Op-Ed

Dr. King’s Bold Case for Economic Equality

Published

11 years ago

March 2, 2015

By Matthew C. Whitaker
NNPA Guest Columnist

Black History Month is over, but we should move past the standardized foci and platitudes that mark our commemoration. We have a history that challenges us to address vestiges of intolerance and redress the inequality that still undermines African American upward mobility throughout the year.

Since Dr. Martin Luther King, Jr. seems to be the safe and acceptable embodiment of the best of Black history to those who are wary of more “radical” elements, let us marry King’s visionary brilliance with his practical, bolder prescriptions for racial equality. King was more than a transformative Black preacher. He was a social architect who demanded specific actions to move Black people from the back of the bus to the boardroom. The legendary March on Washington in 1963, for example, was not merely an interracial love-in. It was a call for action. Indeed, it was a “March for Jobs and Freedom,” with an emphasis on jobs and the financial independence that comes with economic opportunity at every level.

In 1968, as King delivered one of his last speeches, he passionately addressed America’s failure to acknowledge White privilege and redress the lack of commiserate economic opportunity for Black people.

“At the very same time that America refused to give the Negro any land, through an act of Congress our government was giving away millions of acres of land in the West and the Midwest, which meant it was willing to undergird its white peasants from Europe with an economic floor. But not only did they give them and, they built land grant colleges with government money to teach them how to farm. Not only that, they provided county agents to further their expertise in farming. Not only that, they provided low interest rates in order that they could mechanize their farms. Not only that, today many of these people are receiving millions of dollars in federal subsidies not to farm, and they are the very people telling the black man that he ought to lift himself by his own bootstraps. And this is what we are faced with, and this is the reality. Now, when we come to Washington in this campaign, we are coming to get our check.”

This is not the kumbaya King that we are bombarded with every Black History Month. This is King drawing attention to the history of affirmative action for White people and the need for Black people to have seats at the economic table at every level.

King argued that “practical racists affirm the existence of racism with their lips, and deny the existence of racism with their lives and their actions. They have a high blood pressure of creeds and an anemia of deeds.” His “practical racism” can be used as a prism through which racial disparities in the workplace, earnings, and wealth can be illuminated and corrected. Indeed, corporate leaders often affirm the existence of racial inequality and disparity in their offices with their words, and reject their existence in their hiring, promotions, management, and board appointments patterns. The consequences of which include low morale, decreased productivity and attrition, in addition to lost creativity, innovation, intellectually diversity, and goodwill with the larger Black community, whose purchasing power will top $1.1 trillion dollars by the end of this year.

King was very concerned about economic inequality. Indeed, Jobs, upward mobility, and access to the highest levels of influence within the business world, are as crucial to establishing racial parity as the civil rights that King fought and died for. In 2014, however, journalist Michael W. Chapman wrote that the Black American unemployment rate was 11.4 percent, more than twice the 5.3 percent rate for White Americans.

Furthermore, according to sociologist G. William Domhoff, nearly 50 years since King’s assassination, “American wealth is highly concentrated in a relatively few [predominantly White] hands. As of 2010 20% of the people owned a remarkable 89%, leaving only 11% of the wealth for the bottom 80%.”

The Pew Research Center noted that by 2013 “The wealth of White households was 13 times the median wealth of black households” and expanding.

In the aftermath of Black History Month, let us not only bask in stories of African American heroism, framed by King’s faith and soaring oratory, let us also remember his calls for financial manifestations of our commitment to equality and opportunity.

Matthew C. Whitaker is ASU Foundation professor of history and Founding Director of the Center for the Study of Race and Democracy, in the College of Letters and Sciences, at Arizona State University. He is also the owner and CEO of The Whitaker Group, L.L.C., an equity and inclusion, cultural competency, and human relations consulting firm. He can be followed on Twitter at @Dr_Whitaker. The views and opinions expressed by the author are his own and do not necessarily reflect the views, opinions, and official policies of Arizona State University.

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Advice

Financial Wellness and Mental Health: Managing Money Stress in College 

While everyone’s financial situation is unique, several common sources of stress have the potential to strain your financial health. These include financial and economic uncertainty, existing debts, unexpected expenses, and mental or physical health changes. Financial stress may differ from situation to situation, but understanding the factors contributing to yours may help you begin to craft a plan for your unique circumstances.

Published

2 weeks ago

March 17, 2026

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Women & Wealth: Tips for Navigating Your Lifelong Financial Journey

Published

2 weeks ago

March 15, 2026

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Sponsored by J.P. Morgan Wealth Management

We are in the midst of a seismic shift in wealth. This phenomenon, often referred to as the “Great Wealth Transfer,” describes the unprecedented movement of assets from the Baby Boomer generation to their heirs – an estimated $105 trillion by 2048. And women are poised to inherit most of this.

J.P. Morgan Wealth Management’s 2025 Investor Study found that women are not only set to receive significant wealth – they’re actively working to build it on their own. Ninety-three percent of women surveyed who are expecting an inheritance aren’t relying on it to reach their goals.

Here are a few tips for women to consider in their wealth-building journey:

Create a financial roadmap

A detailed, well thought out plan is important. J.P. Morgan’s study found that 90% of those surveyed with a plan feel confident about reaching their financial goals, compared to 49% without one.

Your plan should reflect your unique goals, priorities and circumstances. Consider your investment horizon and risk tolerance, and remember to revisit your plan regularly as life evolves.

Are you saving up for goals like buying a house, sending your kids off to college or retiring early? Where do you want to be in the next five, ten or twenty years? Everyone’s financial situation is unique, so it’s important to think about these questions and build a plan that is unique to your life.

Women tend to live longer than men on average. Many take career breaks or care for family members, which can influence long-term planning. It’s important to adjust your strategy with these factors in mind.

Where to start with investing

Don’t let misconceptions hold you back. Starting to invest doesn’t require a large sum, and beginning early can be beneficial. The earlier you start, the more time your money has to potentially grow over the years. Understand your overall financial situation, set clear goals and develop a long-term plan.

It’s important to also make sure you’re covered for unexpected expenses that come up before you start to invest. Build up a cash emergency fund, typically enough to cover three to six months of expenses, and pay down any high-interest debt.

Taking charge of your finances

The good news is that women are taking charge of their finances. J.P. Morgan’s research found that 75% of women respondents make financial decisions with their partner or take the lead themselves. For those who have a spouse or partner, it’s important for each person in the relationship to play an active role in the process.

Building wealth can be empowering for many women. The same survey found that 73% of women respondents said money gives them “security,” while 64% of Gen Z and Millennial women associated it with “freedom.”

The power of having a team

Some people find it helpful to work with a financial advisor, so you don’t have to tackle things alone. An advisor can help you craft a plan tailored to your needs and keep you on track throughout your lifelong financial journey. If you expect to receive an inheritance, you should also consult with estate planning and tax professionals.

No matter where you are on your wealth-building path, education is key. It’s so important to be an informed investor, and there are plenty of resources out there to help. You can find a library of free educational resources at chase.com/theknow.

As the landscape of wealth continues to evolve, women have a unique opportunity to shape their financial futures and those of generations to come. By staying informed and planning ahead, women have the tools to help them confidently navigate the Great Wealth Transfer and set themselves up for financial freedom.

The views, opinions, estimates and strategies expressed herein constitutes the author’s judgment based on current market conditions and are subject to change without notice, and may differ from those expressed by other areas of J.P. Morgan. This information in no way constitutes J.P. Morgan Research and should not be treated as such. You should carefully consider your needs and objectives before making any decisions. For additional guidance on how this information should be applied to your situation, you should consult your advisor.  

JPMorgan Chase & Co., its affiliates, and employees do not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any financial transaction.  

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Advice

Rising Optimism Among Small And Middle Market Business Leaders Suggests Growth for California

“Business leaders across the Pacific region continue to demonstrate a unique blend of resilience and forward-thinking, even in the face of ongoing economic uncertainty,” said Brennon Crist, Managing Director and Head of the Pacific Segment, Commercial Banking, J.P. Morgan. “Their commitment to innovation and growth is evident in the way they adapt to challenges and seize new opportunities. It’s this spirit that keeps our region at the forefront of business leadership and progress. We look forward to helping our clients navigate all that’s ahead in 2026.”

Published

1 month ago

February 14, 2026

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Sponsored by JPMorganChase

Business optimism is returning for small and midsize business leaders at the start of 2026, fueling confidence and growth plans.

The 2026 Business Leaders Outlook survey, released in January by JPMorganChase reveals a turnaround from last June, when economic headwinds and uncertainty about shifting policies and tariffs caused some leaders to put their business plans on hold.

Midsize companies, who often find themselves more exposed to geopolitical shifts and policy changes, experienced a significant dip in business and economic confidence in June of 2025. As they have become more comfortable with the complexities of today’s environment, we are seeing optimism rebounding in the middle market nationwide – an encouraging sign for growth, hiring, and innovation. Small businesses, meanwhile, maintained steady optimism throughout 2025, but they aren’t shielded from domestic concerns. Many cited inflation and wage pressures as the top challenges for 2026 and are taking steps to ensure their businesses are prepared for what’s ahead.

Overall, both small and midsize business leaders are feeling more confident to pursue growth opportunities, embrace emerging technologies and, in some cases, forge new strategic partnerships. That bodes well for entrepreneurs in California. Here are a few other key findings from the Business Leaders Outlook about trends expected to drive activity this year:

Inflation remains the top concern for small business owners. Following the 2024 U.S. presidential election, many anticipated a favorable business environment. By June 2025, however, that feeling shifted amid concerns about political dynamics, tariffs, evolving regulations and global economic headwinds.
Going into 2026, 37% of respondents cited inflation as their top concern. Rising taxes came in second at 27% and the impact of tariffs was third at 22%. Other concerns included managing cash flow, hiring and labor costs.

For middle market leaders, uncertainty remains an issue. Almost half (49%) of all midsize business leaders surveyed cited “economic uncertainty” as their top concern – even with an improved outlook from a few months ago. Revenue and sales growth was second at 33%, while tariffs and labor both were third at 31%.
And tariffs are impacting businesses costs. Sixty-one percent of midsize business leaders said tariffs have had a negative impact on the cost of doing business.
Despite challenges, leaders are bullish on their own enterprises. Though the overall outlook is mixed, 74% of small business owners and 71% of middle market companies are optimistic about their company’s prospects for 2026.
Adaption is the theme. For small business owners surveyed across the U.S., responding to continuing pressures is important in 2026. Building cash reserves (47%), renegotiating supplier terms (36%) and ramping up investments in marketing and technology are among the top priorities.
Big plans are on the horizon. A majority midsized company leaders expect revenue growth this year, and nearly three out of five of (58%) plan to introduce new products or services in the coming year, while 53% look to expand into new domestic and/or international markets. Forty-nine percentsay they’re pursuing strategic partnerships or investments.

The bottom line

Rebounding optimism among U.S. business leaders at the start of the year is setting the stage for an active 2026. With business leaders looking to implement ambitious growth plans that position themselves for the future, momentum in California could be beneficial for leaders looking to launch, grow or scale their business this year.