If only I had a crystal ball to accurately predict the future. Unfortunately, I do not! However, I can rely on my expertise and instinct, conduct research, and read and speak to people and organizations I believe are credible and knowledgeable (thank you, Cynthia M. Ruiz and Kellie Todd Griffin).
When I look at the economy, I always look at both the “Macro” and the “Micro.”
Let us start with the big picture (Macro). The truth we know is uncertain! The global economy is fragile because of all the wars around the world. The lingering effects of COVID-19 will potentially devastate poor people and Communities of Color for years to come.
So, I will talk about the Micro as it relates to people of color and women in this country. Earnings and unemployment rates are indicators of the economy.
According to the US Department of Labor:
• Women only earn 75 cents for every dollar a white man makes, and People of Color statistically earn less.
• White weekly earnings: $1,046.52
• African American: $791.02
• Latino: $762.80
• Native American: $801.99
• Asian: $762.80
The California Black Women’s Collective in partnership with CA Black Media and Black Women Organized for Political Action released a report, the State of Black Women in CA in 2022. It stated that California has the fifth largest Black population in the nation with 2.1 million people. However, based on the 2020 census results, this only represents 5.7% of the overall state population.
Black females in California represent 51% of the Black population. According to the report, 80% of Black households in the state have Black women breadwinners, and over 70% are headed by single mothers.
Fourth quarter 2023 unemployment rates for African American men age 16 to 19 have a 14.6% unemployment rate. Latino men ages 16 to 19 have a 13.4% unemployment rate. Sixteen to nineteen are formative years when we should be investing in our young men, not getting them ready for prison. Since 2000, private prisons increased by 32% compared to the rise of the prison population of 3%. That is big business destroying communities and families.
According to the Washington Post, half of American renters spend more than 30 percent of their income on housing costs, which contributes to rising homelessness and loss of employment.
According to the ACLU, systemic inequities and barriers keep people of color from achieving economic security through employment, education, and homeownership, resulting in racial disparities in wealth and income.
These incongruities are the direct result of discrimination, structural inequality, the War on Drugs, and biases across institutions, resulting in a persistent racial wealth gap.
Businesses are developing new forms of technology daily, decreasing opportunities for resource-poor communities. Artificial intelligence and algorithmic risk assessment tools already influence who gets a job, rents an apartment, or qualifies for loans.
The outlook for communities of color is bleaker than the rest of the people in the United States. So, whatever you believe is the economic outlook over the next few years understand it is different for our communities.
This is why culturally specific (Black and Brown) nonprofits are investing in the people we serve and partnering with corporate partners committed to providing access to health equity, developing creative programs, such as STEM and STEAM, Ambassadorships, job training, and leadership workshops for people with Lived Experiences, to open doors of opportunities and build generational wealth.
What impact will you and your company make to increase equity for people and commu- nities who have been victimized by people who changed their narrative to give them an equitable piece of the pie, not just a bigger slice?
Kandee Lewis is chief executive fficer of the Positive Results Center, and is civil rights commissioner for the City of Los Angeles.
