Kim P 😊’s Post

A staggering new study by the Black Economic Alliance Foundation reveals a powerful truth: addressing Black economic growth. The 29-page "architecture for action" highlights essential areas for economic advancement, including housing, real estate, healthcare, education, criminal justice, and the labor market. The Economic Impact of Equality Had these disparities been addressed two decades ago, last year’s nominal GDP of $27 trillion could have soared to $43 trillion. This eye-opening finding underscores the massive economic potential we're missing out on by allowing racial wealth gaps to persist. Key Insights from the Study The study offers actionable strategies to tackle the unique barriers faced by Black Americans, emphasizing proven interventions that can transform Black work, wages, and wealth. These interventions are not just about fairness; they're about unleashing economic growth that benefits everyone. Why It Matters Now In a time when diversity initiatives are facing scrutiny and retreat, this study is a clarion call for continued and intensified efforts. Leaders like JPMorgan Chase CEO Jamie Dimon and tech investor Marcelo Claure champion the ongoing fight against racial economic disparities, highlighting the tangible economic benefits of such efforts. The data is compelling: $16 trillion: The amount siphoned from the U.S. economy over the past 20 years due to Black economic inequity. $1 trillion per year: Potential annual GDP growth from addressing these disparities. $43 trillion: What last year's GDP could have been if these gaps had been closed two decades ago. The BEA Foundation’s research provides a roadmap for corporate and philanthropic leaders to make a significant impact. As Samantha Tweedy, CEO of the BEA Foundation, states, the study shows exactly where and how to expand Black prosperity, thereby invigorating the entire economy. Economic equality isn't just a moral imperative—it's a practical economic strategy. By addressing racial wealth gaps, we can foster a more robust and inclusive economy that benefits all Americans. The time to act is now, and the path forward is clear. Let's harness this potential and work together to build a more equitable and prosperous future for everyone. H.O.P Technology Solutions #data #datadriven #actionableinsights #EconomicEquality #WealthGap #RacialJustice #InclusiveEconomy #BlackProsperity #EconomicGrowth #SocialImpact #EquityInAction #TransformativeChange #BlackEconomicAlliance #DEI #EconomicEmpowerment #ClosingTheGap #FutureOfWork #EconomicInclusion #black #minority Korbett Mosesly Megan Matthews, MPA, CDE, CDP TraeAnna Holiday K. Wyking Garrett Tiffany Johnson Jenefeness Franke, MBA Monika C. Mathews Jiquanda Nelson Ashwant Kaur Melanie LeGrande

Imagine a $43 Trillion Economy 🚀: Closing Racial Wealth Gaps Could Have Added $16 Trillion to Last Year’s GDP! Has hate hindered our potential? Black economic inequality has the potential to unlock as much as $1 trillion per year in domestic U.S. economic growth, according to a new study by the Black Economic Alliance Foundation. The 29-page "architecture for action" zeroes in on key cornerstones of economic advancement that include housing, real estate, health care, education, criminal justice, business and labor markets. Had those gaps been eliminated two decades ago, last year's nominal GDP of $27 trillion would have been $43 trillion, the foundation adds. The study "offers needle-moving interventions to address the unique barriers to economic opportunity facing Black Americans," Samantha Tweedy, CEO of the Black Economic Alliance Foundation. By the Numbers - We have all seen the studies and numbers about the impact of closing the racial wealth gaps and how DEI can help create better societies in addition to its impacts on social determinants of health. Understanding the motivations and drivers are critical components for wanting the status quo to remain. Samantha Katz Mike Green Gillian Marcelle, PhD Shari Dunn Richard Venegar Emily O. Weltman, M. Ed. Kimberly Bryant Joe Cardillo Rendel Solomon Kwame Jackson #RacialEquality #EconomicReform

An enlightening Axios article by Javier E. David on the financial cost of racial inequity to America's GDP based on a new study by Black Economic Alliance "Addressing the roots of Black economic inequality has the potential to unlock as much as $1 trillion per year in domestic U.S. economic growth, according to a new study by the Black Economic Alliance Foundation. Why it matters: The study arrives at a time when public and corporate commitments to diversity-based initiatives — many of which were a response to the turmoil of 2020 — are being questioned or seemingly in full retreat. The big picture: The Black Economic Alliance (BEA) Foundation's research provides a menu of what the organization identifies as "a suite of specific, actionable interventions that companies and philanthropies could implement at scale, resulting in sustainable and impactful economic outcomes for Black communities." By the numbers: Citing data from Citibank and the Bureau of Economic Analysis, the Black Economic Alliance's research argues that Black economic inequity has siphoned $16 trillion from the U.S. economy over the past 20 years. The foundation adds that if those gaps were eliminated two decades ago, last year's nominal GDP of $27 trillion would have been $43 trillion." Simply put, "We all do better when we ALL do better." https://lnkd.in/gEBFKDen #GDP  #Economy #Business #DataAnalysis #Finance #BlackEconomicInequality** #EconomicGrowth** #DiversityInitiatives** #RacialEconomicDisparities** #EconomicAdvancement** #ClosingTheGap** #BlackProsperity** #EconomicOpportunity** #WealthInequality** #EconomicJustice**

🔍💡Explore how embracing the economic influence of Black Americans boosts our economy and upholds values of justice and opportunity. Dive into James S. Bridgeforth's article to learn how this vital economic force drives growth and innovation🌍 📈 : https://bit.ly/3AGI88l

More focus on Black inequality in our economic development programming = More money for the Economy

Though this brief from the Center for Economic and Policy Research and the Joint Center for Political and Economic Studies delves into the attributes of what they term the strongest Black economy in decades, this note at the end was quite sobering: “With all of the advances made since 1960, the nation is still moving at a glacial pace when it comes to bridging Black/white inequality. If the country continues at the current rate, it would take over 500 years to bridge Black/white income inequality, and nearly 800 years to bridge Black/white wealth inequality.”

The gap between Black and White annual household incomes is about $29,000 yearly (Joint Economic Committee). This racial gap in income demands that the Black community be intentional about their economic empowerment to create generational wealth for the next generation. Our recommended book for the week provides strategies for identifying avenues through which black wealth is lost and how it can be retained and invested. About the Book This book is written under specific conditions that you should be aware of. First, it’s not a “how to get rich” book for individuals looking to maximize their 401(k) or invest in the stock market. I have other material for these purposes. Secondly, it’s not a book for all people of all backgrounds. I wrote this book for BLACK PEOPLE because we have a job. Our job is to reverse hundreds of years of discrimination and exploitation and the appropriation of trillions in black wealth that continues to evade our community. This book is also designed to lay out a framework to understand how trillions in black wealth are lost yearly due to poor cultural habits and family structure. The black family is, inherently, a multi-million-dollar institution. About the Author Boyce D. Watkins (born June 20, 1971) is an American[1] author, political analyst, social influencer, and ex-academic. In addition to publishing scholarly articles on finance and investing, Watkins is an advocate for education, economic empowerment, and social justice and has made regular appearances in various national media outlets, including CNN, Good Morning America, MSNBC, Fox News, BET He has a PhD from Ohio State University. #economicempowerment #blackempowerment #generationalwealth #equality #companyculture #employeeengagement #leadership #humanresources #employeewellness #workculture #hr #workplacewellbeing #employeeexperience

Addressing the roots of Black economic inequality has the potential to unlock as much as $1 trillion per year in domestic U.S. economic growth, according to a new study by the Black Economic Alliance Foundation. The study arrives at a time when public and corporate commitments to diversity-based initiatives — many of which were a response to the turmoil of 2020 — are being questioned or seemingly in full retreat. In the face of widening cultural backlash, some entrepreneurs like JPMorgan Chase CEO Jamie Dimon and tech investor Marcelo Claure have pushed to continue addressing racial economic disparities. The Black Economic Alliance (BEA) Foundation's research provides a menu of what the organization identifies as "a suite of specific, actionable interventions that companies and philanthropies could implement at scale, resulting in sustainable and impactful economic outcomes for Black communities." The 29-page "architecture for action" zeroes in on key cornerstones of economic advancement that include housing, real estate, health care, education, criminal justice, business and labor markets. "These interventions are identified for their proven success in providing achievable and transformative outcomes toward improving Black work, wages, and wealth," the BEA study writes. "With these solutions, we can help close the economic gaps that Black Americans face, and, in so doing, invigorate the entire American economy, potentially generating $1 trillion per year in GDP." Citing data from Citibank and the Bureau of Economic Analysis, the Black Economic Alliance's research argues that Black economic inequity has siphoned $16 trillion from the U.S. economy over the past 20 years. Had those gaps been eliminated two decades ago, last year's nominal GDP of $27 trillion would have been $43 trillion, the foundation adds. The study "offers needle-moving interventions to address the unique barriers to economic opportunity facing Black Americans," Samantha Tweedy, CEO of the Black Economic Alliance Foundation, tells Axios via email. "It shows corporate and philanthropic leaders exactly where and how to have the biggest impact on expanding Black prosperity - and, in so doing, the entire economy," she adds. Nowadays, vocal defenders of diversity-based initiatives are increasingly few and far between. But the BEA's plan — along with prominent business leaders like Dimon and Claure — makes a compelling case that economic equality is a dollars and cents issue.

For about a decade our home city of Atlanta has held the ignominious title of being the city with the highest income inequality in the U.S. ❗ Our research finds that this is no longer the case, though, with gentrification a likely factor in the decline, this is not necessarily good news. In addition, the gap between Black and White wealth remains stubbornly high. Since we are still in #blackhistorymonth2024 and thinking about Black Futures, we use the concept of Afrofuturism as a lightpost on a path to the future; a reminder that just as ideas and imagination formed  the unequal status quo, new and diverse ideas and imagination can form the future 🔮. #blackfutures #imagination For more information, check out our: ➡ No End in Sight Research – https://lnkd.in/gs2yEUYJ ➡ Black Futures work – https://lnkd.in/gqbyhEpd

Did you know that McKinsey & Co. started an Institute for Black Economic Mobility in 2020 ? I guess it was started to try and come up with solutions to increase the wealth of Black Americans or at least keep our focus on an issue that plagues our society to this day. It’s admirable that an institution of this stature would take on such an important task, especially since the founders of our country never had any intention of helping Black people prosper. The recorded discussions of the framers when they were trying to establish the US Constitution proves that ! I don’t think anyone who knows our nations history could deny that fact So let’s face some facts and stop sugar coating the reality. American slavery pretty much assured the creation of a permanent underclass for Blacks in America.  Yes, there has been economic progress for Blacks in America (for some), but overall there hasn’t been much progress.  In fact this new McKinsey & Co. institute did an analysis where they held the prosperity of White Americans constant and asked, “At the current pace of change, how long would it take for Black Americans to reach the same level as White Americans ?”  Their conservative estimate was that it would take 300 years for Black Americans to reach the same level of prosperity as White Americans. Now, I don’t know about you but that is not an optimistic picture but it does speak to the affect that almost 250 years of slavery had on the economic well being of the descendants of slaves. I have respect for McKinsey & Co. for wanting to tackle such an insurmountable issue, but just talking about what should be done to close the wealth gap will never work. To me, reparations is one of the best solutions. But given the current political and sociological attitude in our country, I don’t see reparations ever becoming a reality. And, the shame is that other ethnic groups have received reparations for the injustices they suffered at the hands of America. Therefore, It’s way past time that Blacks receive compensation for the economic exploitation of slavery and the current barriers to prevent real Black prosperity.                       Enough said ! #wealthgap  #prosperity  #wealth  #financialfreedom  #creativity #economicmobility