Photos: Edwin Freeman
For far too long, African Americans have suffered from vast disparities in wealth, income, education, health, and more compared to other groups in America. The median net worth of a white household is about 10 times more than that of a Black household, according to Federal Reserve data. The poverty rate for African Americans is more than 20%, compared to below 10% for whites. Our communities have been systematically and intentionally under-resourced, leading to cycles of disadvantage.
It is time for radical change.
The solution lies in harnessing the power of group economics and intentional community building. We must come together to invest our dollars back into our own communities, fund our own institutions, support our own businesses and create networks of mutual support and prosperity.
When we come together, pool our resources, and direct them strategically, we can make monumental strides. We have over $1.2 trillion in spending power according to Nielsen data. Imagine if we leveraged even a fraction of that to lift each other up. We need to support the growth of Black-owned banks, credit unions, businesses, schools, clinics, grocery stores, financial service providers and more. Our communities should not be dependent on outside resources, but rather be strengthened from within through the circulation of Black wealth.
We also need leaders and policies that will provide greater access to land ownership, affordable housing, start-up funding for entrepreneurs, financial literacy programs, apprenticeship opportunities, and resources for community development. For too long, discriminatory practices have barred African Americans from pathways to capital and assets. It’s time to open up avenues to wealth creation and homeownership.
When we have our own thriving local ecosystems, we gain the power to uphold our interests and needs as a community. We cannot afford small ambitions. We need an audacious vision of prosperity and self-determination fueled by collaborative economics and collective action. Our needs must not be sidelined as we welcome new immigrants and communities.
Now is the time to be bold and intentional.
The stakes could not be higher, but the potential is astounding. We have the power, creativity and resilience to radically transform our condition if we connect deeply with one another. Together, we can pool our resources to buy land, launch businesses, build schools, open clinics and sustain all the pillars of a flourishing community.
The time for action is now. Our future depends on it.
