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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.”
History shows White Americans’ monumental head start comes as a direct result of hundreds of years of discriminatory financial policies starting with the slave trade, which continues to contribute to the second-class citizenship many Black Americans endure. Remember those stickers from 2020 that said, “we’re in this together?” Well, those used to grind my gears to a screeching halt. With a furrowed brow, I wondered, “Seriously. When have we ever been in this all together?” Unity rhetoric in the absence of true unity is as empty as a blue-collar bank account the night before payday. According to Forbes, 78% of Americans live check-to-check, and Black families are disproportionately represented in that statistic.
In the Twitterverse, I read a pretty interesting perspective. Of course, someone always has to pop up and blame Black people for our condition. One man suggested that immigrants of color have more equity than Black families, so something must be wrong with Black Americans. Rather…
