Business, Economic Development & Wealth Creation
“Black Money Matters” is a chorus to the economic powerhouse that is the African-American population. Despite only making up around 13% of the U.S. population, black buying power is projected to reach around $1.4 trillion by 2020. We are the largest minority group in the marketplace, setting trends that send ripple effects into industries as wide-ranging as fashion, music, sports, and business. Yet, none of these major influences have reflected in any sort of substantive black wealth. A college-educated black household has less wealth than a white family without a high school diploma. Today, there are only 23 black-owned community banks left in the entire country, crippling an institution that uses black money to reinvest in black communities. The urgency in addressing this issue cannot be more strongly emphasized as the median black wealth is projected to fall to zero by 2053.
Why is it that black Americans face the brunt of economic inequality far more than other ethnic groups in America? Why is it that, despite the accomplishments that African-Americans have achieved in sports, entertainment, and business, we face the most barriers to socioeconomic stability and growth? How are we the ones without the opportunity to climb the social and financial ladder? Representative Bobby L. Rush will lead a panel of advocates for African-American economic empowerment and discuss the implications of wealth inequality for black Americans. Please join us in this thought-provoking discussion aimed at bridging the gap between black economic power and black wealth in an increasingly hostile political environment.