Business
Whites 6 Times Wealthier than Blacks

Algernon Austin, director of the program on race, ethnicity, and the economy at the Economic Policy Institute.
[NNPA]
By Maya Rhodan
NNPA Washington Correspondent
WASHINGTON (NNPA) – Whites had an average wealth of $632,000 in 2010 while Blacks had about $98,000 and Hispanics had $110,000, according to a recent study by the Urban Institute.
“Such great wealth disparities help explain why many middle-income blacks and Hispanics haven’t seen much improvement in their relative economic status and, in fact, are at greater risk of sliding backwards,” the report says.
Blacks start out at a disadvantage.
Whites begin with about 3.5-4 times more wealth than their Black and Hispanic counterparts in their “wealth-building years,” defined as 32-40 years old. By age 60, the wealth of Whites increases to seven times the amount of wealth Blacks are able to accrue over the same amount of time.
Levels of homeownership and retirement savings are shown to contribute to the differences in wealth among races. In 2010, less than half of Black families owned homes, while more than three quarters of White families did.
Algernon Austin, director of the program on race, ethnicity, and the economy at the Economic Policy Institute, says that Blacks were more likely to have loss their homes during the recession because they couldn’t keep up with ballooning mortgage payments.
“What we’ve seen recently is a dramatic loss of wealth for African Americans because there has been a dramatic loss of homeownership,” Austin explains. “Blacks were more likely to be given high-priced sub prime loans and were hit much harder by unemployment. Both factors—more loans, losing a job– makes it more difficult to keep up with mortgage payments.”
The recession has had a dire impact on the wealth of all Americans, with Hispanic families reporting their wealth declined by 40 percent between 2007-2010, according to the report. Blacks experienced a 31 percent decline while Whites’ wealth declined by 11 percent.
Austin calls the loss of wealth experienced by the Black community a “symptom of high levels of unemployment and low wages, but particularly unemployment.”
Today, 27 percent of Blacks live in poverty. In March 2013, Blacks experienced an unemployment rate of 13.3 percent, compared to the national rate of 7.6 percent.
“Homeownership is a really important factor in terms of wealth, but so is unemployment,” Austin says. “If you’re going through frequent spells of unemployment, you’re either going to be losing wealth or going into debt.”
He adds, “The issue of jobs and income are important to address. The higher your income, the easier it is for you to build wealth. The government needs to enact policies that allow for Blacks to get greater income and get better job opportunities.”
Blacks represent about 11 percent of the total workforce, but 14 percent of the poverty-wage workforce, according to the Economic Policy Institute.
According to the Urban Institute findings, Black families saw the most dramatic decrease in their retirement assets, experiencing a 35 percent decline in retirement savings between 2007-2010.
“This finding is consistent with research that suggests lower income families are more likely to withdraw money from retirement savings after a job loss or other adverse event,” according to the Urban Institute report. “The high rates of unemployment and other financial needs that took hold with the Great Recession appear to have led to larger declines in retirement savings for black families.”
While the Great Recession can account for much of the loss of wealth, there are other contributing factors to African Americans’ low-wealth, including policies designed to help Americans accrue wealth and policies aimed at low-income families, a large proportion of whom are African American.
“There’s lots that the federal government does that if it was targeted to lower income Americans it could impact the wealth gap, “ Austin adds. “However, unfortunately, it’s a difficult battle because current policies benefit people who have significant political power and influence.”
In 2009, the federal government spent about $384 billion on policies that help families buy homes, start businesses, put their children through college, and retire.
Many of these policies, however, are administered through the tax code and “subsidize wealth building for the wealthiest among us, rewarding them for the size of their homes and investment portfolios,” according to a 2010 report by the Corporation for Enterprise Development titled “Upside Down: The $400 Billion Federal Asset-Building Budget.”
“The federal asset building budget provides a variety of things—opportunities for families to buy homes, start businesses, and prepare for retirement,” says Jermie Greer, the director of government affairs for CFED. “Yet, this $400 billion budget is skewed to benefit the very wealthy.”
According to the report, a middle class family making $50,000 annually receives less than $500 in benefits from federal asset building policies, while families that make $100,000 receive $2,000 in benefits.
Tax payers who make in excess of $1 million, however, can see more than $92,000 in asset building support through mortgage and property tax deductions and investment tax breaks. Over half of the nearly $400 billion in benefits, according to the report, goes to the top 5 percent of tax payers.
“Conversation around tax reform so often focuses on the relationship between revenues for deficit reduction, but missed the mark on what is the social policy we want to address through the tax code,” Greer says.
“They can take some of the tax benefits that go to the very wealthy and bring them back down to people that are trying to build wealth and scratch their way out of poverty,” Greer adds.
Most low and middle-income families use homeownership to build wealth. In fact, homeownership accounts for the largest proportion of wealth among lower and middle-income households.
Yet, homeowners with lower incomes often don’t receive enough of a deduction to make a difference. According to the CFED report, nearly 80 percent of the value of mortgage and property tax deductions went to the top 20 percent of taxpayers.
“Social policy is really focused on income and the income people earn,” Greer says. “While people need jobs and it’s important that people are able to earn income, but that’s not the only piece of puzzle when you think about wealth.”
“We need to think not only about income, but providing benefits and incentives that help people build wealth through starting businesses, buying homes, being protected from predatory lenders.”
For low-income families in particular, federal programs like the Supplemental Nutrition Assistance Program, or SNAP, help ensure families have basic necessities, but don’t assist in helping to develop economically stable households.
“Many safety net programs even discourage saving: families can become ineligible if they have a few thousand dollars in savings,” he Urban Institute report says.
Individuals who receive benefits from assistance programs can only have savings that equal up to $2,000 before risking losing their benefits. States currently have the flexibility to wave these limits, which keep people from accumulating money that can help them start a business or build wealth that can lead them out of poverty.
Thirty-six states currently waive limits to the SNAP and Temporary Assistance to Needed Families programs.
There are also programs, such as the Self-help Homeownership Opportunity Program (SHOP), which helps low- to moderate-income families purchase homes, that can help low income families build wealth through homeownership, but the programs received less funding than low-income rental programs in 2010.
Austin says that through implementing more policies that benefit a wider range of people from varying socioeconomic backgrounds, we could begin to see the wealth gap “start shrinking instead of watching it grow.”
“It’s possible to prevent [the wealth gap] from growing larger and even shrinking it, but none of the policies that will ensure that will happen by themselves,” Austin says. “With all of these things, they aren’t likely to happen overnight.”
Black Press
Statement from the President of the National Association of Black Journalists on Press Ban
TEXAS METRO NEWS — The National Association of Black Journalists (NABJ) condemned President Donald Trump’s decision to deny access to MS NOW journalists and his threats against CNN and Politico due to unfavorable coverage. The NABJ stated that journalists hold power accountable for the American people, and government officials cannot grant or withhold access based on reporting they like or dislike.
NABJ condemns President Donald Trump’s decision to deny access to MS NOW journalists and his threat to exclude CNN and Politico because of coverage he dislikes. The role of journalists is to hold power accountable on behalf of the American people. Government officials cannot reward reporting they find favorable with access, or withhold access as punishment for journalists who have scrutinized or criticized them. This retaliation is a threat not only to the news organizations being targeted, but to every journalist working to report independently and without fear of government reprisal. The White House belongs to the American people, and they have a right to know what their government is doing. Journalists must be free to ask difficult questions and report the answers. A free and independent press is not a privilege granted at the discretion of any president. It is a cornerstone to a healthy and functioning democracy. The First Amendment can never be optional.
Based on reporting by Texas Metro News.
Black History
HBCU Leaders, Corporate Partners Convene in D.C. to Strengthen Support for Black Colleges’ Athletic Programs
COLUMBUS TIMES — HBCU athletic conference commissioners, university presidents, and corporate leaders gathered in Washington on Tuesday, September 15, for the Salute to HBCU Sports Leadership Reception. This invitation-only event, hosted at Gensler’s K Street office, aimed to deepen investment in historically Black colleges and universities.
Commissioners from HBCU athletic conferences joined university presidents and corporate leaders in Washington on Tuesday, Sept. 15, for the Salute to HBCU Sports Leadership Reception — an invitation-only gathering aimed at deepening investment in historically Black colleges and universities.
Hosted at Gensler’s K Street office, the evening brought together conference commissioners, campus presidents, and executives from sports, media and design organizations under the theme “Building Partnerships. Celebrating Excellence. Advancing HBCUs.” Gensler highlighted its partnership with Paxton Baker on the event in a post on Instagram, showcasing the room full of HBCU presidents and conference leaders.
Five Conferences, One Room
Commissioners from four NCAA conferences and one NAIA conference were on hand, representing institutions that compete across Division I, Division II and the NAIA:
Anthony Holloman — Southern Intercollegiate Athletic Conference Charles McClelland — Southwestern Athletic Conference Jacqie McWilliams Parker — Central Intercollegiate Athletic Association Sonja Stills — Mid-Eastern Athletic Conference Kiki Baker Barnes — HBCU Athletic Conference
Their presence linked leadership from across the HBCU athletics landscape with campus administrators and organizations working in event management, design and media.
Presidents and Black Press Leadership in the Room
Among the university presidents in attendance were Prairie View A&M’s Tomikia P. LeGrande and Bowie State’s Aminta H. Breaux.
LeGrande’s appearance came just days after the Thurgood Marshall College Fund named her the recipient of its Educational Leadership Award, as announced by Prairie View A&M. She was honored at TMCF’s 39th Anniversary Gala on Sept. 12 in Washington. LeGrande has served as Prairie View A&M’s ninth president since June 2023.
Breaux, who has led Bowie State since July 2017, previously chaired the CIAA’s board of directors, according to her university biography.
Benjamin F. Chavis Jr., president and CEO of the National Newspaper Publishers Association, also attended — fitting, given the NNPA’s role as one of the reception’s presenting partners. Chavis and HBCU GO’s Lawrencia Moten conducted two 30-minute interview sessions with the conference commissioners, covering topics ranging from the NIL era to conference growth and the experience of leading HBCU athletics, according to HBCU GO President Curtis Symonds, who spoke with HBCU Legends about the sessions.
Corporate and Institutional Partners
Five organizations presented the reception together:
Gensler — the architecture and design firm that hosted the event Events DC — the District’s convention and sports authority USA Track & Field — the sport’s national governing body National Newspaper Publishers Association — representing Black newspaper publishers HBCU GO — the network dedicated to HBCU sports and culture
That mix of partners pointed to a range of possible collaborations ahead, from athletic facilities and event operations to sports programming and media coverage.
Building Beyond the Scoreboard
What stood out most was the mix of people in the room — conference commissioners setting strategy for their leagues, university presidents shaping institutional priorities, and corporate partners bringing resources and expertise from multiple industries.
With college athletics undergoing rapid change, particularly for HBCUs navigating the NIL era and shifting conference dynamics, the reception offered a venue for candid conversation and relationship-building. Its underlying purpose went beyond athletics: using sports as an entry point to broader opportunities in education, workforce development and economic growth for HBCUs.
Based on reporting by Columbus Times.
Black History
At CBCF Conference, a Panel Asks What Black Public Figures Owe the People Who Follow Them
COLUMBUS TIMES — The Congressional Black Caucus Foundation’s Annual Legislative Conference featured a panel titled “Platforms & Purpose: A Conversation With Black Men Leveraging Their Reach.” Actor and activist Kendrick Sampson, Rep. Jasmine Crockett, media personality Jason Lee, singer Eric Benét, and rapper Yung Joc discussed how public figures can translate influence into real-world change.
WASHINGTON — Among the more than 100 policy forums and brain trusts at this year’s Congressional Black Caucus Foundation Annual Legislative Conference was a conversation about influence itself: who has it, and what they do with it.
"Platforms & Purpose: A Conversation With Black Men Leveraging Their Reach" brought together actor and activist Kendrick Sampson, Rep. Jasmine Crockett, media personality Jason Lee, singer Eric Benét and rapper and radio host Yung Joc. The session looked at how entertainers, creators and elected officials can turn public attention into real-world change.
The panel took place at the 55th Annual Legislative Conference, a five-day event in Washington that began Wednesday. This year’s theme is "Rooted, Ready & Rising," and the conference coincides with the CBC Foundation’s 50th anniversary. CBCF President and CEO Nicole Austin-Hillery has said the gathering is meant to "combine celebration with purpose," while taking up issues including voting rights, economic opportunity, education, health disparities and criminal justice.
That mix of celebrity and policy is a long-running feature of the conference, which brings lawmakers, advocates, entrepreneurs, students and entertainers into the same rooms. The panel’s premise reflects a broader question as creators reach audiences that rival traditional media.
A career built on both stage and street
Sampson is a natural fit for that conversation. The Houston native is known for television and film work, including HBO’s Insecure, and for his activism off screen. He co-founded BLD PWR, a 501(c)(3) nonprofit that combines entertainment, education and activism.
The organization says its mission is to "reimagine and realize the liberated future we know our people deserve." It works to mobilize entertainment-industry figures and organize communities around racial, gender, immigration, economic and environmental justice, mental health and wellness, and opposition to state violence. BLD PWR emphasizes storytelling and community healing, and it centers the voices of Black, Indigenous and other marginalized communities.
What to watch
The conference runs through Sunday at the Walter E. Washington Convention Center. Details on sessions and registration are available through the CBC Foundation.
Based on reporting by Columbus Times.
Black Press
Newsom Signs Addictive Social Media Law to Protect Kids
Newsom said California’s approach focuses on the features that can encourage excessive social media use rather than taking the broader step of banning teenagers from the platforms altogether. He contrasted the measure with restrictions adopted in Australia and Malaysia that prevent teenagers from accessing social media or creating accounts.
Word Count: 391
Gov. Gavin Newsom has signed a new California law targeting addictive social media features that can keep children scrolling, giving the state new authority to restrict how platforms engage young users.
AB 1709, authored by Assemblymember Josh Lowenthal (D-Long Beach) prohibits social media companies from giving children under 16 access to personalized feeds, including “For You” pages, as well as other features designed to maximize screen time, such as infinite scrolling and video autoplay.
The law does not prevent children under 16 from using social media. Instead, platforms must deactivate the covered features for those users.
“This is about actually addressing the problem, the scrolling, the algorithms,” Newsom said Sept. 10 during a bill-signing event in the San Francisco Bay Area.
Newsom said California’s approach focuses on the features that can encourage excessive social media use rather than taking the broader step of banning teenagers from the platforms altogether. He contrasted the measure with restrictions adopted in Australia and Malaysia that prevent teenagers from accessing social media or creating accounts.
The law comes amid growing concerns about the impact of social media on children’s mental health and well-being. California lawmakers have increasingly focused on the design and business practices of technology platforms as part of efforts to protect young users.
AB 1709 is one of 13 youth online safety and privacy laws Newsom signed Sept.10. The package also includes measures regulating AI chatbots, increasing potential penalties for technology companies and establishing additional protections for children using digital services.
Lowenthal said the new rules represent a shift toward greater accountability for technology companies.
“We want oversight. We want accountability. We’re done asking nicely, and we’re demanding that there is a duty of care across these platforms — a duty that puts the wellness of our children ahead of profits,” Lowenthal said.
The law builds on California’s broader effort to regulate children’s online experiences. A separate law, AB 1043, will require users to provide their birth dates when setting up new phones or laptops beginning in January, with device manufacturers required to share users’ ages with apps.
Some youth online safety advocates have supported AB 1709 as a more targeted alternative to outright social media bans. Others have warned that the restrictions could make it harder for some LGBTQ+ young people to find support online and questioned how effectively age requirements can be enforced.
Black Press
Newsom Signs Addictive Social Media Law to Protect Kids
Newsom said California’s approach focuses on the features that can encourage excessive social media use rather than taking the broader step of banning teenagers from the platforms altogether. He contrasted the measure with restrictions adopted in Australia and Malaysia that prevent teenagers from accessing social media or creating accounts.
Word Count: 391
Gov. Gavin Newsom has signed a new California law targeting addictive social media features that can keep children scrolling, giving the state new authority to restrict how platforms engage young users.
AB 1709, authored by Assemblymember Josh Lowenthal (D-Long Beach) prohibits social media companies from giving children under 16 access to personalized feeds, including “For You” pages, as well as other features designed to maximize screen time, such as infinite scrolling and video autoplay.
The law does not prevent children under 16 from using social media. Instead, platforms must deactivate the covered features for those users.
“This is about actually addressing the problem, the scrolling, the algorithms,” Newsom said Sept. 10 during a bill-signing event in the San Francisco Bay Area.
Newsom said California’s approach focuses on the features that can encourage excessive social media use rather than taking the broader step of banning teenagers from the platforms altogether. He contrasted the measure with restrictions adopted in Australia and Malaysia that prevent teenagers from accessing social media or creating accounts.
The law comes amid growing concerns about the impact of social media on children’s mental health and well-being. California lawmakers have increasingly focused on the design and business practices of technology platforms as part of efforts to protect young users.
AB 1709 is one of 13 youth online safety and privacy laws Newsom signed Sept.10. The package also includes measures regulating AI chatbots, increasing potential penalties for technology companies and establishing additional protections for children using digital services.
Lowenthal said the new rules represent a shift toward greater accountability for technology companies.
“We want oversight. We want accountability. We’re done asking nicely, and we’re demanding that there is a duty of care across these platforms — a duty that puts the wellness of our children ahead of profits,” Lowenthal said.
The law builds on California’s broader effort to regulate children’s online experiences. A separate law, AB 1043, will require users to provide their birth dates when setting up new phones or laptops beginning in January, with device manufacturers required to share users’ ages with apps.
Some youth online safety advocates have supported AB 1709 as a more targeted alternative to outright social media bans. Others have warned that the restrictions could make it harder for some LGBTQ+ young people to find support online and questioned how effectively age requirements can be enforced.
Black Press
OP-ED: How Head Start Also Helps Parents
BLACKPRESSUSA NEWSWIRE — “I never thought I would be here before Head Start. It was rough. No childcare, job loss. I’ve been helpless,” she shared on stage at the National Head Start Conference in Baltimore. “When I applied, I did not think my daughter would get in. When I got the call, I cried tears of joy.”
Ron Herndon Head Start Parent Scholarship awardee Paris Hill, of Sunbelt Human Advancement Resources in Greenville, South Carolina, says that Head Start has been instrumental in reaching her dreams.
“Head Start made me sit and realize my goals and what steps I needed to take to achieve them. They show compassion, love, and dedication to helping parents. They push you to do, to be, and to do better—not only as parents but for yourself.”
Hill embodies the spirit of NHSA’s Ron Herndon Scholarship, which celebrates a Head Start parent who goes above and beyond in their community.
During the pandemic, Hill participated in virtual classroom instruction with her children and engaged in parent virtual activities such as Parent Committee meetings and financial literacy classes. She recently contributed over 96 hours to her program.
“I never thought I would be here before Head Start. It was rough. No childcare, job loss. I’ve been helpless,” she shared on stage at the National Head Start Conference in Baltimore. “When I applied, I did not think my daughter would get in. When I got the call, I cried tears of joy.”
Hill enrolled in college and pursued a bachelor’s degree in applied sciences with a concentration in business management. She has met and exceeded her personal goal of becoming a nail technician and creating her own business.
The $2,500 parent scholarship supported her vision. “Head Start made me sit and realize my goals and what steps I needed to take to achieve them. They show compassion, love, and dedication to helping parents. They push you to do, to be, and to do better — not only as parents but for yourself.”
She has an uncommon career goal — to become a mortician — and has already found part-time work. She has found it rewarding to assist families who were going through challenging times because of the death of a loved one.
“When I first applied for the parent scholarship program, I was excited and this was my time to show what I’m capable of. It fills my heart with joy knowing I had a team of teachers and directors pushing me to do better and acknowledging me as parents and not just as a mom.”
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