phrase from juan williams, those very special institutions have for decades had as their central mission helping african americans " find a way or make one. " 12 and, even though black enrollment at other colleges and universities has risen over time, hbcus continue to account for more than one - fifth of all bachelor's degrees awarded to african americans. 13 among those schools and their graduates are many with a longstanding commitment to scientific and technical education, dating from george washington carver's tenure at tuskegee to julian earls'work at nasa. in this region, we are fortunate to have a fine group of hbcus : howard and morgan state, both highly regarded across a range of curricula ; bowie state, which specializes in training black students for masters degrees in computer science ; maryland eastern shore, with its emphasis on marine and environmental science ; and coppin state, known for its nurturing of students as they build the fundamental skills that allow them to move on to more - advanced work. although most of my remarks today have centered on the economic value of education, i want to emphasize that a good education is much more that just the classroom - based learning of facts, or even the skill of critical thinking. formal education is just the starting point for a lifetime of learning and doing. and a truly outstanding education is one that instills in students moral values and ethical behaviors. in striving to encourage our students to do " well, " we must not forsake our responsibility to give them a solid grounding in those topics that will help them do " good. " you may be surprised to hear that even the economics profession - - well - known for its hard - headed assumption of rational actors pursuing their own self interest - - has in the past few decades focused on the role of moral and cooperative behaviors in leading to better economic outcomes. the accounting and corporate governance scandals in recent years have revealed how costly such unethical and opportunistic business dealings can be, potentially to all of us. let me close by saying that the economy of the united states depends greatly on an educated workforce - - one with the skills to tackle new ideas and new technologies, one in which morals and ethics are deeply instilled, and one with a love of learning, exploring, and questioning that lasts a lifetime. the african - american community's commitment to education as a path to equal opportunity dates back at least to frederick douglass. we all must resolve to keep that long

s survey of consumer finances, which collects data every three years on the balance sheets of american families, provides comprehensive information on household income, assets, and liabilities. 11 data from the most recent survey show that, from 2001 to 2004, real ( that is, inflation - adjusted ) family income was little changed for both african american and non - hispanic white households. and the gap between median incomes for the two groups remained quite large. specifically, the median income of black households was about $ 29, 000 - - only 58 percent of the median for non - hispanic white households. the gap was somewhat narrower among households headed by an individual with a college degree ; median income for african american households in this group was close to $ 54, 000 - 75 percent of the median for non - hispanic whites. although black households have gained ground over the past decade, income inequality continues to be a concern. lower income makes it more difficult for black families to acquire assets and to create wealth. the 2004 results show that economic progress for blacks, as measured by real net worth, has been substantial over the fifteen years that the surveys have been conducted. real median net worth for african - american households in 2004, at $ 20, 400, was more than three and one - half times as great as it was in 1989. that said, the wealth gap between blacks and non - hispanic whites, whose median real net worth stood at $ 140, 700 in 2004, remains sizable. a substantial part of the wealth gap between black and non - hispanic white families is associated with their ownership of assets. although the racial wealth gap is significant at the top of the wealth distribution, a more important difference is that a much greater proportion of african - american families than whites have zero or near - zero real net worth. the increase in ownership of nonfinancial assets for black households in recent years occurred primarily in residences, other real estate, and privately held businesses. because none of these types of assets is owned by a large share of black families, any wealth gains arising from them will not be widely distributed across black families. nonetheless, blacks continued to make progress in homeownership in 2004. as is the case regardless of race, the home is typically a family's largest and most important asset. homeownership is one of the cornerstones of wealth creation and is generally associated with a range of socially desirable outcomes, including better schools, less crime, and greater neighborhood stability. for these and other reasons,