The paradox of progress for Black Americans

(OtherWords.org) – As the country moves rapidly toward the 2024 elections, Black Americans are experiencing the best economic conditions they’ve had in generations. Record low unemployment rates, record low poverty rates, and record high levels of income and wealth paint a picture of Black prosperity.Yet African Americans remain mired in great economic insecurity, reflected in their low opinion of the economy, widespread asset poverty, and ongoing economic inequality between Black and White households.Related Stories The best Black economy in generations, in short, isn’t enough. To overcome centuries of inequality, we’ll need dedicated public policy.Let’s look at some numbers from a new report we put out for the Joint Center and the Center for Economic and Policy Research.From 1972 to 2022, the annual Black unemployment rate averaged 11.6%. Last year, it averaged 5.5%, a historic low. That’s good news, but it’s barely put a dent in the gap between Black and White employment.We calculate that Black America would need an additional 1.4 million jobs for Black people to be employed at the same rate as White people. This employment gap& cost Black Americans roughly $60 billion last year compared to what they’d have made if those jobless individuals were working.So for...