During the early 20th century, the Tulsa, Oklahoma neighborhood of Greenwood was the home of Black Wall Street, one of the largest concentrations of Black-owned businesses in the United States. In 1921 nearly 300 residents were killed, and the town razed, in what became known as the Black Wall Street Massacre. Despite the decades of social and economic progress we have achieved as a country, “Greenwoods” continue to exist across America.
Restoring Black wealth, at scale, has remained an aspiration for so many in the African-American community. This country’s legacy of slavery, Jim Crow, and systemic racism have largely been to blame for economic disparities and racial gaps in homeownership. Even today, a typical Black family in America has only one-tenth of the wealth of a typical white family.
Fortunately, there is a presidential candidate with a real plan to address the systemic racism that has kept many Black Americans from building wealth. At the beginning of this year, the former three-term mayor of New York City, philanthropist, and respected executive announced a transformative proposal called the _Greenwood Initiative_: https://www.youtube.com/watch?time_continue=1&v=BxO-ZO7J5rQ&feature=emb_logo.
Mike’s plan lays out a path to create one million new Black homeowners and 100,000 new Black-owned businesses in the next decade. His plan also includes a $70 billion investment in the country’s 100 most disadvantaged neighborhoods. Mike’s plan does this by investing in Black-owned banks, expanding government procurement opportunities, and supporting businesses to find debt relief and equity investment.
Mike is shining a light on the wealth disparity between Black and white communities and is standing by policies that will build wealth in Black America. The road to reversing the ill-effects of the legacy of systemic racism in our communities is long. But Mike’s Greenwood Initiative: https://www.mikebloomberg.com/policies/economic-justice, confronts a powerful truth: that years of economic divestment has systematically closed black families out of the American Dream.
The answer is clear. We must invest in our most disadvantaged communities, build local wealth through expanded access to capital, and encourage community business ownership and financial literacy. This is a common-sense plan that will yield benefits across our economy. I am proud to stand with *Mike Bloomberg as we step toward economic justice for future generations. As President, Mike will re-imagine an America that has an economy that works for everyone. – Content Curated By Jason C. Ervin, 28th Ward Alderman, and Mike Bloomberg 2020 Illinois Campaign Co-Chair.
Credit: Source link