“Financial Racism” Hits Black Communities

Financial inequality in the “Land of the Free”

The hostile systems the Black community faces in the so-called “Land of the Free” tends to starve Black pockets and places Blacks under financial slavery as compared to the white folks. We are faced with the reality of financial inequality between the white folks and our Black fellows.

A background search over the period with its accompanying statistics clearly brings to the limelight the very realities of this inequality. By all standards, it is very evident that systems in our country are partly to be held responsible for the disparity in finances as far as Blacks are concerned.

A careful search brings to light that, in 2014, the median household income for whites was as high as $71,300 as compared to $43,300 for our Black fraternity. But then again, clear inequality is seen when we compare college graduates: college-educated whites have a household income of about $106,600 which was realized to be significantly higher than the $82,300 for households headed by college-educated Blacks. That shows the level of financial bias. We can confidently term this intentional happening as “financial racism”.

It is even much disheartening when we take a look at the overall household wealth in our country. In 2013, a research conducted revealed that white households in the U.S. had a median wealth almost 13 times that of black households. But here again, is an example where the gap is not significantly narrowed by education. White households headed by someone with a college degree have a median wealth of $301,300 compared to college-educated black households, which have a median wealth of $26,300 – that’s what we call “Black financial oppression”.

A couple of Blacks interviewed stated categorically that, even though the poverty gap between blacks and whites has narrowed, it was ascertained that Blacks were still at least twice as likely as whites to live in poverty or be unemployed. We are of the view that depriving Black job opportunities is a deliberate factor in impoverishing Blacks.

In a nutshell, looking regionally or nationally, and in comparison to white-led organizations that support our community, it is noticed that Black-led organizations are smaller, and have smaller budgets and little to no cash reserves, It is important to note that in Philadelphia while Black-led organizations have fewer resources at hand, they tend to serve the most vulnerable in our community. We, therefore, urge that massive pool of investments be made to the Black community just as the MacArthur’s Foundation does in Chicago and other parts of the world.

The fight for Black liberation lives on as we demand employment to equalize the financial inequality.

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