Reclaiming Our Wealth: Turning Black Spending Into Real Power (1563 hits)
Scholars who convened an African American Economic Summit at Howard University in early February sketched a very bleak economic future for Black Americans. Noting that the white-black wealth disparity is more than $20 to 1, conference participants said that we are basically talking about an economic system that is shot through with discrimination. The Washington Post reported that Bernard E. Anderson, a former assistant Secretary of Labor, as well as others at the summit, said that despite the discrimination factor the government is reluctant to attack the economic disparities between Blacks and Whites head-on. At the same time, recent studies point out that Black consumer spending is at an all time high, while Black communities suffer the highest unemployment, the lowest median family income, and the highest debt, African Americans still outspend all other minority groups, in all categories, spending over $1 trillion dollars annually on goods and services that are purchased primarily from non Black-owned businesses.
Nike, the global sportswear conglomerate acknowledges that young Black men are a major driving force behind Nike’s success, both as consumers and as trendsetters. The African American Consumer: Still Vital, Still Growing 2012 Report states that Black Americans are a driving force for popular culture. According to the report, 73% of Whites and 67% of Hispanics acknowledge that Blacks influence mainstream American culture.
From the corporate community to other ethnic groups, every community is enriched by Black spending except the Black community. Therefore we fully intend to renegotiate the Black community’s financial relationship with corporate America and all others doing business in the African American marketplace. We believe however that a significant starting point is for Black Americans to first take control of our own spending.
It is time to turn Black spending into real power. Frederick Douglass was correct when he said “Who you give your money to, is who you give your power to”. We begin to reclaim our power by turning more of our own dollars back into the Black community.
As a coalition of Black media owners and Black professional and political organizations we are calling on Black Americans in each city to begin immediately to commit to spending $20.00 a week in a Black owned business. The movement, which is called the Million Dollar Black Spending Power Campaign is being organized by local groups in a number of cities, and even with minimal support, this effort will turn $1 million dollars a week back into the various Black communities throughout the country.
Through ongoing activities nationwide, we will begin to mobilize Black consumer dollars, including Recycle Black Dollars Shopping Tours and cash flow events, similar to the cash mobs currently being practiced by other ethnic groups. We will also utilize referral groups, alternative media, local community forums and local community based business expos. In addition coalition media partners will encourage their audiences to support the overall campaign.
We are moving to create what have been called networks of reciprocity or, as Dr. Claud Anderson has instructed, it is a new orientation for Black America within the framework of a national plan, the practice of group economics. The primary goal of practicing group economics is to draw wealth, income and other resources back into Black communities in order to revitalize and to stabilize those local economies. Group economics is not new. It is what has already given other ethnic groups significant advantages in the marketplace. Joel Kotkin, in his book Tribes, described how Race, Religion and Identity determine success in the new global economy. Kotkin found that although the very successful cultures he studied had vastly different histories, they all shared three critical characteristics.
The first of which is a strong ethnic identity and sense of mutual dependence that helps the group adjust to changes in the economic and political order without losing its essential unity, simply put, group economics.
Secondly they established networks based on mutual trust that allowed the group to function collectively beyond the confines of national or regional borders, again group economics. And finally they all possessed an open minded passion for technical and other knowledge from all possible sources.
Ultimately we must control and use our considerable resources as outlined in PowerNomics : The National Plan to Empower Black America, to create a Black community that is politically and economically self sufficient and competitive in this 21st Century.
At the same time, we must insure that in order to continue to receive our formidable consumer dollars, the major corporations as well as the local business that prosper from our super spending must begin immediately to reinvest in the Black community in a meaningful way. As we begin to control and target our spending we begin to reclaim our economic power, effectively turning Black spending into real power.
Additional information can be found on the website at www.BuyBlackAllYearLong.com and via email to: Bob.Law4@gmail.com or norm@normbond.com
Economic Summit at Howard University in early February sketched a very bleak economic future for Black Americans. Noting that the white-black wealth disparity is more than $20 to 1, conference participants said that we are basically talking about an economic system that is shot through with discrimination. The Washington Post reported that Bernard E. Anderson, a former assistant Secretary of Labor, as well as others at the summit, said that despite the discrimination factor the government is reluctant to attack the economic disparities between Blacks and Whites head-on.
Wednesday, April 17th 2013 at 12:10AM
DAVID JOHNSON
Surely you’ve heard the saying, “Money Talks.” But, have you ever wondered what it says, especially Black money? Have you thought about the facts that point out, quite graphically, that when money raises its head, or is put on the table, or is taken off the table, the attention of those affected by it dramatically increases? Obviously, understanding its power and the role it plays in this economy, money speaks loudly and clearly, and Black money speaks even louder. But what does it say?
We know from past experience, when we have grievances, if we resort to economic retaliation we can get things done. Why? Because Black money speaks loudest, especially when it is under duress. One trillion dollars can get pretty loud and boisterous, and those who are getting the lion’s share of it right now pay close attention to what it is saying. They sit up and take notice when we resort to withholding our money from their coffers. Just look back in history and you can see what I mean.The only language that gets things done in this country is the money language. Why do you think those folks on that balcony at the New York Stock Exchange always clap at the end of the trading day – regardless of a loss or a gain? Back in 2001 immediately following the World Trade Center tragedy, the call went out to the American public to spend more money; and then President George W. Bush called for a spending campaign with the $600 “advance tax refund” checks he sent us.
Consumption comprises two-thirds of our Gross Domestic Product (GDP); the more we spend the higher it goes. Black dollars play a significant role in that scenario since we consume much more than we produce. But, since we already know what our dollars are saying to everyone else, let’s see what Black dollars are saying to Black people.
There is a great deal of it in the hands of brothers and sisters who seem to have plugs in their ears, unable to hear what their money is saying. I see some in the hip-hop crowd doing voting summits but not economic summits, despite their collective worth of billions of dollars. I see many of our Black athletes and entertainers spending rather than investing in their own brothers’ and sisters’ businesses. And I see millions of everyday brothers and sisters spending their share of our $1 trillion haphazardly, aimlessly, and unashamedly on the baubles, bangles, and beads made by everyone else except Black folks. It is obvious they are not listening to their money, and even more obvious that they are certainly not listening to folks like me.
My hope is that they and other Black consumers will listen to Brother Norm Bond, Chairman of the National Alliance of Market Developers, and Sister Sara Lomax-Reese, President and General Manager of 900AM WURD, as they have kicked off the Million Dollar Black Spending Power Campaign in Philadelphia. In conjunction with the Philly movement, Dr. Claud Anderson, author of Powernomics, and Bob Law, venerable radio talk show host and community activist, are conducting forums titled, “Where is the Money Going?” which deal with turning black spending into real power. The commitment being asked of individual Black consumers is to spend a minimum of $20.00 per week at a Black owned business. Do you think you can do that?
I think it’s the least we can do, and we must spread this movement across the country. Our dollars speak volumes of positive words but mostly to businesses other than those owned by Blacks. Our dollars also speak loudly; we just need to listen more closely and understand what they are saying. And then we must act upon their messages of power, leverage, and reciprocity.
You know, if Philadelphia sustains the Million Dollar Black Spending Power Campaign, the impetus and catalytic effects from that city alone would demonstrate the strength and benefits of recycling Black dollars like no other movement has done. Philadelphia alone, with its tremendous number of Black businesses, associations, consumers, its history with Richard Allen, the Philadelphia Plan, Leon Sullivan, Dr. Ed Robinson, and Kenneth Bridges’ MATAH Network, Kenny gamble, Dr. Walter Lomax, anchored by WURD Radio, could serve as the model of how to get Black dollars to make some sense. I trust and pray you will support this movement.
Yes, money talks, and Black money talks even more and much louder. Black money is talking and saying positive things to white owned businesses, Asian owned businesses, Indian owned businesses, and the many others that Black consumers support. But, most of the time Black money is only saying “Good-bye!” to Black people. Let’s use the new “Philadelphia Plan” to start a new relationship with our dollars by reintroducing ourselves to our own money. Contact Norm Bond at norm@normbond.com.
