RACISM + MONEY
Why Black Families Are Suffering the Worst Effects From Rising Inflation
Years of systemic racism built the conditions we see today
When watching the news lately, I get the impression that many Americans believe that inflation is an equal opportunity assailant, harming everyone she comes across with the same strength and vigor. But, in all reality, inflation is hitting Black American families harder than any group because of long-standing racial disparities.
According to Ann Brown’s report, “inflation means minimum wage workers are poorer and gives workers a 2 percent pay cut, reinforces economic disparities, and high inflation means there are fewer opportunities to become a homeowner.” The prices at the gas station and the pump are only the tip of the iceberg of the widespread effects. But, it seems some folks don’t want us to look up.
Even before the early days of the pandemic, White families, on average, had ten times the wealth as Black families, which has only grown in recent years. Many White families who had more money to begin with are not suffering the same effects from the rising cost of food and travel expenses. As the saying goes, when “White folks catch a cold, Black folks get pneumonia.”
