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Inflation Slamming Black America Hard as Families Struggle with Necessities
NNPA NEWSWIRE — “Black families, especially those without an employed college graduate, are affected the most by inflation compared with all the other demographics,” said Ellie Walters, the CEO of Findpeoplefaster.com. “Necessities like groceries, accommodation, gas, electricity bills, and phone bills eat up most of their income, leaving them with fewer savings since most of them fall within the low-income groups,” Walters stated.
By Stacy M. Brown, NNPA Newswire Senior National Correspondent
@StacyBrownMedia
Black households are more exposed to inflation fluctuations than their white peers, according to a study published by the Federal Reserve Bank of Minneapolis.
The differences, while not overwhelming, are not trivial either, the study authors wrote.
For example, if prices paid by white households increase by 7 percent over a year, calculations by researchers suggest that one may expect them to increase by 7.5 percent for Black families.
“In our research, we examine how this informs the trade-off between inflation and unemployment stabilization for White and Black households,” the study authors explained.
“The result implies that when evaluating trade-offs between inflation and unemployment, one ought to keep in mind that the costs of inflation may be borne disproportionately by the more disadvantaged group.”
With gas, food, and other prices rising, the authors concluded that necessities such as groceries, electricity, and wireless phone service make up a larger share of Black families’ budgets.
The study said that Black households are also spending a more significant portion of their income on goods and services with prices that change more often.
The result, according to researchers, isn’t a mystery: “Black families will suffer the worst effects of rising inflation because they lag behind their White counterparts in income, wealth, financial savings and home ownership.”
“Black families, especially those without an employed college graduate, are affected the most by inflation compared with all the other demographics,” said Ellie Walters, the CEO of Findpeoplefaster.com.
“Necessities like groceries, accommodation, gas, electricity bills, and phone bills eat up most of their income, leaving them with fewer savings since most of them fall within the low-income groups,” Walters stated.
She said Black families are affected by even the slightest increase in price, and with the rising recession, many might have to live without most of these necessities.
“A large number of Black families live paycheck to paycheck and cannot easily escape the constantly increasing wealth gap between them and the other demographics, especially the white,” Walters remarked.
“Inflation often makes this dilemma worse, since during inflation, wages are cut, and workers are laid off. These low-income earners, largely made up of Black community members, are trapped by an economic cycle that seems rigged against them.”
Ronda Brunson, an expert in financial planning and credit restoration at Project Restore Bmore, agreed that Black households would continue to feel the impact of rising inflation.
“Most Black homes with car notes are paying double-digit interest rates, same for credit cards. Yet, we are not conditioned to go for better but to be grateful for whatever approval without contesting,” Brunson asserted.
“If I am already paying three times more than you for the same vehicle, then of course, when inflation occurs, I’m going to feel it first.”
According to the Brookings Institute, the median wealth of a white household is $188,200, which is 7.8 times more than the average Black household at $24,100.
Two years ago, the homeownership rate for white Americans was about 73% compared to 42% for Black Americans.
William Thomas of Butler Associates said money problems remain a concern for all, although Black and Brown communities feel the pain more acutely.
Thomas offered what he said were four simple things people can do to navigate tough inflationary times.
“Make a budget, reduce any unnecessary expenses for the time being, which means assessing needs versus wants,” Thomas asserted.
“[Also], identify a Community Development Financial Institution in your area and seek financial advice from a professional. This action may support better financial choices while navigating through uncertain financial times. Finally, stick to the plan created.”
Thomas advised that when it comes to reducing expenses, evaluate every item you purchase and ask, “Is this a need or want to have item?”
He said sacrificing is essential to achieving success. This may mean brand switching for groceries and planning to switch on your phones.
“The ultimate budgeting goal is to save the savings from your plan so you can stock your bank account with a healthy cushion for important occasions like birthdays, holidays, starting a business, or a rainy-day fund,” Thomas continued.
“The best approach is to work with a trusted financial advisor, especially loan officers at your local community bank. Your local lender understands how important it is to access capital.
“Leverage their expertise to help craft a strong plan using accessible, affordable financial products to assist the effort to save while building credit and deflating the impact of inflation.”
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14th Annual Minnesota Cuban Film Festival with Franklin Curbelo
The 14th. Minnesota Cuban Film Festival is organized by the Minnesota Cuba Committee, with the collaboration of the MSP Film Society, and ICAIC (Cuban Film Institute)
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Feb. 21, 2023 – Al McFarlane will sit with Franklin Curbelo, organizer of the 14th Annual Minnesota Cuban Film Festival. In this exciting interview, Franklin will discuss the festival’s commitment to bringing diverse films from Cuba and this year’s line-up.
The 14th. Minnesota Cuban Film Festival is organized by the Minnesota Cuba Committee, with the collaboration of the MSP Film Society, and ICAIC (Cuban Film Institute)
The Conversation With Al McFarlane (TCWAM), Weekdays at 1 pm CST / 2 pm EST / 11 am PST
We hope you will join us at 1 pm CST / 2 pm EST / 11 am PST as we continue our ongoing conversations about how we can all make a difference in our community.
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/ @insightnewsmn #minneapolis #stpaul #blackculture #community #blackmusic #cuba #artfilm #TCWAM
Photo by: Juan Luis Ozaez
Photo by: CineDirektor FILMS
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2023 Mazda CX-50 2.5L Turbo w/Premium Plus Package AWD
2023 Mazda CX-50 2.5L Turbo w/Premium Plus Package AWD In-depth walkaround and POV Test Drive. The 2023 Mazda CX-50 is a luxurious and powerful compact SUV that boasts several high-end features and technologies. Equipped with a 2.5-liter turbocharged engine, 227 HP @ 310 lb-ft Torque, mated to a 6-speed automatic transmission, the C-50 delivers a […]
The post 2023 Mazda CX-50 2.5L Turbo w/Premium Plus Package AWD first appeared on BlackPressUSA.
2023 Mazda CX-50 2.5L Turbo w/Premium Plus Package AWD In-depth walkaround and POV Test Drive.
The 2023 Mazda CX-50 is a luxurious and powerful compact SUV that boasts several high-end features and technologies. Equipped with a 2.5-liter turbocharged engine, 227 HP @ 310 lb-ft Torque, mated to a 6-speed automatic transmission, the C-50 delivers a robust performance and is available with the Premium Plus package, which offers various advanced features. This review will delve into the details of the car’s features and overall performance.
The CX-50 comes in a beautiful Ingot Blue Metallic exterior color, which complements its elegant and sleek design. It features black 20-inch alloy wheels with P245/45 R20 all-season tires, which provide excellent grip and stability on the road. The rain-sensing windshield wipers and wiper de-icer are a thoughtful addition, making driving in inclement weather more manageable. Additionally, the auto power-folding side mirrors are convenient for parking in tight spaces.
The CX-50’s interior is equally impressive, with a Black interior color and Brown leather-trimmed seats. The 5-passenger seating is spacious, and the power driver’s seat with memory and power passenger seats offer ample adjustability for comfortable driving positions. The ventilated front seats are a welcome feature, especially in hotter climates. The leather-wrapped steering wheel is a premium touch and feels good in the hands. The heated steering wheel is perfect for chilly weather, and the paddle shifters add to the car’s sporty feel. The Mazda Advanced Keyless Entry and rear power liftgate are convenient features that make accessing the vehicle a breeze.
The CX-50 has several safety and security features, including 24-hour roadside assistance, 5-passenger 3-point safety belts, LATCH child safety seat anchors, and an anti-theft engine immobilizer. It also has a lane departure warning system, lane keep assist, blind spot monitoring, and rear cross-traffic alert. The I-ACTIV all-wheel drive, hill launch assist, and MI-Drive – sport/off-road/towing make it an excellent option for various driving conditions. The CX-50 also boasts a 3500 lb towing capacity, which makes it ideal for those who need to haul extra gear.
The CX-50 comes equipped with several high-tech features, including a power panoramic moonroof, adaptive front lighting system, LED headlights with auto on/off, and roof rails. The 10.25″ color center display and active driving HeadUp display provide easy access to all necessary information. The dual-zone auto climate control ensures that everyone in the car stays comfortable, and the rearview camera makes parking a breeze. The car has an AM/FM/HD Radio® with four USB inputs, BOSE® 12-speakers audio system, and a SiriusXM® 3 mos. trial. The Mazda Connected Services, wireless Android Auto, and wireless Apple CarPlay
are convenient for connecting smartphones and accessing music and apps on the go.
The CX-50 has several pros, including multiple driving modes, off-road modes, and a comfortable interior. The car has quick off-the-line acceleration and handles well, making it a fun car to drive.
One downside to the CX-50 is that the ride quality is mediocre. It may not be the best option for those who prefer a very smooth ride.
The CX-50’s MSRP is $43,525, and the Turbo Premium Plus Package adds extra features, such as heated rear seats, 360-degree view monitor, traffic jam assist, front and rear parking sensors, rear smart brake support, blind spot prevention, Mazda Navigation System, wireless phone charger, traffic sign recognition, and a frameless auto-dimming rearview mirror with HomeLink®.
The 2023 Mazda CX-50 is an excellent choice for those who are looking for a luxurious and powerful compact SUV with advanced features and technologies. The car’s impressive performance, various driving modes, and comfortable interior make it a joy to drive. Additionally, the car’s safety and security features, along with the advanced technology, make it a safe and convenient car to own. Overall, the Mazda CX-50 is a strong contender in the compact SUV market and is definitely worth considering for those who want a car that delivers both performance and luxury.
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Why Attend Chicago Auto Show or Show In Your Market – AutoNetwork Reports 394
Our Take on The Chicago Auto Show, Recalls, Autel Energy, CrossTrex, Volvo Subscription Service, Customer Loyalty Dwindling, and more – AutoNetwork Reports 394 Coffee and Cars – AutoNetwork Reports 394. Get your coffee and join us for a new morning show. Warren was a great storyteller, friend, and all-around good guy in our industry and […]
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Our Take on The Chicago Auto Show, Recalls, Autel Energy, CrossTrex, Volvo Subscription Service, Customer Loyalty Dwindling, and more – AutoNetwork Reports 394
Coffee and Cars – AutoNetwork Reports 394.
Get your coffee and join us for a new morning show. Warren was a great storyteller, friend, and all-around good guy in our industry and reviewed cars for The Washington Post newspaper.
Reviews of Cars Driven – AutoNetwork Reports 394
Car Reviews of what we are driving this week. We help you better understand and appreciate your dream car. Find out why we would buy the new car or not. Join our panel of influencers as we review new cars and discuss the latest auto news.
Car Reviews: Visit the website of the panelists for full reviews.
Greg – RAV4
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Teia – Jetta GLI
Dave – G90
Me – Niro SX Touring
Show Panelists:
Frank Washington – AboutThatCar.com
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Chris Lawrence – Autoacademics.com
David Boldt – TxGarage.com
Valerie Menard – LatinoTrafficReports.com
Teia Collier – #DSMDrive
Dawn Gibson-Thigpen – @SassyAutoChick
The auto talk show, #AutoNetworkReports, is Live on YouTube weekly Wednesday from 10:00 am ET – 10:30 am ET. where auto influencers discuss the week’s latest automotive news. Go visit http://autonetwork.com for more shows.
Find out why they would buy the vehicle or not. Join our panel of auto journalists and influencers as we discuss this and simplify the latest auto industry news to help you appreciate the auto industry business.
When available we let you know of any vehicle recalls and how to resolve them. Some of the auto influencers have sold cars so we provide car buying and auto leasing tips to save you time and money on your next car purchase. AutoNetwork Reports simplify the latest auto industry news for you to help you appreciate the automotive industry.
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