Black Business and Economic Stories for August 10 to August 16th

Top  Stories

  • K-Shaped “Recovery” Widens Gulf between Haves and Have-Nots (Non Profit Quaterly)
  • Us against them’: Workers cite racial divide on front line of long-term-care fight against COVID-19 (Richmond Times-Dispatch) – Nice, long article of what it’s like to work in the nursing home industry
  • There Is No Equality Without Affordable Childcare, but Little Is Being Done About It (Good Housekeeping)
  • More than 1 in 3 Black women are on the front lines of the pandemic, but they aren’t even close to equal pay (CNBC)
  • Black women with natural hairstyles are less likely to get job interviews (CNN)
  • Veteran Reporter DC Livers Launches First Black Woman Owned/Led Sports Network (EUR Web) (Black Sportz Magazines)
  • How decades of US welfare policies lifted up the white middle class and largely excluded Black Americans (Business Insider)

Special Topic: Crown and Hops Craft Beer Brewery

  • The Crown and Hops website is here.
  • The Crowns & Hops Founders Saw No Black People In Taprooms. Here’s What They Are Doing About It (Forbes)
  • Marketplace extended interview with the founders of Crown and Hops:  Beny Ashburn and Teo Hunter (Marketplace.org)

Covid-19 / Coronavirus

  • The recession is over for the rich, but the working class is far from recovered (Washington Post)
  • How housing patterns may partly explain coronavirus’s outsized impact on Black Louisianans (New Orleans Times-Picayune) – Daily life with Covid-10. Cramped quarters and working conditions explain high covid-19 rates.
  • Chicago Urban League to provide emergency grants to Black small businesses (Chicago Crusader)
  • Local Sacramento Arts organizations crushed by Coronavirus (Sacramento Bee) – Art’s and Entertainment experienced a 35% drop in activity.
  • Tenino, Washington is printing wooden money to help residents through the pandemic (CNN).
  • Here are the rules from the Tenino, WA. Web-site. – The script is given in $25.00 amounts and only 99 cents in change can be returned. No alcohol, tobacco or cannabis 
  • President Trump suspends the payroll tax despite lack of bipartisan support (National Academy of Social Insurance)
  • More Signs Coronavirus Exacerbates Economic Inequality. Here’s How. (Barrons) – Another recap.  Jobs, wealth and health cause higher outbreaks in the Black community.

PPP / Coronavirus

  • Only 130 Black-Owned Restaurants Received PPP Loans Over $150,000, According To A Report (Delish)
  • 785 Michigan restaurants got $150K or more in federal loans. Only 1 listed as Black-owned (Detroit Free Press)
  • Only 130 Black owned restaurants received large PPP loans. (Restaurant Business)
  • Small business loan program data has little information about race (Center for Public Integrity)
  • K-Shaped “Recovery” Widens Gulf between Haves and Have-Nots (Non Profit Quaterly)
  • Business leaders work to include minority-owned businesses in economic recovery (Philadelphia Tribune)

Protest

  • Minnesota and private partners need to support rebuilding inner-city commercial corridors (Minneapolis Star-Tribune) – Some good reporting coming out from Minneapolis.
  • ‘Decolonizing your bookshelf’: students, alumni, and local businesses turn to books — and buying practices — to combat racism (Daily Princetonian) – Buying Black and anti-racist books helps Black bookstores.
  • Turn the Page helps readers by from Black bookstores (Turn the Page)
  • City of Arlington’s New Unity Council Will Examine Racial and Economic Inequality (Spectrum-San Antonio)
  • SoCalGas Launches Restaurant Recovery Program Donating $75,000 to Black-Owned Restaurants in Los Angeles County & Inland Empire (PR Newswire)
  • 27 CEOs Launch program to hire 100,000 workers from NYC (CUNY) (NY Jobs Council)
  • C.E.O.s Pledge to Hire 100,000 Low-Income and Minority New Yorkers (NY Times)

Jobs / Workers / Unemployment / Economy

  • Us against them’: Workers cite racial divide on front line of long-term-care fight against COVID-19 (Richmond Times-Dispatch) – Nice, long article of what it’s like to work in the nursing home industry.
  • Opinion: Time to raise the minimum wage (Philadelphia Tribune) – Pennsylvania minimum wage is $7.25, the lowest in the country.  Alabama of the North.
  • There Is No Equality Without Affordable Childcare, but Little Is Being Done About It (Good Housekeeping)
  • How to Rescue the Economy and Help Black Workers at the Same Time (Politico) – Darrick Hamilton want a paycheck guarantee

Inequality / Racial Inequality

  • A Most Dangerous Intersection: Revisiting Race and Class in 2020 (Non Profit Quarterly) – How structural is racial economic inequality?
  • American Cities Brace for a Future With Even Greater Inequality (Bloomberg)
  • Cities no longer provide opportunity (Bloomberg) – Black males fared the worst – david autor
  • NUL’s Annual Report Shows Blacks in Pandemic’s Grip (Washington Informer)
  • The National Urban League released it’s “State of Black America” report August 14th, 2020.  The report data was pre-Covid-19 and showed a small increase toward equality most likely due to the low Black unemployment rate. All of the report commentators discussed the damage Coronavirus is doing to Black communities.
  • Some “Essential” Jobs Are Still In The Queue to be Automated (Medium) – We know there is a coming job shortage.
  • How racism leaves a lingering economic ‘glass ceiling’ for Fresno’s Black residents (Fresno Bee) – Fresno is about 7% Black, 45% Hispanic, 60% White and 10% Asian. 
  • How powerful is financial inclusion? The Freedman’s Bank story suggests bank access is not enough to close the racial wealth gap (Chicago Booth)
  • How decades of US welfare policies lifted up the white middle class and largely excluded Black Americans (Business Insider)
  • Making billions versus making ends meet: how the pandemic has split the US economy in two (Guardian)

Special Topic: Black Women’s Equal Pay Day

  • August 13th is Black Women’s Equal Pay day. (American Association of University Women) Black women make 62 Cents for every 1.00 dollar White men earn in a year,  so Black women would have to work until August 13th of the following year to make the same money.  The gap is expected to widen because of Coronavirus uneven impact on the workforce.
  • Equal Pay Day for Black women is today, August 13th. There’s a reason for that (CNN)
  • Today is Black Women’s Equal Pay Day. Here’s why it matters more than ever (Fast Company)
  • How the pandemic will affect Black Women’s Equal Pay Day for years to come (NBC News)
  • More than 1 in 3 Black women are on the front lines of the pandemic, but they aren’t even close to equal pay (CNBC)

Black Business Stories

General Black Business

  • Supporting Black Business is Supporting Black People (Bloomberg BusinessWeek)
  • How to Find and Support Black-Owned Businesses (Yes Magazine)
  • Founder Keenan Beasley On Why Black Business Month Matters (Essence)
  • The Fight for the McDonald’s Franchise (Business Insider) – Interesting podcast transcript of Black ownership of McDonalds franchise.
  • Sixers’ Ben Simmons and singer John Legend are part of a group backing Philly credit card startup with $18M (Philadelphia Inquirer) – by Joseph N. Distefano.  So this is a great peak into the consumer credit card business.  No one seems to be able to break the Visa / MasterCard high fee, high interest duopoly.  So this is another card with an app and extra features.  We see, if there is some actual  value add by the Black athletes and entertainers or are they just paid endorsers and passive investors.
  • Viewpoint: CDFIs look for help to close lending gap (Washington DC Business Journal)
  • Black leadership group continuing financial literacy series Saturday (Courier)
  • UNLV professor Tiffany Howard, identifies Black entrepreneurship as a way to bridge racial wealth gap (The Nevada Independent)
  • UNLV Black Entrepreneurship Study is here.

Big Business

  • What Does Real Action Toward Achieving an Equitable Profession Look Like? (Architect)
  • Diversity pledges alone won’t change corporate workplaces – here’s what will (The Conversation) – The problem is unconscious bias
  • Why Do Boards Have So Few Black Directors? (HBR)
  • US Bank to provide USD 1 mln grants to black-led CDFIs (The Paypers)
  • Bank Initiatives Promise to Address Inequalities
  • Wells Fargo Names Kristy Fercho to Lead Home Lending (NNPA Newswire)
  • U.S. companies vow to fight racism but face critics on diversity (Reuters) – old but good summary of actions after George Floyd killing.
  • Bristol-Myers Squibb Invests $300 Million to Diversify Trials (The Street)

Special Topic: Crown and Hops Craft Beer Brewery

  • The Crown and Hops website is here.
  • The Crowns & Hops Founders Saw No Black People In Taprooms. Here’s What They Are Doing About It (Forbes)
  • Marketplace extended interview with the founders of Crown and Hops:  Beny Ashburn and Teo Hunter (Marketplace.org)

Discrimination

Black women with natural hairstyles are less likely to get job interviews (CNN)

  • SFFD ‘Whites Only’ Policy on Fire Boat (Post News Group NNPA Black Press) – I don’t think I have ever seen a municipal fire department where Whites were not over represented.  We must be paying too much.
  • Do You See Me Now? – Founders Reels After Leaked Deposition in Discrimination Case Causes Closures, Resignations (Good Beer Hunting) – Nice long article about discrimination at Founders Brewing Company in Detriot.
  • The Time Is Now, Part One — Understanding the Origins of Beer’s Inequity (Good Beer Hunting)

Reparations / Affirmative Action / Diversity and Inclusion

  • Six questions about slavery reparations, answered (CNN)
  • DOJ: Yale Discriminates Against Asian American and White Applicants In Admissions (NPR) – Looks like an election ploy. The Supreme Court has already ruled that race can be used as a factor in admissions.
  • U.S. companies should consider slavery reparations, Vista Equity CEO says (Reuters)
  • Nation’s wealthiest Black man says corporate America should consider slavery reparations (ABC News)
  • Should Charleston be talking about reparations? (Charleston City Paper)
  • Diversity and Inclusion is a growth industry. These experts explained why. (NBC News)

Careers / Business Startups / Motivation / Success / Ideas

  • Two Nashville Entrepreneurs want to uplift and encourage Black residents to enter tech industry (WSMV Nashville). Pivot Technology School (PTS)
  • Changing the face of architecture (KCRW) – Second article
  • Black psychiatrists are few. They’ve never been more needed (Washington Post)
  • The Coronavirus Pandemic, Police Brutality Have Black Therapists In High Demand (St. Louis Public Radio)
  • Racial equity in clean energy should be a key differentiator for the industry (PV Magazine)

Tech / Innovation / apps

  • Equal access to tech can reduce poverty and increase diversity (The Hill)

Sports / Entertainment / Media

  • Veteran Reporter DC Livers Launches First Black Woman Owned/Led Sports Network (EUR Web) (Black Sportz Magazines)
  • Oprah Winfrey ending print edition of ‘O’ magazine after 20 years (NY Post) – Magazine has more than 2 million subscribers but single copy print sales were just over 200,000.
  • Integration came at a cost for Negro Leagues (MLB)
  • After NFL Career Ends, Black Players Suffer More Health Woes Than Whites (US News)
  • Golf Digest Partners With the African American Golf EXPO and Forum to Continue Efforts to Grow the Game (PR Newswire)

Charity / Philanthropy

Education

  • The Black-White Wealth Gap Will Widen Educational Disparities During the Coronavirus Pandemic (Center for American Progress) – It looks like about 10% of kids do not have access to internet or a smartphone.
  • Black college grads end up with $25,000 more in loans than whites. Cancel that debt. (Hechinger Report) – Andre Perry

Conservative / Alternative

  • Black salaries matter: Efforts to close the wage gap are working (Washington Times)

Books

  • Caste by Isabel Wilkerson. Disparity in Jobs Goes Deeper Than Racism, According to New Book (Bloomberg)
  • Advice from Successful Black Lawyers (BlackNews.com)

Travel

Straight Up Econ

  • Coronavirus spending is test whether deficits really matter (The Conversation)
  • Monetary Myth-Busting: An Interview With Stephanie Kelton (Dissent) – Heard her a couple of times. Deficits don’t matter as much as we think. 
  • Changing the Federal Reserve mandate could provide a down payment to ending racial inequality (The Conversation) – By William Rodgers, former chief economists at the Labor Department
  • Fed monetary policy didn’t cause racial inequality and can’t do much to cure it (Washington Post)
  • Economist’s research cited in bill to strengthen federal minority business agency (UC Santa Cruz)
  • John Jay’s economics department earns a high score on NY FED’s education inclusion index.  (John Jay College)
  • Who is Being Trained in Economics? The Race, Ethnicity, and Gender of Economics Majors at U.S. Colleges and Universities (NY Fed) – They have a nice analysis plus interactive charts that show women and minorities in economics.
  • Did You See It? Check Out NewsOne’s Panel On ‘Dismantling the Effects of Economic Racism (NewsOne)

Politics / Government

  • Wilson Passes the Commission on the Social Status of Black Men and Boys Act (Congresswoman Frederica Wilson) – Create a 19 member commission under the US Commission on Civil Rights.
  • Failed KingSoutel Crossing CRA Benefits Salaries of Office of Economic Development (Florida Star)
  • Consumer Financial Protection Bureau Gives a Green Light to Predatory Payday Lenders (Oakland Post)

Real Estate / Segregation / Redlining

  • The Black Lives Next Door (NY Times) – Richard Rothstein writes about solutions to residential segregation. Rothstein wrote “The Color of Law” about how the government helped redline US cities.
  • Quicken Loans IPO Could Help Fight California’s Homeownership Crisis (Post News Group) – So this is kind of interesting, is Quicken / Rocket Mortgage make more loans to minorities or less ?  Did not have time to research.
  • Callaloo pivot at Manhattan Casino draws debate over protecting interests of Black residents in South St. Petersburg (St. Petersburg Catalyst)
  • How Blockbusting and Real Estate Profiteers Cash In on Racial Tension (Dwell)

Taxes / Sausage Making

  • Commentary: Black Chamber to Gov. Pritzker: Listen to our tax concerns (Chicago Tribune) – Conservative
  • Finance / Investing / Fintech
  • Ariel Investments’ John Rogers Shares Insight About Stocks, Racial Relations (Investors Business Daily)

Law / Legal / Justice

  • We Need to Throw More Criminal Businesspeople in Jail (Jacobin Magazine) – White collar prosecutions are down 30%.

People

  • First Black Student to Receive a Doctorate in Computer Science at the University of Florida (Florida Star)
  • Dr. George Brooks, Aquaponics Researcher — ‘Grow it if we can’: Aquaponics pioneer reimagines food in victory gardens, ‘edible landscapes (Arizona Republic)

Opinion

  • The best way to boost our economy after the pandemic is to invest in renewable energy programs (Sun Sentinel)

History

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