Connect with us

Apple News

Charlene Crowell: Nation’s Racial Wealth Divide Worsens with Federal Tax Cut

Published

on

charlene crowell - 2019 Institute for Policy Studies Graphic Racial Wealth Divide Has Grown Over Three Decades (002)

*If you’re like me, every time you hear a news reporter or anchor talk about how great the nation’s economy is, you wonder what world they are living in.

Certainly these journalists are not referring to the ongoing struggle to make ends meet that so much of Black America faces.

For every daily report of Wall Street trading, or rising corporate profits, you’re reminded that somebody else is doing just fine financially.

To put it another way, ‘Will I ever get past my payday being an exchange day…when I can finally have the chance to keep a portion of what I earn in my own name and see how much it can grow?’

When new research speaks to those who are forgotten on most nightly news shows, I feel obliged to share that news – especially when conclusions find systemic faults suppress our collective ability to strengthen assets enough to make that key transition from paying bills to building wealth.

Ten Solutions to Close the Racial Wealth Divide is jointly authored by the Institute for Policy Studies, Ohio State University’s Kirwan Institute for the Study of Race and Ethnicity, and the National Community Reinvestment Coalition. This insightful and scholarly work opens with updates on the nation’s nagging and widening racial wealth divide. It then characterizes solutions offered as one of three approaches: programs, power, and process.

According to the authors, programs refer to new government programs that could have a major impact on improving the financial prospects of low-wealth families. Power refers to changes to the federal tax code that could bring a much-needed balance to the tax burden now borne by   middle and low-income workers. Process refers to changes to the government operates in regard to race and wealth.

racial wealth gap1

“For far too long we have tolerated the injustice of a violent, extractive and racially exploitive history that generated a wealth divide where the typical black family has only a dime for every dollar held by a typical white family,” said Darrick Hamilton, report co-author and executive director of the Kirwan Institute for the Study of Race and Ethnicity at The Ohio State University.

From 1983-2016, the median Black family saw their wealth drop by more than half after adjusting for inflation, compared to a 33 percent increase for the median White households. Keep in mind that these years include the Great Recession that stole nearly $1 trillion of wealth from Black and Latinx families, largely via unnecessary foreclosures and lost property values for those who managed to hold on to their homes.

Fast forward to 2018, and the report shares the fact that the median white family had 41 times more wealth than the median Black family, and 22 times more wealth than the median Latinx family. Instead of the $147,000 that median white families owned last year, Black households had $3,600.

When Congress passed tax cut legislation in December 2017, an already skewed racial wealth profile became worse.

“White households in the top one percent of earners received $143 a day from the tax cuts while middle-class households (earning between $40,000 and $110,000) received just $2.75 a day,” states the report. “While the media coverage of the tax package and the public statements of the bill’s backers did not explicitly state that it would directly contribute to increasing the racial wealth divide, this was the impact, intended or otherwise.”

With the majority of today’s Black households renting instead of owning their homes, escalating rental prices diminish if not remove the ability for many consumers of color to save for a home down payment.  As reported by CBS News, earlier this year, the national average monthly cost of fair market rent in 2018 was $1,405. Recent research by the National Low-Income Housing Coalition on housing affordability found that more than 8 million Americans spend half or more of their incomes on housing, including over 30 percent of Blacks, and 28 percent of Hispanics

Homeownership, according to the Center for Responsible Lending, remains a solid building block to gain family wealth. But with an increasing number of households paying more than a third of their income for rent, the ability to save for a home down payment is seriously weakened. CRL’s proposed remedy in March 27 testimony to the Senate Banking Committee is to strengthen affordable housing in both homeownership and rentals. To increase greater access to mortgages, CRL further advocates low-down payment loans.

“The nation’s housing finance system must ensure access to safe and affordable mortgage loans for all creditworthy borrowers, including low-to-moderate income families and communities of color,” noted Nikitra Bailey, a CRL EVP.  “The lower down payment programs available through FHA and VA, provide an entry into homeownership and wealth-building for many average Americans.”

“Government-backed loans cannot be the only sources of credit for low-wealth families; they deserve access to cheaper conventional mortgages,” added Bailey. “Year after year, the annual Home Mortgage Disclosure Act data reveals how consumers of color, including upper-income Black and Latinx households are disproportionately dependent on mortgages that come with higher costs.  Our nation’s fair lending and housing finance laws require that the private mortgage market provide access for low-wealth families.  We need additional resources for rental housing to address the affordability crisis that many working families face.”

There’s really no point in continuing to do the same thing while expecting a different result. When the status quo just isn’t working, change must be given a chance.

charlene crowell1

Charlene Crowell

Charlene Crowell is the Center for Responsible Lending’s deputy director of communications. She can be reached at [email protected].

 

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

** FEATURED STORY **

Pastor Cal Keeps Love Alive on ‘Married at First Sight’ (EUR EXCLUSIVE!)

Published

on

By

Pastor Cal - Calvin Roberson

eur mafs poster

*For 11 seasons, “Married at First Sight” (MAFS) has been the ultimate experiment in matchmaking as couples who have never met – complete strangers – tie the knot.

If you are not familiar with the popular Lifetime series, people looking for love are matched by relationship experts (Dr. Pepper Schwartz, Dr. Viviana Coles, and Pastor Calvin Roberson-known as Pastor Cal) and agree to tie the knot before meeting their mates.

The show follows the couples for a few weeks as they experience their first meeting at their weddings, their honeymoons, meeting each other’s families, and other milestone events all the while being counseled by the experts. At the end of each season, the couples are given the chance to continue in their marriage or get a divorce.

MORE NEWS: The Pulse of Entertainment: Gospel’s Brianna Collins Shows God ‘Honor & Praise’ with New Single

eur CalvinRoberson_MAFS_S6

Pastor Calvin Roberson (Pastor Cal) is one of the experts matching couples on “Married at First Sight.” (Photo: Lifetime)

While some may question the show’s premise, the EUR spoke to Pastor Cal recently and he said the series is genuine.

“My job on the show is to get these couples, put them together, and make sure they stay together,” said Pastor Cal. “My goal is to look at their differences, see where they’re compatible, counsel them and in some cases, threaten them, to make it work. All the experts, our focus, is simply making sure the couples stay together.”

As for a method in which the couples are matched, he added, “There isn’t a solid formula we apply to every couple. It has to be tweaked as we find out people’s peculiarities. It can be nerve-wracking but it’s rewarding in the end.”

Like many MAFS seasons, there are surprising revelations and this one, featuring couples from New Orleans, is no exception.

“Season 11 has brought us so many surprises,” Pastor Cal said. “Even in casting, one of the couples we thought would get along much quicker is one of the ones lagging behind. And one couple we thought would move slower to intimacy are moving ahead. And that’s with Miles and Karen being the slower and Woody and Amani being the faster of the two.”

EUR MAFS-S11-Couples_Woodrow-Amani

Woody and Amani in current season (11) of “Married at First Sight.” (Photo: Lifetime)

He continued, “Also, by my own admission, I fall on the sword on this one, I was not expecting Bennett and Amelia to get along so well. I thought she would be put off more by his lack of profession. It was a big surprise to me.”

The next MAFS season will include Atlanta couples and after that the show heads to Houston, which is casting now. Pastor Cal told the EUR that the show adapts to the couples from each city.

“I believe that every city we film in brings a certain flavor and the participants from that city take on the flavor from that city,” Pastor Cal said. “New Orleans is laid-back, they party, and it’s a very fun city as opposed to a city like D.C. that is very political, buttoned up, and tight. But definitely we found that every city influences the participants. We definitely see different personalities coming out of each city.”

MAFS Houston Flyer

Speaking of Atlanta, Pastor Cal is the lead pastor at Progression church in the peach city. He and his wife Wendy have a marriage coaching organization that offers marriage and relationship conferences, boot camps, and seminars worldwide.

While COVID-19 may have slowed down the in-person events, that has not stopped people from contacting Pastor Cal for love connections, “Because of COVID, we’re online. I get more people through DM’s, email, etc. asking me to match them.”

And how does the church feel about the show?

“My church actually loves it.” Pastor Cal said. “They are so supportive and such an incredible group of people. They tell people about the show. Our church was actually founded on relationships, so it was an easy fit. Our church was founded on positive marriage and positive family.”

Look out for Pastor Cal’s book, “Marriage Ain’t for Punks,” slated to come out next year.

If you are interested in being on “Married at First Sight” and live in Houston, click here to apply.

For more information on MAFS’ current season, click here.

 

Continue Reading

Apple News

Nigerian Bread Seller Lands Modeling Contract After Photobombing Rapper’s Shoot

Published

on

Olajumoke Orisaguna

*27-year-old former bread seller Olajumoke Orisaguna captured the world’s attention a few years ago when a photo of her carrying a massive bag of bread loafs ontop of her head went viral.

She was discovered on the streets of the city of Lagos by international photographer Ty Bello, who was shooting with English rapper Tinie Tempah. Unintentionally, Orisaguna came out in one of the images.

Days later, Bello shared pictures from that shoot on his social media but with interest of finding out who the bread seller was in the photo.

“WHO IS SHE? Everyone has been asking if this lady is a model… She definitely SHOULD be a model… I’ll find a way to track her down somehow. You guys can also help,“ the photographer captioned the post.

CHECK THIS OUT: New Trailer: ‘Spell’ Starring Omari Hardwick (‘Ghost’), Loretta Devine and More!

As PEOPLE notes, from that moment on, her life changed forever. In less than a year, Orisaguna managed to sign contracts with recognized agencies. Earlier this year, she wrapped up her tour of South Africa and she also launched a vlog and reality show.

“I never expected this would ever happen to me,” she told CNN. “My friends have told me they saw me on the TV and they are really happy. My parents cannot believe their own child can become such a success.”

In March, she celebrated the one year anniversary of her discovery. In an exclusive interview with Pulse in January, Orisaguna spoke about the people who have been influential in her rise to fame. During the interview, she thanked Azuka Ogujuiba of ThisDay Newspaper, as she was instrumental in Olajumoke’s success story.

Orisaguna, who left her two children and husband to sell bread, is now being offered by a bank to pay for her kid’s education through college.

Continue Reading

** FEATURED STORY **

‘Origin of Everything’ on PBS Sparks Interest with Controversial & Everyday Topics (EUR Exclusive!)

Published

on

By

Origin of Everything

*“Origin of Everything,” available on PBS.org, has been exploring topics since 2017 that run the gamut. The show jumps into a variety of subjects by investigating daily life like the words we use, pop culture, and why we are hooked on technology.

The show does not shy away from controversial topics such as slavery, race and ethnicity, and mass incarceration of African Americans.

Danielle Bainbridge, Ph.D., the host and lead writer of “Origin of Everything,” told the EUR in a recent interview that the series is about making people think beyond the restrictive ways we have been taught to view history.

“It’s a show about our collective story and how we are envisioning history,” Dr. Bainbridge said. ”How do we think about history that includes all of us and just not the figures and facts that we were taught in school. So, it’s a show about under told and underrepresented history. We’re trying to make history feel very present to the people who watch it.”

She continued, “One of the reasons to watch it is if you’re curious about how did we get to our current moment? How do small things such as why do we eat popcorn at the movies or what is the origin of ethnicity and how do these things still impact the way we think about the world?”

DOIN’ GOOD IN THA HOOD: Michael B. Jordan Partners with LyftUp to Provide Free Rides to Underserved Communities

EUR PBS Danielle Bainbridge

Dr. Danielle Bainbridge, host of “Origin of Everything,” available on PBS.org. (Courtesy of PBS)

Deftly equipped to talk about controversial topics, Dr. Bainbridge holds a Ph.D. in African American Studies and American Studies from Yale University and graduated Cum Laude from the University of Pennsylvania with a B.A. in English & Theatre Arts. She is also a faculty member at Northwestern University in Theatre and African American Studies

In early 2017, when she was a graduate student, she was contacted by PBS about working on the show and thought it was a joke.

“When they first reached out to me, I thought it was a hoax,” Dr. Bainbridge said. “I was thinking how would they even know who I am because I was a graduate student? But I think they found me through a since defunct janky website that I had set up. They reached out to me, I auditioned, did a screen test, and a writing sample and after that I was hired to help develop the show.”

Viewers are encouraged to be interactive with the series because it is digital. With instant commentary from the audience, the show knows immediately what viewers think, which for the most part is positive. However, when it delves into controversial subject matters things can get sticky.

“I would say overall people are pretty positive about the series because most of the folks who watch it are longtime watchers who tune in every week for episodes,” Dr. Bainbridge said. “The only exception is if we cover more sensitive topics like, race, gender, or sexuality we will get some pushback. I think that’s just the cost of doing business with open discourse.”

One of the most controversial shows was about the transatlantic slave trade.

“We did one episode on why Europeans enslaved Africans and that was probably our most viewed episode as well as our most critiqued one,” Dr. Bainbridge said. “I think often times if you view yourself as pretty well versed in history from what you learn in school and then you learn something that goes in the opposite direction it can be jarring or for some people upsetting. We think of it as our value or service to our audience to present accurate history or history that doesn’t get told that often so that people can be informed with the whole picture.”

She added that she has an answer for those who point out that Africans sold slaves to Europeans.

“Slavery was not invented with West Africans and Europeans,” Dr. Bainbridge continued. “Some form of enslavement – whether through war, becoming a prisoner of war, or through different systems – goes back to ancient societies from around the world. So, it is not distinct to West Africa or Europe or any other region of the world.”

Dr. Bainbridge added, “But the difference with this particular moment in slavery was that it intersected with capitalism in a way that was very different with slavery that preceded it. People were taken into the system and their children inherited their status as a slave and that is where the differences started to emerge. We have to think about these things as distinct only because the system that existed with chattel slavery was so radically different than the slavery that existed around the world beforehand.”

With the ongoing protests against police brutality, “Origin of Everything” has also tackled the racist beginnings of United States law. Dr. Bainbridge breaks down the discriminatory history by looking at colonialism, slavery, the Jim Crow era, and mass incarceration.

“I decided to write this episode about legal discrimination, and I didn’t have a particular agenda in mind,” she said. “As I started doing the research it was overwhelming. I started to find (material) that just dealt with legal discrimination about black people in this country from its origin to now. I thought it was something that people needed to know.”

“I was never taught in any history class that I took through high school any of the information from that episode. I was taught that things are fair and that a lot of the blame was placed inadvertently or inherently on black communities, impoverished communities, or communities that struggle. When I saw that in some ways the law was stacked against black people and certain other populations, I thought that was important to bring to light. In this moment, people are looking for reliable sources and this could add to the conversation.”

New episodes of “Origin of Everything” are available on PBS.org and the PBS Digital Studios’ YouTube Channel. Join the conversation by visiting Twitter-@PBSOrigin and Instagram-@pbsoriginofeverything.

Continue Reading

TV Calendar: Coming to Small Screens

Trending