Did you know….
- Black American unemployment has ticked to 16.8%, according to the Bureau of Labor Statistic’s May Unemployment Report.
- Black Americans earn 20% lower than white workers regardless of education.
- Black Americans only own one half of a percentage point of wealth in the United States.
- Single black women with a bachelor’s degree ages 20-39 have a median net worth of -11,000 to $0 while the white woman has a net worth range of $3,400 – $7,500.
- Jobs with the highest median annual salaries, white workers outnumber black workers with proportions no lower than 7-to-1 and as high as 28-to-1.
- It is predicted that black wealth may fall to 0 by 2053.
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From the congressional mismanagement of the Freedman’s Savings Bank to the GI Bill, systemic racism is a strategy that continues to oppress black lives and livelihoods. Wealth has been legally stripped from black communities before it even had the opportunity to grow. We have constantly protested for our humanity and rights as citizens to be recognized in a country where we were once only considered three-fifths human. It is time for the black community to demand substantial social standing through economics, not just civil reforms. It is time we unite to counter these effects by establishing platforms and wealth creation vessels that work in our self-interest. For this reason, I curated an action plan inspired by the likes of Dr. Claud Anderson, Operation Breadbasket, and Ten Point Plan by the Black Panther Party. It is time to pivot from working hard to no vail to working smarter through intentional efforts.
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It is time to change the narrative by speaking truth to power by changing our actions and hone in on economic development and progression. Look for an expanded version of this list in an upcoming podcast!
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The Junior Economist 