Credit: University of Chicago News

No savings, investments or home equity. This economic dystopia looms for minority families, and so does a choice: Do we want America to be more like Brazil or Canada?

What would U.S. society be like if a majority of families had no wealth – no savings, no home equity, no investments of any kind?

That is exactly where the country is headed if we continue on our current path toward economic dystopia for black and Latino families.

While we celebrate a modest reduction in poverty rates and an encouraging uptick in median income, as disclosed in this week’s Census report, the stagnation and decline of wealth remains a troubling indicator.

Between 1983 and 2013, median black household wealth decreased by 75%  to $1,700 and Latino household wealth fell 50% to $2,000. At the same time, median white household wealth rose 14% to $116,800.

If this trend continues, an African American born in 2013 will see her household wealth hit zero by the time […]