increasing share of the U.S. pop- ulation. The causes of this racial wealth divide have little to do with indi- vidual behavior. Instead, they’re the result of a range of systemic factors and policies. These include past discrimina- tory housing policies that continue to fuel an enormous racial divide in homeownership rates, as well as an “upside down” tax system that helps the wealthiest house- holds get wealthier while provid- ing the lowest income families with almost nothing. The American middle class was created by government policy, investment, and the hard work of its citizenry. Today Americans are working as hard as ever, but gov- ernment policy is failing to invest in a sustainable and growing mid- dle class. To do better, Congress must redirect subsidies to the already wealthy and invest in opportuni- ties for poorer families to save and build wealth. For example, people can cur- rently write off part of their mort- gage interest payments on their taxes. But this only benefits you if you already own a home — an op- portunity long denied to millions of black and Latino families — and benefits you even more if you own an expensive home. It helps the already rich, at the expense of the poor. Congress should reform that deduction and other tax expendi- tures to focus on those excluded from opportunity, not the already have-a-lots. Other actions include protect- ing families from the wealth strip- ping practices common in many low-income communities, like “contract for deed” scams that can leave renters homeless even after they’ve fronted money for expen- sive repairs to their homes. That means strengthening institutions like the Consumer Financial Pro- tection Bureau. The nation has experienced 30 years of middle class decline. If we don’t want this to be a perma- nent trend, then government must respond with the boldness and in- genuity that expanded the middle class after World War Two — but this time with a racially inclusive frame to reflect our 21st century population. Dedrick Asante-Muhammad directs the Racial Wealth Divide Project at Prosperity Now and Chuck Collins directs the Pro- gram on Inequality at the Institute for Policy Studies.