Today we close our series “The Color of Money,” which has been an examination of how the economic downturn is affecting minorities. We’re ending the conversation with a look at what it would take to turn the lives of the poor around. With unemployment rates higher among African Americans and Hispanics, and the median income about $20,000 lower than it is for whites, these ethnic groups run a greater risk of staying poor and bearing the consequences.
Joining us to talk about how the urban poor are experiencing the recession and what it will take to get out of it is Sudhir Venkatesh. As a sociologist he has done in-depth field work, most famously a six-year immersion in Chicago's Robert Taylor Homes housing projects, where he experienced, first-hand, exposure to gang dynamics, the black market and the psychological toll that chronic poverty can have on a community. He is the William B. Ransford professor of sociology at Columbia University and author of numerous books, including
Gang Leader for a Day and
Off the Books: The Underground Economy of the Urban Poor.