More of the same?
Income, asset ownership and the state of Black business are key areas that must be analyzed in determining the progress of Black people, said Cedric Muhammad, an economic strategist, analyst and author of “The Entrepreneurial Secret.” “On those three measures I would say things are more pessimistic,” he told The Final Call.
The Pew Research Center released a mid-December report stating that the wealth of White households was 13 times the median wealth of Black households in 2013, compared to eight times the wealth in 2010.
The median wealth of Black households fell to $11,000 in 2013 compared to Whites which actually increased from $138,000 to $141,000 during the same years.
The median income of Whites is also nearly double that of Blacks.
There are over 2 million Black-owned businesses in the U.S. but only 100,000 of those businesses have more than one paid employee.
“If you look at percentages and ratios none of those is an improvement over our historic deficit with White Americans,” said Mr. Muhammad. He referred to “A Torchlight for America,” a book by the Honorable Minister Louis Farrakhan of the Nation of Islam which pointed out the rate of gain it would take Blacks to completely close the gap in income with Whites. “It shows it would take 400 years for us to completely close the gap,” said Mr. Muhammad.
Dr. Malveaux expects more of the same or worse in 2015 especially now that Republicans have gained control of both houses of Congress. They will be freer to explore their policies that have been hostile to the people at the bottom, she said. Read more...
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