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With increased protests in the streets and exploration of solutions for continuing police violence and persistent inequality has come renewed calls for the deployment of collective economic strength, particularly in the form of boycotts and reinvestment in Black banks. This has also brought about some renewed focus on the notion of "Black buying power." In this edition of imixwhatilike! we spend a day in the life of explaining, discussing and debating what i call The Myth of Black Buying Power. The myth claims Black America has more than $1 trillion in annual spending power which confuses many about the nature of capitalism, economic inequality or the meaning of "power" itself. With the help of radio hosts Jennifer Bryant, Netfa Freeman, Garrett Harris (WPFW 89.3 FM) and Eugene Puryear (Sputnik Radio) - and even an on-air debate with B. Doyle Mitchell Jr., president and CEO, Industrial Bank - i attempted to explain my conclusion.
With increased protests in the streets and exploration of solutions for continuing police violence and persistent inequality has come renewed calls for the deployment of collective economic strength, particularly in the form of boycotts and reinvestment in Black banks. This has also brought about some renewed focus on the notion of “Black buying power.” In this edition of imixwhatilike! we spend a day in the life of explaining, discussing and debating what i call The Myth of Black Buying Power. The myth claims Black America has more than $1 trillion in annual spending power which confuses many about the nature of capitalism, economic inequality or the meaning of “power” itself. With the help of radio hosts Jennifer Bryant, Netfa Freeman, Garrett Harris (WPFW 89.3 FM) and Eugene Puryear (Sputnik Radio) – and even an on-air debate with B. Doyle Mitchell Jr., president and CEO, Industrial Bank – i attempted to explain my conclusion.
Myth Basics: “Buying Power” is a marketing phrase that refers only to the “power” of consumers to purchase what are strictly available goods and as their own report admits has nothing to do with income or wealth which are the genuine markers of economic condition. “Power” here has nothing to do with actual economic strength. Nearly all reports/stories related to these numbers refer back to flawed, misleading and misinterpreted research from the Selig Center for Economic Growth at the Terry College of Business housed in the Bank of America Financial Center in Athens, GA. The claim that African America has roughly $1 trillion in “buying power” is an entirely phony myth, like unicorns, democracy or freedom. As explained in detail below, the number is fraudulent, itself derived from equally fraudulent surveys, absurdly interpreted sociological data and – at best – misinterpreted data regarding spending which mostly just ignores the far more sound data regarding wealth and income. The myth of “buying power” works to deny the reality of structural, intentional and necessary economic inequality required to maintain society as it is, one that benefits an increasingly decreasing number of people. To do this the myth functions to falsely blame the poor for being poor. Poverty, the myth encourages, is the result of the poor having little to no “financial literacy,” or as resulting from their bad spending habits, when in reality poverty is an intended result of an economic and social system.
He's wrong if 2 people make 100K, it is 200K in buying power. Taxes is a form of buying power, I can decide to stay in a municipality that is favorable to blacks, this probably doesn't apply to federal taxes but it is worth noting and depending on an individual's taxes they may not pay that much tax at all. With the rest of the money if there are black businesses available I can send my dollars to them, utilities, car fuel, groceries, etc. we know some of these categories are not available but with buying black it will eventually open up these doors.
All he did was level a bunch of criticisms at his own straw man arguments which culminated in absolutely no alternatives or solutions being offered. This dude is no Claud Anderson, that's for sure.
Our buying power is moving the economy most rich white folks don't even pay taxes we pay more taxes to build this country I do believe we need to build a substantial community of wealth by wisdom and the money will follow
42:06 What is the reconstruction confiscation movement? I Googled it, but didn't find any exact results. Can anyone point me in the right direction, please?
If you know a little bit about macroeconomics, you will know that consumption is a very important factor in our economy. The U.S. is a service based economy, so consumption is very important to keep the economy afloat. If we were to consume less, the economy would be affected.
The black population is about 46 million, which is 2/3 of the French or British population. Black buying power is not a myth, it is a reality. Consumption does not only depend on your income level. even if you were not working at all, you would consume. Part of the consumption equation derived from the government through programs and benefits they offer to low income people. We can't just consider the level of income when talking about consumption.
I think I said a lot already, let me offer a solution. We need to define what a black business is: A black business is any business that hire more than 50% of its workers from the black community regardless the color of skin of the owner. Once we identify the black businesses, then we can choose to buy from these businesses. What would happen is that many businesses who want the black dollar, will hire more blacks, which will bring more wealth in our community.
It makes no sense to buy from a business simply because it is own by a black person. I know many black businesses who hire more Mexicans and Asians. People in the economy are reasonable people who seek to maximize their satisfaction or their profit. You may buy from black businesses that hire more whites. So the owner of the business is not the most important factor here. If a business hire more black than any other race, it should be considered a black business because this business is sharing its wealth with the African American community. Blacks are about 14% of the population, if most businesses hire more black to get the black dollar, our people will be better off as a whole.
We also got to stop talking about "The Struggle", If you think it is a struggle, then it will be a struggle. Be positive, be still, go out there and compete. The world is there for all who claim it.
The main problem in the Black community in bad financial behaviour. It doesn't matter where you shop, what matters is that every Black person should make the best decision for them self, at the same time, avoiding debt and increasing savings. If we decide on "Buying Black", Which I am all for, it does not guarantee that our Black businesses will use their profits for the good of our community. In fact, as Blacks grow in economic power, the closer they get to Whites, and the White community.
Black people have been duped into false reality for so long, until, like Mr. T stated in Rock 3: "I Pity The Fool." Black people are in a quagmire from which there is no easy escape. It is virtually impossible to save a people that are encapsulated by, live by and according to lies they have created themselves. However, as dark as it seems, the light is at acdnac.org.
The real issue is that Black people often spend their money as quickly as they get it, on items that have no intrinsic value. Personal care services, clothing, shoes, jewelry, fancy cars, furniture, and electronics are not investments that yield a return. Somebody else gets to take that money and invest it. The person spending it never gets to use the money again. When frugality and minimalism become a goal in Black communities, even those living in relative poverty could change their lives for the better. Every dollar spent on gold jewelry, weave, and nails could be used towards starting a business, going to college, gaining skills, and saving money for a goal or for a rainy day.
Don't tell me that black buying power is a myth when we buy 20 percent of all nike shoes in America. You don't know what cha talking bra. Black people buying a home devalues the property is so ignorant. That's a false narrative created by white supremacy. You negroes are ignorant as can be. Y'all talking straight bullshit. Take black people out of America, Wall Street will go under in an hour. You don't see the benefit of black people making deposits in black owned banks, spending at black owned businesses, black owned businesses can't adequately meet the needs of the black consumers, and even black people owning homes cause it brings the property value down, so what the fuck do y'all suggest.? What are y'all reay saying.? Aint got no solutions, just babbling about gibberish. That's supposed to do what.? Get off y'all asses and do something.
Truth seeker. I agree totally brother. Black people have the collective wealth that far exceeds most nations on earth. That's a fact. Many various organizations around the world have proven this such as credit suisse, primerica financial services with its study on African American Business Facts, and others as well. We have an aggregate combined income of over 1 trillion dollars a year in 2016, 2.6 million black owned businesses, and over 10 percent of black households that have incomes exceeding $100,000 or more annually. That's not science fiction, that's real.
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Question…do Mexicans in the South have buying power??? And how is it that as we know segregation is more real in souther states, as it was before integration laws, why do mexicans some who can hardly speak English own homes have Supermarkets, After school community funded centers, and shopping
Malls, and live in better areas then the majority of us , who have been there for 400 years??? And what do you see as a solution for the national black community , as we have seen a consistent focus on cuts and roll backs of this even before Trump and more if he stays in office or even gets impeached and replaced??? Cuts in 1 Civil Service Jobs http://nymag.com/daily/intelligencer/2017/01/congress-can-now-cut-the-pay-of-individual-civil-servants.htmlobs
http://www.scholarsstrategynetwork.org/brief/why-americas-public-sector-unions-face-political-attacks
2 Public Schools
http://pulse.ncpolicywatch.org/2017/03/06/report-trump-national-voucher-plan-decimate-traditional-public-schools/#sthash.s6U7lxbc.dpbs
3 Public Housing
http://fortune.com/2017/03/05/trump-hud-housing-assistance/
4 City Colleges
https://www.washingtonpost.com/news/grade-point/wp/2017/03/17/college-prep-programs-for-the-poor-slashed-in-trumps-budget/?utm_term=.be336bb70dcb
5 City Hospitals
6 Job Core
https://www.theatlantic.com/business/archive/2017/03/trump-budget-dol/519933/
7 Day Care
https://www.usnews.com/opinion/knowledge-bank/articles/2017-03-09/3-problems-with-president-trumps-child-care-plan-and-how-to-fix-them
Myth Basics:
“Buying Power” is a marketing phrase that refers only to the “power” of consumers to purchase what are strictly available goods and as their own report admits has nothing to do with income or wealth which are the genuine markers of economic condition. “Power” here has nothing to do with actual economic strength. Nearly all reports/stories related to these numbers refer back to flawed, misleading and misinterpreted research from the Selig Center for Economic Growth at the Terry College of Business housed in the Bank of America Financial Center in Athens, GA.
The claim that African America has roughly $1 trillion in “buying power” is an entirely phony myth, like unicorns, democracy or freedom. As explained in detail below, the number is fraudulent, itself derived from equally fraudulent surveys, absurdly interpreted sociological data and – at best – misinterpreted data regarding spending which mostly just ignores the far more sound data regarding wealth and income.
The myth of “buying power” works to deny the reality of structural, intentional and necessary economic inequality required to maintain society as it is, one that benefits an increasingly decreasing number of people. To do this the myth functions to falsely blame the poor for being poor. Poverty, the myth encourages, is the result of the poor having little to no “financial literacy,” or as resulting from their bad spending habits, when in reality poverty is an intended result of an economic and social system.
He's wrong if 2 people make 100K, it is 200K in buying power. Taxes is a form of buying power, I can decide to stay in a municipality that is favorable to blacks, this probably doesn't apply to federal taxes but it is worth noting and depending on an individual's taxes they may not pay that much tax at all. With the rest of the money if there are black businesses available I can send my dollars to them, utilities, car fuel, groceries, etc. we know some of these categories are not available but with buying black it will eventually open up these doors.
All he did was level a bunch of criticisms at his own straw man arguments which
culminated in absolutely no alternatives or solutions being offered. This dude is no Claud Anderson, that's for sure.
Our buying power is moving the economy most rich white folks don't even pay taxes we pay more taxes to build this country I do believe we need to build a substantial community of wealth by wisdom and the money will follow
42:06 What is the reconstruction confiscation movement? I Googled it, but didn't find any exact results. Can anyone point me in the right direction, please?
If you know a little bit about macroeconomics, you will know that consumption is a very important factor in our economy. The U.S. is a service based economy, so consumption is very important to keep the economy afloat. If we were to consume less, the economy would be affected.
The black population is about 46 million, which is 2/3 of the French or British population. Black buying power is not a myth, it is a reality. Consumption does not only depend on your income level. even if you were not working at all, you would consume. Part of the consumption equation derived from the government through programs and benefits they offer to low income people. We can't just consider the level of income when talking about consumption.
I think I said a lot already, let me offer a solution. We need to define what a black business is: A black business is any business that hire more than 50% of its workers from the black community regardless the color of skin of the owner. Once we identify the black businesses, then we can choose to buy from these businesses. What would happen is that many businesses who want the black dollar, will hire more blacks, which will bring more wealth in our community.
It makes no sense to buy from a business simply because it is own by a black person. I know many black businesses who hire more Mexicans and Asians. People in the economy are reasonable people who seek to maximize their satisfaction or their profit. You may buy from black businesses that hire more whites. So the owner of the business is not the most important factor here. If a business hire more black than any other race, it should be considered a black business because this business is sharing its wealth with the African American community. Blacks are about 14% of the population, if most businesses hire more black to get the black dollar, our people will be better off as a whole.
We also got to stop talking about "The Struggle", If you think it is a struggle, then it will be a struggle. Be positive, be still, go out there and compete. The world is there for all who claim it.
The main problem in the Black community in bad financial behaviour. It doesn't matter where you shop, what matters is that every Black person should make the best decision for them self, at the same time, avoiding debt and increasing savings. If we decide on "Buying Black", Which I am all for, it does not guarantee that our Black businesses will use their profits for the good of our community. In fact, as Blacks grow in economic power, the closer they get to Whites, and the White community.
Black people have been duped into false reality for so long, until, like Mr. T stated in Rock 3: "I Pity The Fool." Black people are in a quagmire from which there is no easy escape. It is virtually impossible to save a people that are encapsulated by, live by and according to lies they have created themselves. However, as dark as it seems, the light is at acdnac.org.
The real issue is that Black people often spend their money as quickly as they get it, on items that have no intrinsic value. Personal care services, clothing, shoes, jewelry, fancy cars, furniture, and electronics are not investments that yield a return. Somebody else gets to take that money and invest it. The person spending it never gets to use the money again. When frugality and minimalism become a goal in Black communities, even those living in relative poverty could change their lives for the better. Every dollar spent on gold jewelry, weave, and nails could be used towards starting a business, going to college, gaining skills, and saving money for a goal or for a rainy day.
Just a reminder that many of the comments here have ignored the research, data, updates and analyses which are collected in full here: https://imixwhatilike.org/imixfront/mythofblackbuyingpower/
Don't tell me that black buying power is a myth when we buy 20 percent of all nike shoes in America. You don't know what cha talking bra. Black people buying a home devalues the property is so ignorant. That's a false narrative created by white supremacy. You negroes are ignorant as can be. Y'all talking straight bullshit. Take black people out of America, Wall Street will go under in an hour. You don't see the benefit of black people making deposits in black owned banks, spending at black owned businesses, black owned businesses can't adequately meet the needs of the black consumers, and even black people owning homes cause it brings the property value down, so what the fuck do y'all suggest.? What are y'all reay saying.? Aint got no solutions, just babbling about gibberish. That's supposed to do what.? Get off y'all asses and do something.
Truth seeker. I agree totally brother. Black people have the collective wealth that far exceeds most nations on earth. That's a fact. Many various organizations around the world have proven this such as credit suisse, primerica financial services with its study on African American Business Facts, and others as well. We have an aggregate combined income of over 1 trillion dollars a year in 2016, 2.6 million black owned businesses, and over 10 percent of black households that have incomes exceeding $100,000 or more annually. That's not science fiction, that's real.
I don't buy that garbage.
Survival programs, really brother. That's ignorant shit.
Dude, you just heard from the CEO of Industrial Bank in DC but your still arguing that we have no real economic power.
I totally disagree with this brother. Cause I've seen black owned businesses that are doing well, plenty of them all day everyday.