Most Black Americans are in serious financial trouble!
Almost every economic study on labor issues, business development, capital retention, wealth creation and wealth management shows that most Black people living and working in America are in serious financial trouble. Many of us are no longer viable in the American economic system.
With gas quickly approaching $5.00 a gallon, everything that we need to survive is costing proportionally more money, including food, clothing, housing, medicine, health care, transportation, education and utilities. While all of these things cost more money, Black people will have between 1/5 and 1/4 trillion dollars less in wealth over a four-year period ending in 2012 to pay for them.
According to recent studies, Blacks (men especially) are still the last hired and first fired in America and will earn substantially less salary, on average and over time, compared to their White counterparts. As Black wages, wealth and net worth have gone down, Black unemployment rates, mortgage default rates and our dependence on credit have gone up. And even as the stock market is flirting with all-time record highs, few Black Americans are benefiting because most Blacks have little or no investment in the market.
Most Black people in America cannot even afford to pay for their own funeral and the median wealth for Black women is estimated to be $5.00. As Black Americans look to other Black Americans for help, we find that many Black people who have very little are being exposed to economic-related violence by some Black people who have even less. We as a race of people are in serious trouble!
We, Black people, can no longer afford to have entertainers, athletes and other non-business types as our heroes and leaders. We must groom, honor and support economists, business forecasters, mathematicians, engineers, entrepreneurs, scientists, farmers and logistics managers as our new heroes and leaders if we are to survive into the future.
The current economic plight of Black people in America is the most dangerous time for Blacks since we were slaves! We have got to get this right! We have got to make a change! We must take control of our economic future!
As you read today’s email, it is my hope that you will think differently about money and wealth tomorrow than you thought about it yesterday. If you do not, our fate is sealed.
Phillip Jackson
The Black Star Project
blackstar1000@ameritech.net
