The Racial Wealth Gap in America - A Couple Thoughts from Richard Brown
Periodically Knox St. Studios team members leave thought on subjects that interest them. This week, hear from Richard Brown, Director of Tech Career on the recent article, “The Racial Wealth Gap in America: Asset Types Held by Race” published by Visual Capitalist.
Based on the data cited in the article -- the wealth gap isn't closing and without sustained effort it will not.
I pose a question - do we all admit there is a problem? So often I have noticed that we are talking past one another and we don’t agree on common terminology. Recognizing that this is a difficult issue that often gets lip service during small group conversations, convenings, and conferences I often notice that post-meetings of the minds, no “real work, and a real game plan” have been declared.
Possible solutions (that I agree with) for U.S. Black citizens as cited by the Forbes article - 5 Big Ideas to Narrow The Racial Wealth Gap:
1. Funnel Capital to Black-owned businesses.
2. Gift everyone baby bonds.
3. Forgive $10,000 in federal student debt per person.
4. Pay reparations to descendants of slaves.
5. Help Americans build emergency savings.
These solutions touch on our wealth, health, education, and well being. As I think about the execution of the five solutions, I have a few open-source questions for us to think about.
Are we thinking about the issue in terms of how we can individually make an impact?
Do we a set of tools that can change the trend or are we just repeating the playbook over and over again?
This Forbes article is food for thought. I certainly believe there is a role for federal and state governments to play. There is also a role for you and I to play in our homes, in our business, and at our local level. These solutions can happen and I think these five solutions are a place to start. Knox St. Studios is a collaborative space to enrich and grow together. Please share your thoughts and opinions about how we can/will/would change the game.
Give Richard a shout if you would like to grab a virtual coffee and chat - Richard @ Knoxststudios.org