Tag Archives: black wealth

The Economic Policy Institute – 2/16/10

17 Feb

 

12/07/09
American Indians and the Great Recession—Economic Disparities Growing Larger
Issue Brief

11/12/09
Getting Good Jobs to People of Color
Briefing Paper

07/21/09
Unequal unemployment—Racial disparities in unemployment vary widely by state
Issue Brief

03/09/09
Stuck in Neutral: Economic Gains Stall Out for Asian Americans and Pacific Islanders in 2000s
Briefing Paper

10/31/08
Hispanics and the economy: Economic stagnation for Hispanic American workers, throughout the 2000s
Briefing Paper

09/18/08
Reversal of fortune: Economic gains of 1990s overturned for African Americans from 2000-07
Briefing Paper

01/18/08
What a recession means for black America
Issue Brief

Web-only Content

Date
Title
Type

12/16/09
A bleak future for black children
Analysis & Opinion

12/09/09
High unemployment: A fact of life for American Indians
Economic Snapshots

11/12/09
Reversing the Decline in Good Jobs [event]
Other

11/10/09
Jobs creation effort needs to focus on good jobs
Economic Snapshots

09/18/09
Three lessons about black poverty
Analysis & Opinion

07/08/09
African Americans see weekly wage decline
Economic Snapshots

04/22/09
Among college-educated, African Americans hardest hit by unemployment
Economic Snapshots

09/05/08
Jobs Picture, September 5, 2008 – Special Issue
Economic Indicators

08/04/08
Understanding the black jobs crisis
Viewpoints

06/10/08
Subprime mortgages are nearly double for Hispanics and African Americans

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Congressional Black Caucus “Funny Money”

15 Feb

Corruption in the Congressional Black Caucus threatens African-Americans

by Dr. Boyce Watkins 

From left are, Rep. Donald Payne, D-N.J., Rep. John Lewis, D-Ga., Rep. Edolphus Towns, D-N.Y. and Rep. Charles Rangel D-NY. (AP Photo/Pablo Martinez Monsivais, File)

Does anyone think that the Congressional Black Caucus works for the interests of the African-American community? Well, think again. It appears that, according to a scathing report in The New York Times, African-Americans don’t have the money to buy the CBC’s loyalty. At the very least, they do not appear to be the top priority for a legislative group that has allowed dollar signs to complicate its priorities.

The New York Times article details a highly suspicious network of foundations and charities that seem to funnel money to CBC members in exchange for influence in Washington. The political and charitable wings of the CBCtook in $55 million dollars between 2004 and 2008, with only $1 million of that coming through their political action committee; the rest came through their unregulated network of foundations, which are allowed to escape campaign finance laws designed to keep legislators from being bought by corporate America.

While the CBC argues that the funds are used to support charitable causes in the African-American community, it seems that the foundation spends more time "big balling" with elaborate corporate events than it spends actually doing work for the community. Federal tax records show that the CBC Foundation spent more money on the caterer for its annual dinner, $700,000 dollars, than it spent giving out scholarships. As my mama used to say, "That’s just trifling."
Even more disturbing are the relationships that the Congressional Black Caucus has formed with industries that clearly do not have the interests of the black community at heart, including the Internet poker industry, cigarette manufacturers, alcoholic beverage producers and rent-to-own companies. Many rent-to-own companies operate in predominantly black neighborhoods and are effectively electronic drug dealers: They give consumers a quick high today in exchange for unethically high fees and massive amounts of debt. Well guess what? The CBC is one of the reasons that the rent-to-own industry has been allowed to expand its operations in urban communities where CBC members don’t even live.

Click to read.

Jobs Come and then Go

9 Jan

chart_job_losses_010810_3.top.gifBy Chris Isidore, senior writerJanuary 8, 2010: 11:31 AM ET

NEW YORK (CNNMoney.com) — Employers once again slashed a substantial number jobs off their payrolls in December, according to adisappointing report from the government Friday. But there was a small glimmer of hope as well.

The payroll number for November was revised to a net gain of 4,000 jobs. That’s the first increase in jobs in nearly two years. The government had previously indicated that 11,000 jobs were lost in November.

Click to read.

Jobs Report is Optimistic

4 Dec

In the strongest employment report since the recession began nearly two years ago, the government said Friday that the nation’s employers had all but stopped shedding jobs in November, taking some of the pressure off of President Obama to come up with a jobs creation program.

Enlarge This Image

Michael Reynolds/European Pressphoto Agency

Demonstrators outside the White House on Thursday as President Obama met with business leaders and economists to seek ideas for creating jobs.

The Labor Department reported that the United States economy lost 11,000 jobs in November, and the unemployment rate fell to 10 percent, down from 10.2 percent in October.

The government also significantly revised its September and October job loss estimates. September’s data was adjusted to show a loss of 139,000 jobs instead of 219,000, and in October 111,000 jobs were lost, instead of 190,000. Even allowing for the November loss, the revisions added 148,000 people to the list of those employed in the United States in November.

Though the pace of job loss has been declining since a peak in January, the November number was surprising. Economists had been expecting a turning point to come in the late spring or summer, with employers finally adding workers as a recovery takes hold. The last time the number was so bright was in December 2007, when the economy added 120,000 jobs.

“It is clearly a much better picture, and appears to be mostly genuine,” said Nigel Gault, chief domestic economist at IHS Global Insight, who said he was encouraged by gains in the average workweek and the number of temporary workers hired. “It shows employers have come back so much and are starting to rehire.”

Click to read.

Dr Boyce: Ben Bernanke Needs a Lesson in Racial History

1 Nov

by Dr Boyce Watkins, Syracuse University 

I’ve always had mixed feelings about Federal Reserve Chairman Ben Bernanke. I feel that he is better than the previous chairman, Alan Greenspan, but the Fed Chairmanship (like the presidency) is almost never given to the right man. Just the fact that it is almost always given to a man is problematic enough, and the truth is that only white men need apply for the job.
Well, when you are limited in your option pool for the top job, bad leadership and flat out ignorance can sometimes be the result. While Fed Chairman Bernanke might know some nuts and bolts about economics, he appears to be shockingly misinformed about economic disparities between blacks and whites. His embarrassing and highly inappropriate statements at Morehouse College serve as a significant case in point.
In a recent interview at Morehouse, the Fed Chairman was asked what he felt to be the reason for the wealth gap between blacks and whites. In response, Bernanke said that the gap was due to a lack of "financial literacy" and "financial education" on the part of African Americans. That’s all he mentioned.

click to read.

Ben Bernanke’s Ignorant and Racist Remarks

1 Nov

Bernanke ignores history of black and white wealth rift

  • Federal Reserve Chairman Ben S. Bernanke listens to businessmen following an address in Chatham, Mass., Friday, Oct. 23, 2009. (AP Photo/Charles Krupa)

Last spring when Federal Reserve chair Ben Bernanke visited Morehouse College, an undergraduate student asked him what accounts for the enormous racial disparity in wealth. Bernanke responded that the source of the problem was the lack of "financial literacy" and "financial education" on the part of blacks, particularly with respect to savings decisions.

He said nothing about the lack of access to inherited wealth, such as inheritances and other intergenerational transfers. Most wealth acquisition today takes place by such asset shifts. Even more astonishing, Bernanke never mentioned the notorious history of white violence that included the seizure, destruction and appropriation of black property.
Acknowledging this unfairness is not an excuse but a powerful truth; remedying it requires straightforward government action, rather than lectures on the value of saving. In fact, the racial wealth gap can be decreased – and without using a race-specific strategy of wealth redistribution.

We propose Children’s Development Accounts, an expanded and non-incremental version of what Manning Marable of Columbia University has called the "Baby Bond" plan. It would provide an endowed trust fund for all children born into families with a net worth below the national median, progressively rising to $50,000 to $60,000 for children whose families are in the lowest wealth quartile. The program could be structured like the Earned Income Tax Credit, which uses a benefits phase-out schedule.

Click to read.

What the difference between a credit union and a commercial bank?

21 Sep

Click the image to watch a video that explains the difference.

 

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