Being Black in America means you have the power to “stimulate the economy of countries.” However, you’re still likely only to have ten percent of the wealth that the average white American household has. The wealth gap between Black and white Americans is staggering. Still, Black people have a powerful hold over the economy, and American culture, for that matter. So why isn’t that reflected in our net worth?
You can blame redlining, unfair USDA practices, the Jim Crow era, and the long, troubling history of racism and white supremacy for the creation of systems that prohibit Black Americans from achieving generational wealth. But while Black people are systemically barred from owning houses, land, and wealth in general, Black culture might as well be America’s number one export.
If you travel outside the U.S., you’ll see our hairstyles being worn down the streets of Tokyo, you’ll hear Black music at restaurants, retail stores, and clubs in Europe, and you’ll even hear our language or AAVE all around, thanks to the internet. Black culture is all around, and in America, Black people’s style, talents, music, and art are highly consumed and sought after.
Despite these facts, Black people aren’t paid for their influence and clearly remain behind their white counterparts economically. So, how can we celebrate the culture while closing the wealth gap? This answer lies in the 1.3 trillion dollar spending power of Black Americans.
Circulating the dollar in the Black community means more jobs, more economic security, and more wealth. Activist Maggie Anderson notes that it could create a million new jobs if Black people could raise their spending at Black-owned companies from three percent to ten percent. The culture lies within the Black community, so why not support and uplift Black-owned businesses?
Black people hold a lot of power despite what the world may tell them. You can help circulate the dollar within our community by choosing one area of your life to focus on buying Black. Whether it’s home decor, bath products, or even just your kitchen linens, choose always to buy Black because it not only celebrates the culture but it helps close the wealth gap.