Top Black Economic and Business Stories May 31st to June 7th

Protest Related

Black professionals must deal with White collegues during protests (Wall Street Journal -Pay Wall)

Michael Jordan Pledges to Donate $100 Million (Sporting News). Jordan to donate $100 Million to support anti-racism(CNBC)

San Francisco Mayor London breed proposes redirecting police budget to help African Americans through social programs (KTUV TV)

Walmart donates $100 Million for diversity.(Here)

Target pledges $10 million.(Here)

Bank of America promises $1 billion.(WTHR)

Amazon donates $10 million on Black Oriented charities(Amazon PR)

Covid-19

Covid-19 may force US to look a payroll subsidies and creating government jobs. (The Century Foundation). Europe successfully used payroll subsidies to keep unemployment low.

African American banks pivotal as ever for minorities in US (AFP)

Pay Protection Program

Black and Hispanic businesses shut out of PPP (CBS News)

Jobs and Unemployment

In the confusing Employment Situation report May 2020 which covers the month of April, Black unemployment stayed at 16.8% while the economy added 2.5 million new jobs. The Bureau of Labor Statistics survey may have confused people who were furloughed and kept their jobs with people who lost their jobs completely

Essential Workers

Racial Inequality Among Workers in Frontline Industries: Black Workers are Overrepresented and Undercompensated (Center for Economic and Policy Research).

Working Black Women in Florida Face Insecurity (Association of American University Women).

Top Black Economist discuss Black unemployment and inequality (WBUR – Audio)

Racism and Discrimination

Racism is built into the US economy(Bloomberg)

Black Americans Economic Struggle (Bloomberg)

Silicon Valley can fight racism by supporting Black Business(Tech Crunch). The article includes support for one of our proposals: Full EEO reporting including race, position and salary.

Racism in the UK Music Industry (Music Business Worldwide)

Corporate america should speak up on racism and act (Forbes)

Reparations

Bob Johnson calls for $14 Trillion dollars in reparations (NBC news)

Press Release for Bob Johnson’s reparation plan(PR News Wire)

Where did he get the $14 Trillion from? It’s on his company’s web site. (RLJ Companies). Well thought out and detailed.

The Roosevelt Institute also looks at reparations. (Roosevelt Institute)

General Black Business

Chicago Black Businesses Unite (Chicago Sun-Times)

Neilsen has a great guide to Black spending and Black On-line consumer behavior. Lots of interesting tidbits on young black consumers

Small Business

Blacks struggle to join the weed industry (NBC News)

List of Black Business Directories

List of Black Book Stores

Corporate

There are few Black leaders at large Corporations(CNN)

The four Black CEO’s at fortune 500 companies speak out (Fortune)

Straight Up Econ

  • Congressional Budget Office released projections for the economy for the rest of 2020 and 2021. Not good. (Congressional Budget Office)
  • Summary: CBO expect about an 11% quarterly contraction (or about 40% yearly) contraction in GDP.  They also expect 26 million fewer people to be working. They also project that by the end of 2021(4Q) unemployment with be about 10% and GDP will be 1.6% lower.

Racial Income and Wealth Gap / Inequality

  • Black income and wealth gap (Philadelphia Tribune)
  • Black White inequality in six charts (CNN)
  • 33 Facts about Black wealth gap (Money)
  • One comentator proposes that the Black wealth gap can be mostly explained by inheritance. (Of Dollars and Data)

Good News / Successful people / In Passing

In Passing

Eugene Lothery, trailblazing African American TV and radio executive, dies at 78. (Philadelphia Inquirer)

Good news

Black Owned Pharmaceutical company, Ennid Theraputics, announced it was developing treatments for the coronavirus. The company is run by Danisha Harrison. (Ennid Theraputics)(BET)(Amsterdam News)

Dr. Quintin Bullock discusses the benefits of community college. He is president of Allegheny community college. (Pittsburgh Courier)

Old but still good

Mortgage interest deduction helps rich whites and increase racial wealth gap. (National Low Income Housing Coalition)

Summary: Blacks are 13% of households but receive only 6% of tax benefit.  Some solutions are to cap deductions

Defund the Police (Atlantic)

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