via Final Call
With $1 trillion in spending power, Black America doesn’t have to wallow in despair, want and disaster say advocates for economic independence.
According to the U.S. Census Bureau, Blacks live 27 percent below the poverty line, compared to Whites at 10 percent, Hispanics at 26 percent, and Asians at 12 percent.
Their collective poverty ranking comes despite massive buying power, which advocates insist could be solved with unity and spending discipline.
“We’re not poor. We’re just broke. Our money goes in one direction—away from us. We’re some of America’s most conspicuous consumers and there’s tremendous economic leakage in our community, and, we’re an economically illiterate people,” stated George Fraser, CEO of FraserNet Inc., which works to increase opportunities, wealth and jobs for Blacks.
The lack of money recycling in the Black community further evidences the problem, he told The Final Call. About five percent of the Black dollar returns to Blacks in seven days, compared to seven months in the Jewish community, according to Mr. Fraser.
If Black America were a nation, it would be the 16th richest in the entire world, he argued. But, Blacks have taken the art of consumption to a whole new level, so while they account for nearly a trillion dollars, principally, it does not recycle, he said.