Economics

God On Wall Street: Is There A Middle Class Breakdown? – Part 1

Published

11 years ago

November 2, 2014

By Curtis O. Robinson, Sr.

“Behold, these are the wicked; and always at ease, they have increased in wealth.” Psalms 72:12

As the dollar continues to strengthen against the euro, I can hear the O’Jays in the back of my mind sing, “All Mighty Dollar.”

The dollar has made a significant comeback from the days when American tourist would be greeted by foreign exchange bankers with signs that read, “Euros Only.”

A euro is the official currency of the European Union’s (EU) member countries. The euro was introduced by the EU to the financial community in 1999, and physical euro coins and paper notes were introduced in 2002.

So as you can see, the euro is a new concept that allowed countries to pool their currency into a unit creating their standard of exchange. As of today one U.S. dollar can buy 0.79 euro.

This means that the dollar is being exchanged at a discount to the euro. I get less euros in exchange for U.S. dollars.

However, because of a recovery of positive Gross Domestic Product (GDP), the monetary value of all the finished goods and services produced in the U.S.), economic policy under the Obama administration has placed the country’s economic trajectory on an upward pace.

Or is it?

In his book, “No Rising Tide,” Joerg M. Rieger says, “There can be little doubt that the topic of class is among the most taboo in the United States.”

And we can see in our churches that the message about money is not correct because money is something that we just don’t talk about.

And I think that we suffer.

We suffer from an illusion of prosperity and wealth because in the African-American culture, wealth is not something that we build – it’s something that you wear.

When we look at the mirage of professional athletes in the U.S. who have reached the zenith of their athletic performance, as soon as many of them can, they cover themselves in jewelry, cars and clothing that are fit for a king.

It is a staggering summation when stats suggest that 78 percent of NFL players and 60 percent of NBA players file for bankruptcy within five years after retiring.

So money has an intoxicating effect because either we are wasting what we have or wasting money trying to look like what we are not.

In 2009, the 25 richest hedge fund investors earned $25 billion dollars. Entry into the super-rich club begins at $380,000 annually, while the average household income of the super-rich is $1.2 million annually.

Is there a way out of the spiraling nightmare of money imbalance? And when will the church stop acting like Jesus doesn’t hear the groans of the oppressed?

In terms of net worth of the middle class in the U.S., things haven’t improved since 1984 – they have worsened. Is there a solution?

Curtis O. Robinson, Sr. is senior pastor of Faith Baptist Church in Oakland and chairman of the board of Faith Visionary Services, Inc. of Oakland. Contact him at pastorcurt@thefaithbcofoakland.org.

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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.  