Adapted from the Cook Center on Social Equity; Chart: Naema Ahmed/Axios

On average, Black households in the U.S. with heads who have completed a college degree have less net worth than white households headed by someone with less than a high school education.

Why it matters: It is only after completing advanced post-college work that the median Black household surpasses the median white household's net worth for a head with only a high school degree.

  • Even then, the average Black earner has about half as much wealth as the average white earner with just a college degree.

What we're reading: "Family wealth is a predictor of both college attendance and college completion," notes a 2018 study from the Insight Center for Community Economic Development.

  • "Black students are more likely to take on student loans and accumulate student loan debt, and they are more likely than white students to drop-out of a university because of financial concerns. Ironically, their wealth position could deteriorate because of their intense motivation to pursue higher education."

One level deeper: "Another commonly held misconception is that Black families have a cultural predisposition to under-value education."

  • "However, the best evidence indicates that Black families, controlling for household type and socioeconomic status, tend to be more supportive than white families of their children’s education through direct financial support."
  • "Black parents who provide some support for their children’s higher education have two-thirds of the median net worth of white parents who provide no support for their children’s higher education.
  • "For given levels of household income, parental educational attainment, and/or parental occupational status, Black youth also get more years of schooling and acquire more credentials than white youth whose parents have a similar status."

Go deeper: Dallas Fed chief says systemic racism drags down the U.S. economy

Go deeper

Dion Rabouin, author of Markets
Sep 22, 2020 - Economy & Business

Americans saw biggest increase in net worth ever in Q2

Data: Federal Reserve; Chart: Danielle Alberti/Axios

U.S. household net worth rose by the most ever in the second quarter, thanks largely to the record-breaking rise in stock prices.

By the numbers: Household net worth increased by $7.6 trillion, or 6.8%, to $119 trillion. The gain was the largest on record dating back to 1952, new Fed data show.

The hacking of Iran's hackers

Illustration: Aïda Amer/Axios

An Iranian cyber operations front organization that’s a target of new U.S. sanctions was itself the victim of an attack that looted its own hacking tools and dumped them on the internet two years ago.

Driving the news: Last week, amid increasing tensions between Washington and Tehran, the Treasury Department announced major new Iran-related sanctions targeting cyber operators working for Iranian intelligence. The sanctions targeted 45 individuals affiliated with Iran’s Ministry of Intelligence and Security (MOIS), Tehran’s main civilian intelligence agency.

FDA chief vows agency will not accept political pressure on coronavirus vaccine

Food and Drug Administration Commissioner Stephen Hahn promised that "science will guide our decision" for a coronavirus vaccine at a Senate hearing on Wednesday.

Why it matters: More Americans are expressing doubt about a first-generation vaccine, despite President Trump's efforts to push an unrealistic timeline that conflicts with medical experts in his administration.

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