Black Wealth Discussion at SCLC Annual Conference, by Papa Owusu, Franklin and Marshall University, Impact Investing Intern,

       

At the SCLC Annual Convention, Washington, DC, July 13, 2018. Left to right - Mr. Kebede, Virginia Tech, Mr. Owusu, Franklin and Marshall College, Dr. Steele, Executive Director, SCLC, Mr. Ye, Johns Hopkins University, and Mr. Brand, University of Maryland.

On Friday, July 13, 2018, the Southern Christian Leadership Conference (SCLC) held a panel discussion on the state of black wealth in America. The panelists were Samantha Sanders, Director of Government Relations at the Economic Policy Institute, David D. Rixter, Principal  of HCR Consulting L.L.C. and William Michael Cunningham, Founder, Creative Investment Research. The panel was moderated by Kevin B. Kimble, Esq., DC Bureau Chief of SCLC.

William Michael Cunningham
speaking at the SCLC Convention

The panelists discussed a myriad of reasons for the pervasive black-white economic gap to mark the 50th anniversary of the Kerner Commission that identified racism as the reason for the black-white economic gap. A key point made by the panelists is that, beginning with slavery, laws and the justice system  have and continue to support structures that undermine the progress of Blacks in the United States. This, along with employment discrimination, has resulted in the lack of progress in reducing the economic disparity between black people and white people in the United States. The panelists noted that this gap worsened irrespective of education and other factors that, in theory, should enable black people to be at parity relative to their white counterparts with similar characteristics.  A recent report by Duke University’s Samuel DuBois Cook Center on Social Equity explores some myths surrounding this racial gap.

The panel ended with a number of policy proposals to improve the economic status of Blacks. The primary solution discussed was greater anti-discrimination compliance and laws that do not damage Blacks. Another solution was reparations. Suggestions on this front included outright wealth transfers or other methods, such as "baby bonds." Another proposed solution was a federal job guarantee for people unable to find employment in the private sector.