If only I had a crystal ball to accurately predict the future. Unfortunately, I do not! However, I can rely on my expertise and instinct, conduct research, and read and speak to people and organizations I believe are credible and knowledgeable (thank you, Cynthia M. Ruiz and Kellie Todd Griffin).
When I look at the economy, I always look at both the “Macro” and the “Micro.”
Let us start with the big picture (Macro). The truth we know is uncertain! The global economy is fragile because of all the wars around the world. The lingering effects of COVID-19 will potentially devastate poor people and Communities of Color for years to come.
So, I will talk about the Micro as it relates to people of color and women in this country. Earnings and unemployment rates are indicators of the economy.
According to the US Department of Labor:
• Women only earn 75 cents for every dollar a white man makes, and People of Color statistically earn less.
• White weekly earnings: $1,046.52
• African American: $791.02
• Latino: $762.80
• Native American: $801.99
• Asian: $762.80
The California Black Women’s Collective in partnership with CA Black Media and Black Women Organized for Political Action released a report, the State of Black Women in CA in 2022. It stated that California has the fifth largest Black population in the nation with 2.1 million people. However, based on the 2020 census results, this only represents 5.7% of the overall state population.
Black females in California represent 51% of the Black population. According to the report, 80% of Black households in the state have Black women breadwinners, and over 70% are headed by single mothers.
Fourth quarter 2023 unemployment rates for African American men age 16 to 19 have a 14.6% unemployment rate. Latino men ages 16 to 19 have a 13.4% unemployment rate. Sixteen to nineteen are formative years when we should be investing in our young men, not getting them ready for prison. Since 2000, private prisons…
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