When I was doing research with data for large scale studies (with sample sizes in the tens, and in several cases hundreds of thousands) in any causal model we developed we had to make race and SES as correlated predictor (independent) variables, because the two were so intertwined. The correlation is not 1 to 1 but from what I remember it was extremely high. So much so that the effects of economic status could not easily be disentangled from those effect due to race, and vis versa - it was almost impossible to disentangle the statistical effects of race from economic status.
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