Keeping It Right

Keeping It Right is for thought provoking conversationist. It's for those who love to talk about today's issues, yesterday's history and tomorrow's future.

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Location: Moreno Valley, CA

Wednesday, March 12, 2008

Which Is It?

Which is it?

While surfing the net, I hit one of my favorite blogs, blackelectorate and saw these two stories in it. Strangely I was a little confused in regard to the state of black America, when I read the following stories:

BLACK BUYING POWER TO REACH $1.1 Trillion BY 2012
(Final Call)

NEW YORK (FinalCall.com) - A new report from Packaged Facts, “The African American Market in the U.S.,” forecasts that the buying power of 39 million Blacks will hit $1.1 trillion by 2012.

According to the report, there are 2.4 million affluent Black households with incomes of $75,000 or more. This group accounts for 17 percent of all Black households, but 45 percent of total Black buying power, the report said.

“Data shows that companies offering luxury items and financial services are at a particular advantage, because affluent African Americans are even more likely than other affluent cohorts to spend money on luxury items such as cruise-ship vacations, new cars, designer clothes, as well as investing in life insurance,” researchers said.

To read more: http://www.finalcall.com/artman/publish/article_4418.shtml


So you can imagine my surprise to see this:

BLACK AMERICA IS IN A PERMANENT RECESSION
Southern Studies (www.southernstudies.org)

Pundits are working themselves into a dither about whether the U.S. is or isn't officially "in a recession." But for at least one segment of the country, the question is settled: African-Americans are deep in recession, and have been for a while.

In fact, black America is in what should be called a permanent recession.

In January, economist Algernon Austin at the Economic Policy Institute pointed out that even in good times, huge numbers of African-Americans are being left behind:

In the best of times, many African American communities are forced to tolerate levels of unemployment unseen in most white communities. The 2001 recession pushed the white annual unemployment rate up from a low of 3.5% in 2000 to a high of 5.2% in 2003. During the same period, the black unemployment rate shot up from 7.6% to 10.8%.
But the reality of inequality is too often left out of the equation. For example, USA Today ran a feature this week -- "Is your state in a recession?" -- which found that many parts of the country aren't in a recession, and are actually growing

To read more: http://southernstudies.org/facingsouth/2008/03/black-america-is-in-permanent-recession.asp

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