Fifty Years of Ole Economic Futility. : ThyBlackMan.com

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Fifty Years of Ole Economic Futility.

February 24, 2015 by  
Filed under Business, Money, News, Opinion, Politics, Weekly Columns

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(ThyBlackMan.com) During the fifty year period from 1963 (“I have a dream!”) to 2013, Black people have been on a virtual economic treadmill. Our relative economic position has not changed; our unemployment rate has consistently been twice as high as the White unemployment rate, which was 5% for Whites and 10.9% for Blacks in 1963, and today it’s 6.6% for Whites and 12.6% for Blacks. Our aggregate annual income is $1.1 trillion, but it’s not what you earn; it’s what you’re worth: The typical White family had $134,200 in wealth in 2013, while Black families had $11,000, lower too than Hispanic families, at $13,700.

The U.S. has a $17.7 trillion Gross Domestic Product (GDP), the world’s largest economy. The total Gross Domestic Income (GDI), which some economists say is a better measure of an economy, was $9.3 trillion as of the 4th quarter of 2014. A recent Pew Research study indicates that the financial gap between Blacks and Whites is the highest it’s been since 1989. In 2010, the median wealth of white households was eight times higher than blacks; now it’s seventeen times higher. The African-American economy, by either measure, GDP or GDI, despite reports of robust economic growth, remains mired in a recession.

You awake yet? So what can we do about it? Please, don’t take that fatal leap of faith in thinking the “guvment” will take care of it. They are too busy counting our income as a huge part of GDP, because we spend nearly all of our $1.1 trillion on goods and services, which comprise 70% of GDP.

We must extrapolate a logical and appropriate response to the above information. All the reports in the world will do us no good if we fail to learn from them and then act upon what we know. After that, we must do our part as individuals to contribute to the collective economic/political uplift of our people and future generations.

What do we have, as individuals, to contribute to our economic and political success? We have votes and we have dollars; and if we cast our votes with leverage and spend our dollars strategically we can achieve parity. Let’s face it, to chase the illusion of economic “equality,” via income and wealth, will only keep us diverted from setting practical and achievable goals.GDP economy background concept

MLK was partially correct when he posited that by obtaining employment in White corporations and using either strategic consumption or boycotts as leverage, Blacks could secure economic equality, just as we had secured civil rights. He was right about the leverage of our dollars, but wrong about the result of us getting jobs in corporate America. The above statistics prove that. Chasing equality instead of parity is futile, in that we are always chasing someone else’s standard, a standard that can be elevated at any time, thus never to be attained by the pursuer.

We must use our own intellectual and financial capacity to change our shameful and static economic position in this nation since MLK spoke in 1963. Fifty years of chasing an illusion are enough? We squandered our economic base and abdicated our personal economic responsibility when we abandoned our businesses to buy from others. We gave in to the notion that we could be equal if we elected Black folks to political office. So it’s up to us to admit those near fatal mistakes and work together to rectify them by pooling our resources, locally and nationally, and growing our businesses to the point where they can hire our own people.

We must gather enough conscious independent-thinking voters who will cast their votes as a bloc for the candidate that supports our best interests. Enough with the pre-election condescending rhetoric, kissing our babies, and coming to our churches at election time; they must explicitly state their support of our issues and follow through on that support. If we cannot win, why play?

We must save more money, irrespective of how much or how little we have. We must own property, or at least rent from one another. Blacks collectively lost between $164 billion and $213 billion in housing wealth as a result of sub-prime debacle. (And we are seeking “wealth equality”?) Therefore, we must also invest in stocks, and not tie all of our assets to real estate. We must find ways to decrease or eliminate our reliance on college loans, which will be a generational albatross around the necks of our youth, their parents, and even grandparents. And while we are at it, we should be petitioning the “guvment” for a massive student loan bailout. You know, the way the banks got bailed out of their debt.

Finally, go to https://iam1ofthemillion.wordpress.com/ and sign up, and let’s get on the road to true freedom.

Written By James E. Clingman

Official website; http://www.blackonomics.com/


Comments

2 Responses to “Fifty Years of Ole Economic Futility.”
  1. James Davis says:

    You say,

    “We must use our own intellectual and financial capacity to change our shameful and static economic position in this nation since MLK spoke in 1963.”

    “So it’s up to us to admit those near fatal mistakes and work together to rectify them by pooling our resources, locally and nationally, and growing our businesses to the point where they can hire our own people.”

    What is the immediate answer,,, is what I see you reaching for in those statements in this piece. African Americans have to create a new paradigm that leads to economic development, which puts blacks in more control when it comes to employment, through the creation of more black businesses. The white political and business establishment are telling us that they will not allow blacks to go back to the old days of huge block grants, which supported organizations like the NAACP, the Urban League and other black civil rights action groups. Block grants, that is giving large sums of money at one time (hence a block of money) to middle class black executives, to perform tasks such as teaching blacks how to interview for jobs, get GED’s and diplomas, and develop job skills useful to the majority owned businesses, never did lead to the creation of black businesses. People like Jesse Jackson and Al Sharpton came out of that era. The answer which will lead to a new paradigm is the job creation plan I propose outlined in the book, “The Fix This Time,” @ http://www.thefixthistime.com. It proposes putting capital directly in the hands of working Americans, the middle class and African Americans rather than enriching middle men such as black middle class organizations designed to perpetuate black reliance and dependence on white society . However, the book has yet to pick up a following, but I am not giving up. If blacks and working Americans in general are going to obtain some semblance of independence going forward, they are going to need capital. The book details where that capital is and how it can accessed.

    http://www.thefixthistime.com

  2. James Davis says:

    You say,

    “We must use our own intellectual and financial capacity to change our shameful and static economic position in this nation since MLK spoke in 1963.”

    “So it’s up to us to admit those near fatal mistakes and work together to rectify them by pooling our resources, locally and nationally, and growing our businesses to the point where they can hire our own people.”

    What is the immediate answer,,, is what I see you reaching for in those statements this piece. African Americans have to create a new paradigm that leads to economic development, which puts blacks in more control when it comes to employment, through the creation of more black businesses. The white political and business establishment are telling us that they will not allow blacks to go back to the old days of huge block grants, which supported organizations like the NAACP, the Urban League and other black civil rights action groups. Block grants, that is giving large sums of money at one time (hence a block of money) to middle class black executives, to perform tasks such as teaching blacks how to interview for jobs, get GED’s and diplomas, and develop job skills useful to the majority owned businesses, never did lead to the creation of black businesses. People like Jesse Jackson and Al Sharpton came out of that era. The answer which will lead to a new paradigm is the job creation plan I propose outlined in the book, “The Fix This Time,” @ http://www.thefixthistime.com. It proposes putting capital directly in the hands of working Americans, the middle class and African Americans rather than enriching middle men such as black middle class organizations designed to perpetuate black reliance and dependence on white society . However, the book has yet to pick up a following, but I am not giving up. If blacks and working Americans in general are going to obtain some semblance of independence going forward, they are going to need capital. The book details where that capital is and how it can accessed.

    http://www.thefixthistime.com

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