#wealthgap

[afriblaq]

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In 1898 African-Americans were a majority of Wilmington, NC’s population. The entire city was operated by colored people. Most owned homes and businesses in the city. Some houses were oceanfront. The city was independently Black owned, having their own banks, newspapers and government. On November 10, 1898, white insurgents overthrew the elected government and forced black leaders out of the city. They massacred families, burned down their homes and businesses. It is considered the only successful coup, a sudden, violent, and illegal seizure of power from a government, in American history. African Americans who survived never regained their land nor their power. All their financial assets were stolen illegally by the racists

[worldquestions]

Did One Generation Destroy the World Economy? 🌍💰

For years people have been arguing online about one big question: Which generation ruined the economy? Some people blame the Baby Boomers, others say the system itself is broken. But the truth is a lot more complicated.

The global economy we live in today was shaped by decades of decisions, technological changes, financial crises, and unexpected global events.

After World War II, the economy experienced massive growth. Jobs were plentiful, housing was affordable, and the middle class expanded quickly. Many families were able to buy homes, raise children, and build wealth.

But starting in the 1980s, major economic shifts began to happen. Governments pushed deregulation, corporations expanded globally, and manufacturing jobs started moving overseas. This increased profits and lowered consumer prices, but it also weakened job stability in many countries.

Then came the 2008 Financial Crisis, one of the worst economic crashes since the Great Depression. Millions of people lost their jobs, homes, and savings. The global banking system was shaken, and recovery took years.

When Millennials entered the workforce, they walked into an economy already struggling. Housing prices skyrocketed, student debt increased, and wages did not grow as fast as living costs.

Technology also transformed the economy. Companies like Amazon, Apple, and Google changed how the world works, creating massive innovation but also concentrating wealth and reshaping the job market.

Just as economies began stabilizing, the COVID-19 pandemic hit the world, shutting down businesses and forcing governments to spend trillions to prevent total economic collapse.

The reality is this: no single generation destroyed the economy. Economic systems are shaped by policies, financial institutions, technological revolutions, and global crises.

Every generation inherits the world from the previous one—and has the responsibility to improve it for the next.

The real question isn’t who destroyed the economy.

The real question is: how do we rebuild it together?

[sheniq]

The banking needs of formerly enslaved black soldiers, spurred the incorporation of the Freedmen’s Savings and Trust Company in 1865. “This bank is just what the freedmen need, proclaimed Abraham Lincoln on March 3, 1865, as he signed the Freedman’s Bank Act and authorized the organization of a national bank for ex-slaves. Due, in part, to aggressive recruiting tactics, the number of ex-slave depositors grew rapidly from 1865-1870. Thirty-four branches were established in cities across the nation, including Atlanta, Charleston, Philadelphia, and Washington D.C. “Go in any forenoon, and the office is found full of Negroes depositing little sums of money, drawing little sums, or remitting to a distant part of the country where they have relatives to support or debts to discharge,†reported a Charleston journalist in 1867. And yet, thrifting and saving did not yield desired results. The dream of prosperity and abundance slowly spiraled into a nightmare of fraud, mismanagement, and discriminatory lending. In 1871, Congress authorized banks to provide business loans and mortgages. Paradoxically, such mortgages and loans were usually administered to whites at the expense of black depositors. Risky investments and lending patterns, coupled with cronyism and corruption at the level of upper management, slowly undermined the stability of the bank. According to Black Past, “By 1874, massive fraud among upper management and among the board of director had taken its toll on the bank. Moreover, economic instability brought upon by the Panic of 1873, coupled with the bank’s rapid expansion, proved disastrous.” The Freedmen’s Bank was officially closed on June 29, 1874. At the point of closing, 61,144 black depositors were robbed of the modern equivalent of $66 million. The failure of the bank left many black depositors and borrowers distrustful of the white banking community, especially since the Freedmen’s Bank was established and managed by white men. In subsequent years, the white banking community has imposed higher interest rates on black borrowers or simply rejected their applications #generationalwealth #theft #racialwealthgap #wealthgap https://www.instagram.com/p/ClYrhUyLnjW/?igshid=NGJjMDIxMWI=

[blackhistorychatgpt]

Tell me about income and wealth disparity in America

I went to a panel tonight on Reimagining Public Health in NYC - A Discussion on the Racial and Wealth Gap and Health Equity

Me:

Can you write an essay about the connection between redlining, income and wealth gap, and health outcomes in the Black community? Highlight the disparity in maternal mortality race based upon race

ChatGPT:

The connection between redlining, income and wealth gap, and health outcomes in the Black community is multifaceted and complex. Redlining, a discriminatory practice that involves denying financial services or access to housing based on race, has had a significant impact on the economic wellbeing of Black families. This, in turn, has contributed to the widening income and wealth gap between Black and white households, which has led to disparities in health outcomes.

Redlining began in the 1930s and was a federal government policy that allowed banks and other financial institutions to deny loans and insurance to people living in certain neighborhoods. These neighborhoods were typically populated by Black families and other minorities, and the practice was based on the assumption that these communities were risky investments. As a result, these neighborhoods were deprived of essential resources such as quality education, healthcare, and healthy food options.

The legacy of redlining has contributed to the income and wealth gap between Black and white households. According to a study by the Brookings Institution, the median wealth of white households is ten times that of Black households. This disparity is largely due to historical and ongoing discrimination that has limited Black families' access to education, employment, and housing opportunities.

The income and wealth gap has had a profound impact on the health outcomes of the Black community. Black Americans have higher rates of chronic diseases such as diabetes, hypertension, and heart disease, which are often linked to poverty and limited access to healthcare. They are also more likely to die from these diseases than white Americans.

One area where the impact of these disparities is particularly stark is maternal mortality. According to the Centers for Disease Control and Prevention, Black women are three to four times more likely to die from pregnancy-related complications than white women. This disparity cannot be explained by differences in income or education level, as it persists across all socioeconomic levels.

There are several reasons for this disparity, including the fact that Black women are more likely to experience complications during pregnancy, such as hypertension and pre-eclampsia. They are also more likely to receive substandard care during pregnancy and childbirth, including being ignored or dismissed when they report symptoms of distress. Studies have shown that implicit bias and stereotypes about Black women's pain and abilities to cope with childbirth are also factors.

To address these disparities, it is essential to address the root causes of redlining, income and wealth gap, and implicit bias in healthcare. Policies and initiatives that promote equitable access to education, employment, and affordable housing are essential. Additionally, healthcare providers must receive training to recognize and address implicit biases that may affect their care of Black patients. Finally, Black women must be empowered to advocate for their health and hold healthcare providers accountable for providing high-quality care.

In conclusion, the connection between redlining, income and wealth gap, and health outcomes in the Black community is a complex and multi-layered issue. The legacy of redlining has contributed to the income and wealth gap between Black and white households, which, in turn, has led to disparities in health outcomes, including maternal mortality. Addressing these disparities will require a comprehensive approach that involves addressing the root causes of redlining, income and wealth gap, and implicit bias in healthcare.

[sacredtouchreiki]

[vegansofweightwatchers]

We are also (trying) coming out of a global pandemic, YOU LOOK LIKE ASSHOLES! There on willingness to see, hear, and help it’s becoming unbearable. It’s so embarrassing to be American lately. . . . #RIPsince2017 (I really hope I didn’t just male that hashtag up… it needs to be a thing). #spacerace #capitalism #BillionaireClub #ReadTheRoom #WealthGap #RacialWealthGap #WealthTax #wagegap #taxtherich #eattherich . . @diversifyournarrative Via @rbreich. View the full article through The New York Times. https://www.instagram.com/p/CRRu5FlLZz9/?utm_medium=tumblr

[chasingpagesquotes]

Curiosity is a luxury for the financially secure.

Tara Westover, Educated 

[omegasunslight]

REPOST from @theblackupstart Capitalism is a team sport. We must acquire enough assets to equip the next generation with enough capital to compete in a capitalist economy. // @keziamw #ProfessorKez #asset #business #wealthgap #Wealthchambers #capitalism #blackbusinesscircle #hireyourself #sunsseedsonfb #sunsseeds #networking https://www.instagram.com/p/Bp6c7D-Ba1F/?utm_source=ig_tumblr_share&igshid=s1pmpujoq0hy