CLINGMAN: Mo' Money, Mo' Money
James Clingman | 2/5/2014, 3 p.m.
It is now estimated that Black people in the U.S. have exceeded $1 trillion in annual income, which only means something positive to those on the receiving end of that money. Income vs. wealth? No brainer, right? Yes, it takes some sort of income to create wealth, but it will also take good stewardship and “common cents” among our people to reach the lofty heights of economic stability.
Look at economic indicators across the board and you will find Black folks at the bottom of every category. Unemployment, business growth (not start-ups), Black owned firms with employees, average annual sales revenue, poverty, health, education, and a lack of structured economic empowerment initiatives are challenges to our wellbeing and future prosperity and, if not changed, will prove to be our demise. And they say our economy is doing much better, that it’s growing. For whom?
Our president subscribes to the Reagan model of economics that says, “A rising tide lifts all boats.” I say, if you have no boat a rising tide can also drown you. Blacks need to get mo’ money, buy some boats, and get in on this rising tide of economic prosperity.
James Clingman, founder of the Greater Cincinnati African American Chamber of Commerce, is the nation’s most prolific writer on economic empowerment for Black people. He is an adjunct professor at the University of Cincinnati and can be reached through his website, blackonomics.com.