Black Spending Power to Hit $1 Trillion Dollars in 2015, but Black Wealth is on a Steep Decline (2217 hits)
Black Spending Power to Hit $1 Trillion Dollars in 2015, but Black Wealth is on a Steep Decline
Incomes of African Americans households have increased consistantly since the 1960's unfortunately the problem is our wealth has not improved. We continue to spend our hard earned money with others outside our community instead of the development of our communities, institutions, and black owned businesses. Our Black dollar has no value unless we keep it circulating within our communities as well as invest in wealth building equities.
...We are spending more, a more recent report from the Urban Institute released in April reveals that the Black –White wealth gap has widened significantly over the past half decade. It noted that in 2010, white families earned, on average, about $2 for every $1 that black families earned, a ratio that has been the same for the past 30 years. And in terms of assets, cash savings, homes and retirement accounts, subtracted from debt like mortgages and credit cards, white families have six times the wealth.
And for all the spending we are doing, (WE ARE NOT SPENDING WITH BLACK OWNED BUSINESSES) it’s not necessarily going to help black businesses either.
Although Blacks make up 13% of the US population, they own merely 5% of all US firms and only 1.8% of companies that employ more than one person, a Small Business Administration Report states. And Black owned firms are not necessarily the most profitable either. More than half of Black-owned businesses had less than $10,000 in business receipts in 2002, compared with one-third of White-owned firms and 28.8 percent of Asian-owned firms.
The report further found that on average, for every dollar that a White-owned firm made, Pacific Islander-owned firms made about 59 cents, Hispanic-, Native American-, and Asian-owned businesses made 56 cents, and Black-owned businesses made 43 cents
-M.R — with Marcus Garvey, Rihanna, Dr. Cornel West, Rev. Al Sharpton, Minister Louis Farrakhan, Loretta M. Hill, Barack Obama, Bob Marley and Reverend Al Sharpton.
