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COMMENTARY: America’s Racial Wealth Gap Could Cost Economy $1.5 Trillion

NNPA NEWSWIRE — “Black families are underserved and overcharged by institutions that can provide the best channels for saving,” states the McKinsey Global Institute (MGI) report, The economic impact of closing the racial wealth gap. “For instance, banks in predominantly black neighborhoods require higher minimum balances ($871) than banks in white neighborhoods do ($626). Unsurprisingly, 30% of Black families are underserved by their banks, and 17% are completely disconnected from the mainstream banking system because of a lack of assets and a lack of trust in financial institutions.”

Published

7 years ago

August 25, 2019

Oakland Post

Charlene Crowell is the Center for Responsible Lending’s communications deputy director. She can be reached at Charlene.crowell@responsiblelending.org.

By Charlene Crowell, NNPA Newswire Contributor

America’s nagging racial wealth gap has been the focus of many research reports and economic policy debates. Now new research analyzes the strong connection between disproportionate wealth and financial services and products that are either shared or denied with consumers of color.

Authored by the McKinsey Global Institute (MGI), The economic impact of closing the racial wealth gap, identifies key sources of the nation’s socioeconomic inequity with its accompanying racial and gender dynamics along with family savings, incomes, and community context.

“Black families are underserved and overcharged by institutions that can provide the best channels for saving,” states the report. “For instance, banks in predominantly black neighborhoods require higher minimum balances ($871) than banks in white neighborhoods do ($626). Unsurprisingly, 30% of Black families are underserved by their banks, and 17% are completely disconnected from the mainstream banking system because of a lack of assets and a lack of trust in financial institutions.”

Additionally, according to the MGI report, the nation’s overall economy is affected by racial wealth gaps, estimating that between 2019 and 2028, the cost of economic losses to the general economy will be in the range of $1.0-$1.5 trillion.

Black America’s “racialized disadvantage” was created through historical forces – including private business practices and public policies that together advantaged white consumers while often excluding or relegating Black Americans. For example, the National Housing Act of 1934 limited housing options for Black Americans by assigning a D-rating to neighborhoods in general decline and occupied by lower-income residents.

Fast forward to more recent times, the Federal Reserve in 2017 found that Black consumers are 73% more likely than whites to lack a credit score due to “credit redlining”. This term refers to where a consumer lives to be the central determining factor in whether to approve credit, rather than the actual credit profile.

Among the MGI report’s other key findings are that:

Black Americans can expect to earn up to $1 million less than white Americans over their lifetimes;
Black men with no criminal records are less likely to receive job interviews than are white men with criminal records;
The median wealth of a single Black women is $200, while that of a single white man is $28,900; and
Black families are up to 4.6 times more likely to live in areas of concentrated poverty, than are white and Latino families;

Geographically, 65% of Black Americans reside in one of only 16 states. The states are also areas that score below the nation’s national average of 77 state performance metrics spanning economy, education, economic opportunity, fiscal stability, infrastructure and more: Alabama, Arkansas, Delaware, Florida, Georgia, Illinois, Louisiana, Maryland, Michigan, Mississippi, New Jersey, New York, North Carolina, South Carolina, Tennessee, and Virginia.

“This study represents a critical look at the key components of wealth-building: access to community and family assets, ability to save, access to homeownership and availability of good jobs,” said Tom Feltner, Director of Research with the Center for Responsible Lending (CRL). “At every step it points to a widening racial wealth gap between Black families and white families.”

“With today’s Black homeownership rate hovering around 40%, while 73% of similarly situated whites own their homes, access to responsible mortgages remains more of a dream than a reality,” added Keith Corbett, a CRL EVP.

When student loan debts and criminal incarcerations are factored into the racial wealth divide, an even more bleak scenario is disclosed.

“Incarceration is estimated to reduce annual wages by 40% — not including the lost wages during the time served – for the formerly incarcerated,” states the MGI report, “reduces their economic mobility, and even increases the risk of school expulsion six times for their children….[B]lack men without criminal records are actually less likely to receive job interviews than are white men who have criminal records.”

For Black women, gender brings a dual “wage penalty”, according to the report. Median earnings for Black women are only 65% as much as those earned by white men, and 89% of median earnings for Black men. Black women typically borrow more in student loans, so their lower earnings bring stronger financial challenges in repayment years. As a result of these and other factors, the median wealth of a single Black woman is only $200, while that of a single white man is $28,900.

Both male and female Black college graduates are prone to support their families more so than their white college classmates. The financial assistance shared with older family members reduces the amount of disposable dollars that might have contributed more to paying down student debt or beginning financial investments like mutual funds or certificates of deposit.

“Education, while quite beneficial to those who attain it, is not an equalizer,” said Aracely Panameño, CRL’s Director of Latino Affairs. “And financial innovation and debt, even if well underwritten, can never undo historical racial discrimination that results in financial marginalization. Moving forward this situation can only be addressed through bold federal and state laws and policies that create equity of opportunity for all.”

Authors of the MGI report would likely agree.

“A number of simultaneous and mutually reinforcing initiatives will likely be necessary,” states the report. “This work will be neither simple nor easy, but targeted, productive efforts will likely strengthen the economy, increase economic and social equity, and improve the quality of life for families.”

Charlene Crowell is the Center for Responsible Lending’s communications deputy director. She can be reached at Charlene.crowell@responsiblelending.org.

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2026 Lucid Air Grand Touring Review — Is This $136K EV Sedan Worth It?

AUTONETWORK ON BLACKPRESSUSA — Finished in Stellar White Metallic with the Tahoe Grand Touring interior, this Lucid makes a strong first impression. The shape is sleek and low, but it still feels elegant instead of trying too hard. Features like soft-close doors, powered illuminated door handles, 20-inch Aero Lite wheels, and the Glass Canopy Roof help the car feel expensive before you even start it.

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3 weeks ago

May 3, 2026

Oakland Post

The 2026 Lucid Air Grand Touring is the kind of luxury EV that makes people stop and ask a simple question: Is this really better than a Tesla Model S, Mercedes EQS, or BMW i7? At $136,150, it has to do more than look futuristic. It has to feel special every time you get in it.

Finished in Stellar White Metallic with the Tahoe Grand Touring interior, this Lucid makes a strong first impression. The shape is sleek and low, yet it still feels elegant rather than trying too hard. Features like soft-close doors, powered illuminated door handles, 20-inch Aero Lite wheels, and the Glass Canopy Roof help the car feel expensive before you even start it.

Inside is where the Air Grand Touring really makes its case. The 34-inch Glass Cockpit Display and retractable Pilot Panel screen give the cabin a clean, modern look that still feels different from other EVs. The Tahoe Extended Leather and Lucid Black Alcantara headliner lifts the sense of occasion, and the front seats are a highlight. They are 20-way power-adjustable, heated, ventilated, and include massage. That matters because luxury buyers at this price expect comfort first.

Rear passengers are not ignored either. You get 5-zone heated rear seating, a rear center console display, and power rear and rear side window sunshades. Add in the Surreal Sound Pro system with 21 speakers, and the Air feels like a true long-distance luxury sedan.

Lucid also gives this car serious EV hardware. The dual-motor all-wheel-drive system, 900V+ charging architecture, and Wunderbox onboard charger are big talking points. Buyers in this segment care about range, charging speed, and everyday ease, not just raw performance. That is where the Lucid continues to stand out.

On the technology side, the Air Grand Touring includes DreamDrive Premium, with 3D Surround View Monitoring, Blind Spot Warning, Automatic Park In and Out, Automatic Emergency Braking, and a Driver Monitoring System with distracted and drowsy driver alerts. This one also has DreamDrive Pro, which adds future-capable ADAS hardware.

There are still some real-world annoyances. Based on your notes, the windshield wiper control is hard to find and use, and that matters more than people think in a high-tech car. When controls become less intuitive, even a beautiful interior can feel frustrating.

Still, the 2026 Lucid Air Grand Touring succeeds where it matters most. It feels luxurious, advanced, comfortable, and thoughtfully engineered. For buyers who want an EV sedan that feels truly premium and less common than the usual choices, this Lucid makes a very strong case.

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Snoop Dogg Celebrates 10 Til’ Midnight at the Compound

LOS ANGELES SENTINEL — The album is paired with a film that stars Snoop Dogg, Hitta J3, G Perico, and Ray Vaughn, and one of the strongest elements of the whole project is that the production stayed rooted right here in Los Angeles.

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3 weeks ago

May 3, 2026

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Snoop Dogg celebrated the premiere of 10 Til’ Midnight at his Inglewood recording studio & multipurpose facility, The Compound, but the night felt like much more than an album release. It felt like Los Angeles. It felt like legacy. And it felt like another major move from one of the city’s greatest cultural architects as he continues to prove that he is not just dropping music — he is building moments, shaping narratives, and pushing the culture forward in real time.

What made the event so powerful was the clarity behind the vision. During a panel conversation with DJ Hed, Snoop opened up about the heart behind 10 Til’ Midnight, explaining that the project was created to help bridge older and younger generations while also speaking to the long-standing divisions between Bloods and Crips in a unique way through film. That alone gave the project a different kind of weight. This was not just about songs. This was about using creativity as a tool for connection. This was about taking a story rooted in Los Angeles and telling it in a way that could bring people together.

Snoop Congratulated By Rapper & Fellow 10 Til Midnight Cast Member G Perico (CreativeLB/KreativeKapturez)

The album is paired with a film that stars Snoop Dogg, Hitta J3, G Perico, and Ray Vaughn, and one of the strongest elements of the whole project is that the production stayed rooted right here in Los Angeles. The film was shot in the city, including at WePlay Studios in Inglewood, which gave the entire project an even deeper hometown feel. It was not just a West Coast story in content — it was a Los Angeles-made production from the ground up.

That matters because, in a city like this, authenticity still carries weight. Snoop understands how to make sure that what he creates does not just represent Los Angeles on the surface, but actually comes from it.

What also makes 10 Til’ Midnight significant is that it represents another major step in Snoop’s evolution as both an artist and executive. Public reporting around the project identifies it as his 22nd studio album, but the bigger story is what it represents in this season of his life. This is one of several consecutive moves he has made in his 50s that show he is still building, still expanding, and still finding new ways to reinvent what the next chapter looks like.

Snoop Dogg at the Premiere of 10 Til Midnight (CreativeLB/KreativeKapturez)

Now, as the head of Death Row Records and the newly aligned leader of Death Row Pictures, he is taking the brand into a new dimension. That is what made this moment feel bigger than music. Snoop is not just protecting the legacy of Death Row — he is stretching it. He is expanding it beyond records and into film, visual storytelling, and larger creative worlds that can continue carrying the label’s impact forward. Public reporting has noted that this project arrives as part of that broader cinematic push.

That is a major Los Angeles move because the city has always been built on the intersection of music, film, neighborhood identity, and cultural storytelling. With 10 Til’ Midnight, Snoop is leaning all the way into that intersection.

The room at The Compound reflected that. It felt like a private premiere, but it also felt like a statement — a reminder that Snoop Dogg’s staying power has never been based only on nostalgia. It comes from his ability to remain connected, remain visionary, and remain in tune with how to move the culture without losing the essence of who he is.

That is why this premiere mattered. It was not just about celebrating another album. It was about witnessing a Los Angeles legend continue to evolve, continue to unify, and continue to use art to tell stories that hit deeper than entertainment alone.

In that sense, 10 Til’ Midnight became more than a project launch. It became another example of how Snoop Dogg is still taking Los Angeles to the next level — using music, film, and legacy together to build something bigger than a moment.

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OP-ED: Small Businesses Need Minnesota to Act on Pass-Through Tax Policy

MINNESOTA SPOKESMAN RECORDER — A Twin Cities immigrant entrepreneur who built several businesses including grocery stores in underserved neighborhoods is calling on Minnesota lawmakers to extend the Pass-Through Entity tax option before it expires, warning that its loss would hit small businesses already recovering from Operation Metro Surge with higher federal tax bills.

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3 weeks ago

May 3, 2026

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A Twin Cities Small Business Owner Is Urging Minnesota to Extend a Tax Policy That Could Save Thousands of Businesses

By Daniel Hernandez | Minnesota Spokesman Recorder

I came to the United States as a teenager with a clear goal: to build something meaningful through hard work. I put in long days in construction, restaurants, and landscaping; doing whatever it took to learn, save, and eventually start my own business.

Over time, I built and ran several successful ventures, including an event photography company, a magazine, a tax and accounting firm, and now grocery stores serving neighborhoods across the Twin Cities where other retailers chose not to invest. I’ve created jobs, supported families, and committed to communities that deserve stability and opportunity.

That’s why I’m speaking out now.

Small business owners in Minneapolis and the communities we serve are recovering from serious disruptions, including the impacts of Operation Metro Surge. That event hit immigrant communities especially hard. In my own case, I lost nearly half of my 60 employees and saw revenue drop by about 85%. While I worked to provide competitive wages, health benefits, and paid time off, the real hardship fell on the people who lost their jobs and income.

Even as we rebuild, small businesses are facing another challenge. The Minnesota Legislature is considering letting an important tax policy expire: the Pass-Through Entity tax option.

Here’s what that means in plain terms.

Many small businesses, including mine, are pass-through businesses. That means the business itself doesn’t pay income tax. Instead, the owners report the income on their personal tax returns. But under current federal rules, there’s a limit on how much state tax we can deduct. That often leads to higher federal tax bills.

The Pass-Through Entity option fixes that. It allows the business to pay the state tax directly, which means the business can fully deduct those taxes on its federal return and lower the total amount of income taxed federally. The result is straightforward: small business owners pay less in federal taxes, without reducing what the state collects.

This policy is not new or controversial. Thirty-six states already offer it. It doesn’t cost Minnesota anything, it’s revenue neutral. And it benefits more than 66,000 businesses across the state.

In a state where the cost of doing business is already high, it’s hard to understand why we wouldn’t offer the same basic tax treatment as states like California and Illinois.

Small businesses have carried a heavy load in recent years, through a pandemic, rising costs and public safety disruptions. We’ve adapted, reinvested and stayed committed to our communities. What we need now are practical policies that support that work, not make it harder.

If the Minnesota House does not act soon, many businesses will face significantly higher federal tax bills. That’s money that could otherwise be used to hire workers, raise wages or reinvest in local neighborhoods.

I urge Gov. Tim Walz and members of the House Tax Committee to pass House File 3127 and extend the Pass-Through Entity election.

Small businesses are the backbone of our communities. We’ve proven our resilience. Now we need our state leaders to show the same commitment to us.

Daniel Hernandez is the owner of Colonial Market located at 2100 E. Lake St.

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