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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.

Published

2 years ago

July 28, 2022

Stacy M. Brown

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.”

Stacy M. Brown

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IN MEMORIAM: Ramona Edelin, Influential Activist and Education Advocate, Dies at 78

NNPA NEWSWIRE — Born on September 4, 1945, in Los Angeles, California, activist Ramona Edelin’s early years were marked by a commitment to education and social justice. According to her HistoryMakers biography, after graduating from Fisk University with a Bachelor’s degree in 1967, she pursued further studies at the University of East Anglia in England. She earned her master’s degree before completing her Ph.D. at Boston University in 1981.
The post IN MEMORIAM: Ramona Edelin, Influential Activist and Education Advocate, Dies at 78 first appeared on BlackPressUSA.

Published

3 weeks ago

April 3, 2024

Stacy M. Brown

By Stacy M. Brown, NNPA Newswire Senior National Correspondent
@StacyBrownMedia

Once upon a time, Black Americans were simply known as colored people, or Negroes. That is until Ramona Edelin came along. The activist, renowned for her pivotal roles in advancing civil rights, education reform, and community empowerment, died at her D.C. residence last month at the age of 78. Her death, finally confirmed this week by Barnaby Towns, a communications strategist who collaborated with Dr. Edelin, was attributed to cancer.

Born on September 4, 1945, in Los Angeles, California, Edelin’s early years were marked by a commitment to education and social justice. According to her HistoryMakers biography, after graduating from Fisk University with a Bachelor’s degree in 1967, she pursued further studies at the University of East Anglia in England. She earned her master’s degree before completing her Ph.D. at Boston University in 1981.

Edelin’s contributions to academia and activism were manifold. She was pivotal in popularizing the term “African American” alongside Rev. Jesse L. Jackson in the late 1980s.

Jackson had announced the preference for “African American,” speaking for summit organizers that included Dr. Edelin. “Just as we were called Colored, but were not that, and then Negro, but not that, to be called Black is just as baseless,” he said, adding that “African American” “has cultural integrity” and “puts us in our proper historical context.”

Later, Edelin told Ebony magazine, “Calling ourselves African Americans is the first step in the cultural offensive,” while linking the name change to a “cultural renaissance” in which Black Americans reconnected with their history and heritage.

“Who are we if we don’t acknowledge our motherland?” she asked later. “When a child in a ghetto calls himself African American, immediately he’s international. You’ve taken him from the ghetto and put him on the globe.”

The HistoryMakers bio noted that Edelin’s academic pursuits led her to found and chair the Department of African American Studies at Northeastern University, where she established herself as a leading voice.

Transitioning from academia to advocacy, Edelin joined the National Urban Coalition in 1977, eventually ascending to president and CEO. During her tenure, she spearheaded initiatives such as the “Say Yes to a Youngster’s Future” program, which provided crucial support in math, science, and technology to youth and teachers of color in urban areas. Her biography noted that Edelin’s efforts extended nationwide through partnerships with organizations like the National Science Foundation and the United States Department of Education.

President Bill Clinton recognized Edelin’s expertise by appointing her to the Presidential Board on Historically Black Colleges and Universities in 1998. She also co-founded and served as treasurer of the Black Leadership Forum, solidifying her standing as a respected leader in African American communities.

Beyond her professional achievements, Edelin dedicated herself to numerous boards and committees, including chairing the District of Columbia Educational Goals 2000 Panel and contributing to the Federal Advisory Committee for the Black Community Crusade for Children.

Throughout her life, Edelin received widespread recognition for her contributions. Ebony magazine honored her as one of the 100 Most Influential Black Americans, and she received prestigious awards such as the Southern Christian Leadership Award for Progressive Leadership and the IBM Community Executive Program Award.

The post IN MEMORIAM: Ramona Edelin, Influential Activist and Education Advocate, Dies at 78 first appeared on BlackPressUSA.

Stacy M. Brown

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Tennessee State University Board Disbanded by MAGA Loyalists as Assault on DE&I Continues

NNPA NEWSWIRE — Recent legislative actions in Tennessee, such as repealing police reform measures enacted after the killing of Tyre Nichols, underscore a troubling trend of undermining local control and perpetuating racist agendas. The new law preventing local governments from restricting police officers’ authority disregards community efforts to address systemic issues of police violence and racial profiling.
The post Tennessee State University Board Disbanded by MAGA Loyalists as Assault on DE&I Continues first appeared on BlackPressUSA.

Published

3 weeks ago

April 3, 2024

Stacy M. Brown

By Stacy M. Brown, NNPA Newswire Senior National Correspondent
@StacyBrownMedia

Tennessee State University (TSU), the state’s only public historically Black college and university (HBCU), faces a tumultuous future as Gov. Bill Lee dissolved its board, a move supported by racist conservatives and MAGA Republicans in the Tennessee General Assembly, who follow the lead of the twice-impeached, four-times indicted, alleged sexual predator former President Donald Trump. Educators and others have denounced the move as an attack on diversity, equity, and inclusion (DE&I) and a grave setback for higher education.

Critics argue that TSU’s purported financial mismanagement is a manufactured crisis rooted in decades of underinvestment by the state government. They’ve noted that it continues a trend by conservatives and the racist MAGA movement to eliminate opportunities for Blacks in education, corporate America, and the public sector.

Gevin Reynolds, a former speechwriter for Vice President Kamala Harris, emphasizes in an op-ed that TSU’s financial difficulties are not the result of university leadership because a recent audit found no evidence of fraud or malfeasance.

Reynolds noted that the disbanding of TSU’s board is not an isolated incident but part of a broader assault on DE&I initiatives nationwide. Ten states, including Tennessee, have enacted laws banning DE&I policies on college campuses, while governors appointing MAGA loyalists to university trustee positions further undermine efforts to promote inclusivity and equality.

Moreover, recent legislative actions in Tennessee, such as repealing police reform measures enacted after the killing of Tyre Nichols, underscore a troubling trend of undermining local control and perpetuating racist agendas. The new law preventing local governments from restricting police officers’ authority disregards community efforts to address systemic issues of police violence and racial profiling.

The actions echo historical efforts to suppress Black progress, reminiscent of the violent backlash against gains made during the Reconstruction era. President Joe Biden warned during an appearance in New York last month that Trump desires to bring the nation back to the 18th and 19th centuries – in other words, to see, among other things, African Americans back in the chains of slavery, women subservient to men without any say over their bodies, and all voting rights restricted to white men.

The parallels are stark, with white supremacist ideologies used to justify attacks on Black institutions and disenfranchise marginalized communities, Reynolds argued.

In response to these challenges, advocates stress the urgency of collective action to defend democracy and combat systemic racism. Understanding that attacks on institutions like TSU are symptomatic of broader threats to democratic norms, they call for increased civic engagement and voting at all levels of government.

The actions of people dedicated to upholding the principles of inclusivity, equity, and justice for all will determine the outcome of the ongoing fight for democracy, Reynolds noted. “We are in a war for our democracy, one whose outcome will be determined by every line on every ballot at every precinct,” he stated.

The post Tennessee State University Board Disbanded by MAGA Loyalists as Assault on DE&I Continues first appeared on BlackPressUSA.

Stacy M. Brown

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Braxton Haulcy and the Expansion of Walker|West Music Academy

May 24, 2023 – Walker West Music Academy gets an early start on expansion. Join us for a Wednesday episode of The …
The post Braxton Haulcy and the Expansion of Walker|West Music Academy first appeared on BlackPressUSA.