Minority Business Programs in Jeopardy

 

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Black Unemployment Drops Slightly, Remains Steady for Black Men

by Dr. Boyce Watkins, Your Black World – Scholarship in Action 

The recent release of data from the Bureau of Labor Statistics indicates that Black unemployment declined during the month of July.  It had reached 16.2 percent and dropped over the course of the month to 15.9 percent.  While the number is an improvement, it is still nearly double that of white Americans.

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Getting the Wedding You Want with No Drama

by George James

The summer is a time for warm weather, vacation, family reunions and weddings. Many couples plan their wedding during the summer and fall months. Planning a wedding can bring a lot of stress and drama to the couple. From deciding when and where to get married, to working on the guest list and to figuring out how you will pay for the wedding. Stress and drama can also come from what other people want for your wedding and from handling major conflicts such as faith, money or where to live after the wedding. It is possible to get the wedding you want and not have any drama, even with all the possibilities leading up to the wedding.

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38% of African Americans Have Lost Their Job in the Last Three Years

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Yes, Bill Collectors May Be Following You on Facebook, Twitter and Everything Else

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Banks Set to Start Increasing Fees Substantially

It looks like banks are going to be increasing your fees soon.  Buyer beware.

Regal Black Women from Around the World

 

 

 

 

Click here to read about these women and others on Black Enterprise

Black Americans Not Getting Good Financial Advice

 

by TEWire
Special to the Trice Edney News Wire from the Afro American Newspapers
Originally posted 4/27/2011

Only two out of every 10 African-Americans are on a path to achieve their retirement goals, according to a six-month-old survey of Blacks conducted by a major wealth manager.

 

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Should You Need a License to Braid Hair? A Woman Files a Lawsuit Over the Issue

 

by Dr. Boyce Watkins, Your Black World – Scholarship in Action 

Jestina Clayton is a woman in Utah who is originally from Sierra Leone in West Africa.  She does African braiding part-time in order to make extra money.  She is now being confronted with the loss of significant income, since a law in the state of Utah claims that you must have a full cosmetology license in order to braid hair.

Clayton filed suit this week in the court of law.  She is being backed by the Institute for Justice, a Virginia-based organization that helps people like Clayton challenge unjust laws.

A Black Prof Discusses Racial Bias in Financial Decisions

Your Black World reports

Have you ever tried to get a loan, and felt that you weren’t being treated the same as if you were white?  What about watching that promotion at work being given to the white guy down the hall when you were the one slaving night and day for 20 years?  Well, this feeling is not uncommon.  A recent survey at YourBlackWorld.com showed that nearly 90% of African Americans feel that they’ve experienced some kind of discrimination in the workplace.  In spite of our having a black president and attorney general, new laws have not been introduced to help people of color fight discrimination in the workplace.

Another prominent type of discrimination is the racial bias in other kinds of financial decisions.  Millions of black people were victims of predatory lending during the recent financial crisis, leading to a massive decline in black family wealth over the last decade.  Additionally, the ability to build a business, get government contracts or do other things to create financial security for your family can be impacted by the color of your skin.  Prof. Stephanie Yates Rauterkus at The University of Alabama Birmingham speaks on the topic in the video below.

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To join the Your Black World Coalition, please visit YourBlackWorld.com.

Tonya McDowell in ColorLines magazine

From Colorlines Magazine

A homeless Connecticut mother has been arrested and charged with larceny for allegedly stealing her son’s education from a public school police say he had no right to attend. Tanya McDowell is a 33-year-old Bridgeport resident who used her babysitter’s address in Norwalk, where the schools were better, so her five-year-old son Andres Justin Paches could go to school. A.J. was enrolled in Brookside Elementary School’s kindergarten from September to January. They’ve been living out of her van.

Black Family Wealth Has Virtually Disappeared

by Dr. Boyce Watkins – YourBlackWorld.com 

The first decade of the new millennium brought a lot of things that the world didn't expect: the ability to order a pizza on your home computer, cell phones that allow you to talk to your friends face-to-face, and our nation's first black president.

One other unexpected event of the last decade is the disappearance of a century's worth of progress in reducing the wealth gap between black and white Americans. AsRex Nutting at Market Watch so accurately notes, wealth levels of the black family in America have declined dramatically during the past decade, and they show no evidence of getting better any time soon.

According to Nutting, "In a country where access to capital is everything, most blacks have nothing."

 

First, Nutting mentions that African Americans have the highest unemployment rates in the country, which stand at an average of 16.5%, compared to 9% for whites. What is most daunting is that soaring black joblessness, combined with higher foreclosure rates, bankruptcies, and declining home values have seriously cut into the wealth of the black family in America. in other words, we are the first to lose our jobs, have the least wealth to protect our families when times are tough, and a greater reliance on declining home equity as a source of economic security. This economy has provided the perfect storm of black economic destruction.

According to Nutting, the median net worth for black households dropped from $9,300 in 2007 to $2,200 in 2009, much lower than the median wealth of $98,000 for white households. He also mentions that incomes dropped in black homes by 7.2% between 2007 and 2009, much greater than the 4.2% decline for white families.

Nutting's article reminds us that the United States has a long way to go when it comes to wealth distribution. Over 80% of the nation's wealth is controlled by just 20% of its citizens, and the richest 1% of Americans controls one-third of the nation's wealth. Roughly 40% of Americans have no wealth at all. African Americans are disproportionately represented in the group of Americans with zero or negative wealth, which is a problem that most of our elected officials are inclined to ignore, and something that our nation's citizens don't spend much time getting upset about.

Nutting is correct to mention that most Americans have their wealth tied up in their home values. So, when home prices dropped so dramatically during the economic downturn, this led to the wealth of many black families disappearing as quickly as it had arrived. Most of the economic disparities in the United States don't exist because whites are more responsible with their money or possess economic intelligence that black people don't have. The primary reason for the gap is that for hundreds of years, African Americans added to our nation's net worth, but were not being properly compensated for it (similar to how the NCAA operates). Being left out of the growth of America's economic engine has kept African Americans at the bottom of the ladder of institutional opportunity: Our school systems are not well-funded, we can't find jobs because we don't own the businesses that take applications, and we continue to be utilized as for-profit commodities by the prison industrial complex.

According to Nutting's research regarding the Survey of Consumer Finances, black families were three times wealthier (in real terms) in 1983 than they were in 2009. As white families saw their net worth grow from $124,000 in 2001 to $143,600 in 2007, blacks actually saw their net worth drop from $12,500 to $9,300. By 2009, white families saw their wealth levels drop to $94,600, but African Americans's levels dropped even more to $2,200. So, between 2001 and 2009, African American families went from having a disgraceful one-tenth of the wealth of white families to an even more horrific ratio of one-fiftieth.

I am not sure how to process the Obama Administration's blind, deaf and dumb response to the persistent wealth and opportunity gaps in America that pertain to race. While the president continues to be popular among African Americans, I would encourage members of his administration to remember that leading with courage is an important part of making African American history (not just holding a fancy title that adds almost nothing more than symbolic value for the black community at large). Courage means sometimes doing things that are not popular and working to make America better.
Given that I haven't heard the president or his team use the words "black man," "black woman," or "black families" in public over the last two years, I am concerned as to whether or not our first black president has been or is willing to do much to fight on issues that matter to black people who didn't go to Harvard University. For example, it's interesting that President Obama would speak up for Henry Louis Gates in a meaningless and ambiguous scuffle with a police officer, but wouldn't say a word about Kelley Williams-Bolar, a black woman who was sent to jail for trying to get her kids into a good school. The latter case was far more significant in the fight against inequality, but Kelley's housing projects were apparently not close enough to Harvard Yard.

There is the added complication that perhaps, because of being a black man, President Obama could "get in trouble" with white voters for advocating on issues that matter to African Americans. This argument has been used by supporters of Hillary Clinton, who might be far less sheepish or self-conscious about advocating for women and minorities. I'm not sure if the Clinton supporters are correct, but the last two years have made many African American families wonder if it even matters who sits in the White House.

Dr. Boyce Watkins is the founder of the Your Black World Coalition.  To have Dr. Boyce commentary delivered to your email, please click here. 

Technorati Tags: black wealth,african american wealth,black scholars,african american scholars

Deborrah Cooper Explains What It Means for a Woman to “Submit” To Her Man

 

by Dr. Boyce Watkins, Your Black World

Given the importance of the critical theme of black relationships (which we’re hitting from various angles this week on YBW), I had to get another perspective on some of the things that folks are quoting from the bible as it pertains to how black relationships need to be structured.  What does it mean for a black man to “lead” in his relationship?  What does it mean for a woman to “submit?”  One thing that many of us can agree on is the fact that black relationships have been falling apart for a very long time.  The majority of our homes are being run by a single parent, and far too many children are growing up without their fathers in shouting distance.  What some don’t acknowledge is that there is a direct correlation between the break down of the black family and the growth of the prison industrial complex.  Locking up men for decades for the sale of drugs that were brought into our communities has devastated many of us, and urban decay in the 1980s led to job losses with few viable alternatives to illegal activity.  A recent study in The Economist showed that a one percentage point increase in the incarceration rate leads to a 2.4 percent decline in the percentage of black women who eventually get married.

 

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CNN: Plane Carrying Michelle Obama Comes Too Close To Another Plane and Aborts Landing

Washington (CNN) -- A plane carrying Michelle Obama had to abort its landing on Monday after it came too close to a military C-17 cargo plane, according to a senior administration official and the Federal Aviation Administration.

The planes were three miles apart, when they are supposed to be five miles apart, the official told CNN. The Federal Aviation Administration is investigating what went wrong, as it is believed to be an air traffic controller mistake, the official said.

The White House does not believe the first lady's life was ever in danger, the senior official said.

 

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Dr. Boyce: The Depth of Forest Whitaker’s Tax Problems

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action 

Hollywood superstar Forest Whitaker was recently hit with a large tax bill after failing to pay $185,000 he owed to the IRS. The tax collectors in California have cited Whitaker and filed a lien for the balance. Both he and his wife Keisha are named in the complaint, which was filed in the Los Angeles County Recorder of Deeds.
It was reported in 2009 that Whitaker owed $1.29 million in state and federal taxes. Whitaker is not the only Hollywood megastar to have tax problems. Actor Wesley Snipes is in prison until 2013 after being charged with failing to file tax returns for three years.
Chris Tucker was hit with some very serious tax problems himself, as the LA County Records Office showed that Tucker owed over $11 million in taxes up through 2006. Actor Nicolas Cage was also found to owe millions to the IRS.

 

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Dr. Boyce Spotlight: Black Female Entrepreneur Teaches Math to Make Her Money

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action 

What is your name, and what do you do?
My name is Stephanie Espy, and I'm the founder and president of MathSP (www.MathSP.com). MathSP is a math enrichment company that helps individuals to improve their math skills. Based in Atlanta, Georgia, MathSP provides instruction to middle school students, high school students, college students, adults who need additional math-based resources alongside their coursework, and students who need an added challenge beyond their coursework. MathSP also prepares individuals for the math section of various standardized tests such as the SAT or ACT, computer-adaptive exams such as the GMAT or GRE, and state exams such as the EOCT or GHSGT.

 

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Black Female Entrepreneurs Give You Virtual Assistance

 

by Dr. Boyce Watkins, Syracuse University - Scholarship in Action 

Most of us think that a personal assistant is someone who lives and works right next to you. In the age of technology, it is no longer necessary to be in the same room or even the same country as the person who handles your daily affairs. With technology, cell phones, and other ways for us to remain connected, it's quite simple to work with someone every day of your life and never even see them. It is because of their brilliant use of technology and entrepreneurship skills that the ladies with JustGo Virtual Assistants are today's Dr. Boyce Watkins Spotlight on AOL Black Voices:

What is your name and what do you do?
Our name is JustGo and we are a company that provides new age administrative and personal assistant services to high profile speakers, authors, entrepreneurs, and small businesses. Our assistants, although in another state, are able to complete and fulfill client requests and wishes through the use of internet, email, fax, phone, and/or chat. We may not be able to personally pour your daily cup of coffee, but we can definitely have it delivered to you. JustGo presents a comfortable and convenient opportunity to those professionally inclined individuals with impeccable administrative and computer skills to work from home while also gifting its clients with money saving services that reduce over-head expenses and relieves the pressures of routine responsibilities. This frees the client to focus on tasks that are more profit generating or gives them the opportunity to enjoy leisurely activities they otherwise may not have time for.

 

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Dr. Boyce Watkins Spotlight: A Couple Makes Both Money and Love

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One reason that we do the spotlights here on AOL Black Voices is to profile businesses, organizations and individuals who are doing outstanding (but perhaps unsung) work within the African American community. While most media enjoys highlighting the dysfunction of the black community, we believe that there is plenty to celebrate. What I love about Ayize and Aiyana Ma'at is that they've found a way to use their love to create the financial fuel that helps to sustain their family. As certified relationship counselors, they also work together to help other couples find the love they've been seeking as well. It is because of their empowered commitment to strengthening the black family in America that Ayize and Aiyana Ma'at are today's Dr. Boyce Watkins Spotlight on AOL Black Voices:

 

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Dr. Boyce: Two Nigerian Men Makes the Forbes Billionaires List

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action 

Two Nigerian men, Mike Adenuga and Aliko Dangote, represented their home country of Nigeria by placing themselves among the wealthiest men in the world. Both men made the Forbes billionaires list, with Adenuga ranking as number 595, while Dangote skyrocketed up to number 51. Dangote's fortune grew five fold last year, as he consolidated his holdings and went public on the Nigerian Stock Exchange. His company now has a market cap of $13 Billion, representing over one-fourth of the total market cap of the entire Nigerian stock market.

Dangote is able to make money hand-over-fist primarily because there are so few Nigerian cement suppliers to meet the country's increasing demand for construction. He is now wealthier than South African billionaires Nicky Oppenheimer from Debeers and John Rupert, both of whom are white. During my trip to Nigeria in 2009, I noticed that there was a tremendous amount of construction being done in the country, as well as a hunger to understand the principles of entrepreneurship and building a business. I expect the country to continue to grow, assuming that it can deal with itswell-documented corruption problems (for example, I was asked to give an agent money in order to get my bags through airport security).

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Nwenna Kai Gives the Value of Eating Healthy

by Dr. Boyce Watkins, Syracuse University – Scholarship in Action

African Americans must learn to eat healthy. Many of the diseases that end our lives are preventable, but our addiction to grandma's famous fried chicken often leads to our demise. People like Nwenna Kai are working to remedy this problem by helping people of color learn what to eat and how to live. She is an entrepreneur with a passion for food and a commitment to her community, and it is for that reason that Nwenna Kai is today's Dr. Boyce Watkins Spotlight on AOL BlackVoices.com:

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