In 1921, when our cover girl, Olivia Hooker was just six years old, her entire community was burned to the ground in what’s known today as the Tulsa Riot. The town of Greenwood was everything. In fact, the Black dollar circulated 19, yes 19 times before leaving the community – compared to today’s 6 hours.
Today, Black buying power currently stands at over $1.1 trillion and is on the road to hit about $1.5 trillion by 2021. And yet, Blacks don’t have jobs because they are creating so many jobs for other communities. For all of this wealth, we don’t feel wealthy because we are sending all of our money outside the Black community. As Dr. Boyce Watkins noted we need to harness that wealth. He said that with over $1 trillion, one can buy: 1,000 NFL teams; 3,000 predominantly white universities; the annual budget of 1.4 million charter schools across the nation; pay the tuition at Howard University for 50 million students for an entire year; buy 854,000 community centers; purchase NBC, ESPN and CBS and still have $1 trillion left over.
“When you look at Black unemployment, you see that Black unemployment is typically twice as high as white unemployment,” Watkins said. “Ask yourself this: Why is it that we give away $1.1 trillion in spending power when that $1.1 trillion could, according to most economists, create 12.2 million jobs in the Black community?” He added: “The point of all of this is because you have to understand one important, fundamental fact. Your money is your power, and you cannot give your power away.”
Let’s stop giving our power away. This issue is all about Black Wealth. We’re sharing tons of resources to #BuyBlack and #SupportBlackOwnedBusiness.