When a rare, unexpected emergency occurs, like the COVID-19 pandemic lockdown, wealth provides people with protection. Wealth equals ownership; an asset readily converted into cash that allows one to respond to life events, loss of income or unexpected expenses. Unfortunately, and unjustly, wealth is unequally distributed in America calling for a national focus on inclusive economic prosperity.

Here’s why. A typical white family has seven times the wealth of the typical Hispanic family and ten times that of the typical African American family. Unfortunately, little wealth data has been collected on Native American families, but their poverty rate is 26% compared to 8% for whites, even though more than half own their own homes. This stark and persistent racial wealth gap leaves the lower-asset individuals more vulnerable—unable to afford several weeks without income, as has been required by the COVID-19 shutdown. Data shows that among collegeeducated households of color, up to 30% would not be able to pay all their bills after a $400 emergency expense. These figures increase to more than 50% for those without a college education.

While social distancing is smart public health policy, the ripple effect is disproportionately detrimental to communities of color. Hispanic, African American and Asian workers are overrepresented in the restaurant and hotel industry, two sectors shut down in response to the coronavirus. Less than 20% of workers representing communities of color have the ability to work from home, compared with 30% of white workers. These workers also have less access to paid sick leave and paid leave for child care. When considering gender, this inequality is particularly daunting for women of color, who often have a greater share of caregiving responsibilities. Women of color are also more likely to hold low-paying service jobs than their white counterparts. With little to no liquid wealth and vulnerable job prospects, communities of color are more likely to face greater housing insecurity, eviction and foreclosure. This, in turn, exacerbates the racial homeownership gap.

Our country may be on the brink of a recession that will undoubtedly have negative effects on everyone. The stark reality is that New Mexico’s communities of color, collectively the majority population in our state, are disproportionately affected. As we begin to rebuild the national, state and local economies, it is imperative that all levels of government take action to minimize the direct impacts on populations that are less likely to have assets they can convert to cash. When this crisis is over, structural changes in economic policies must occur to ensure that closing the racial wealth gap is the top priority to ensure a more equitable, just and resilient future for all communities. That’s inclusive economic prosperity.