Economics
Attending College Doesn’t Close Racial Wage Gap, Says New Report
By Kirsten West Savali, The Root
Since the first iteration of slavery transformed into its more contemporary forms—Jim Crow, mass incarceration, redlining, employment and education discrimination—the toxic myth that Black people can bootstrap their way to success and safety in a country that thrives on their subjugation has continued to thrive.
In a new report, “Asset Value of Whiteness,” Demos and the Institute on Assets and Social Policy take a deep dive into the intrinsic link between racism and capitalism; specifically, how whiteness infests the so-called American dream and renders it inaccessible to anyone who doesn’t meet the pre-selected criteria.
This is a truth that Black and brown people in this country have always known, but one that white people invested in the maintenance of white supremacy have willfully chosen to ignore.
“For centuries, white households enjoyed wealth-building opportunities that were systematically denied to people of color. Today our policies continue to impede efforts by African-American and Latino households to obtain equal access to economic security,” explains Amy Traub, associate director of policy and research at Demos and co-author of the report.
“When research shows that racial privilege now outweighs a fundamental key to economic mobility, like higher education, we must demand our policymakers acknowledge this problem and create policies that address structural inequity,” Traub continues.
A few key points from the “Asset Value of Whiteness”:
Attending college does not close the racial wealth gap. The median white adult who attended college has 7.2 times more wealth than the median Black adult who attended college and 3.9 times more wealth than the median Latino adult who attended college.
Raising kids in a two-parent household does not close the racial wealth gap. The median white single parent has 2.2 times more wealth than the median Black two-parent household and 1.9 times more wealth than the median Latino two-parent household.
Working full time does not close the racial wealth gap. The median white household that includes a full-time worker has 7.6 times more wealth than the median Black household with a full-time worker. The median white household that includes a full-time worker also has 5.4 times more wealth than the median Latino household with a full-time worker.
Spending less does not close the racial wealth gap. The average white household spends 1.3 times more than the average Black household of the same income group.
According to the report, “On average, white households spent $13,700 per quarter, compared to $8,400 for Black households.”
“Equal achievements in key economic indicators, such as employment and education, do not lead to equal levels of wealth and financial security for households of color,” notes Thomas Shapiro, director of the Institute on Assets and Social Policy.
“White households have a leg up, while households of color face systematic barriers to growing wealth, reproducing our long-standing racial wealth gap over generations,” Shapiro continues.
“Without policies that combat ingrained wealth inequalities, the racial wealth gap that we see today will continue to persist.”
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Oakland Post: Week of April 24 – 30, 2024
The printed Weekly Edition of the Oakland Post: Week of April 24 – 30, 2024
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Business
Black Business Summit Focuses on Equity, Access and Data
The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship. Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.
By Solomon O. Smith, California Black Media
The California African American Chamber of Commerce hosted its second annual “State of the California African American Economy Summit,” with the aim of bolstering Black economic influence through education and fellowship.
Held Jan. 24 to Jan. 25 at the Westin Los Angeles Airport Hotel, the convention brought together some of the most influential Black business leaders, policy makers and economic thinkers in the state. The discussions focused on a wide range of economic topics pertinent to California’s African American business community, including policy, government contracts, and equity, and more.
Toks Omishakin, Secretary of the California State Transportation Agency (CALSTA) was a guest at the event. He told attendees about his department’s efforts to increase access for Black business owners.
“One thing I’m taking away from this for sure is we’re going to have to do a better job of connecting through your chambers of all these opportunities of billions of dollars that are coming down the pike. I’m honestly disappointed that people don’t know, so we’ll do better,” said Omishakin.
Lueathel Seawood, the president of the African American Chamber of Commerce of San Joaquin County, expressed frustration with obtaining federal contracts for small businesses, and completing the process. She observed that once a small business was certified as DBE, a Disadvantaged Business Enterprises, there was little help getting to the next step.
Omishakin admitted there is more work to be done to help them complete the process and include them in upcoming projects. However, the high-speed rail system expansion by the California High-Speed Rail Authority has set a goal of 30% participation from small businesses — only 10 percent is set aside for DBE.
The importance of Diversity, Equity and Inclusion (DEI) in economics was reinforced during the “State of the California Economy” talk led by author and economist Julianne Malveaux, and Anthony Asadullah Samad, Executive Director of the Mervyn Dymally African American Political and Economic Institute (MDAAPEI) at California State University, Dominguez Hills.
Assaults on DEI disproportionately affect women of color and Black women, according to Malveaux. When asked what role the loss of DEI might serve in economics, she suggested a more sinister purpose.
“The genesis of all this is anti-blackness. So, your question about how this fits into the economy is economic exclusion, that essentially has been promoted as public policy,” said Malveaux.
The most anticipated speaker at the event was Janice Bryant Howroyd known affectionately to her peers as “JBH.” She is one of the first Black women to run and own a multi-billion-dollar company. Her company ActOne Group, is one of the largest, and most recognized, hiring, staffing and human resources firms in the world. She is the author of “Acting Up” and has a profile on Forbes.
Chairman of the board of directors of the California African American Chamber of Commerce, Timothy Alan Simon, a lawyer and the first Black Appointments Secretary in the Office of the Governor of California, moderated. They discussed the state of Black entrepreneurship in the country and Howroyd gave advice to other business owners.
“We look to inspire and educate,” said Howroyd. “Inspiration is great but when I’ve got people’s attention, I want to teach them something.”
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Oakland Post: Week of April 17 – 23, 2024
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