Economics

SF State Economics Students Educate Peers on National Debt

Published

9 years ago

March 10, 2015

By Beth Tagawa, SF State News

The U.S. national debt is currently estimated at $18 trillion — and constantly rising. While that is a staggering figure, most of us do not spend much time pondering its implications. A group of SF State students hopes to change that.

Five economics majors — Bryan Bone, Bria Grant, Emmanuel Lemire, Estevan Lopez and Louay Mardini — have been selected to participate in the “Up to Us” competition, a national contest sponsored by the Clinton Global Initiative and other nonprofits. From Jan. 26 to Feb. 20, these students, along with 43 other groups at colleges across the country, led a campus campaign to encourage awareness and discussion of America’s long-term fiscal challenges.

Team leader Estevan Lopez explains his interest in the issue and what the group hopes to accomplish.

What is the single most important message you would like to get out to your peers?

A lot of people don’t even realize that we’re in debt, so it’s basically about making sure that people are aware that this issue exists. The main thing is to tailor it to our audience — millennials, college students — personalizing it and making it clear why they should care.

What are your concerns about how the national debt might affect the country’s future?

I think one major problem is student loans. As the national debt increases, interest rates on student loans will also increase. Due to a higher opportunity cost of attending university, many people will likely decide to enter the labor market instead. And due to higher tuition costs, we may not be able to afford to send our children to college. This is a very pressing issue: College is already expensive — but just imagine the future.

How do you feel about the fact that this country has amassed such a huge debt?

I feel empowered because we can share our knowledge with people. The debt has been passed down to us, but it is up to us to make a change. This is something we’ve learned about in our classes, and it’s cool to take knowledge that I’ve gained here and put it out into the world to benefit society.

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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.

Published

5 days ago

April 20, 2024

Oakland Post

Toks Omishakin, Secretary of the California State Transportation Agency (CALSTA), answers questions from concerned entrepreneurs frustrated with a lack of follow-up from the state. January 24, 2024 at the Westin Los Angeles Airport Hotel, Lost Angeles, Calif. Photo by Solomon O. Smith

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.”