The Real State of Black America’s Wallet

By Dedrick Asante-Muhammad and Algernon Austin | Word In Black(WIB) – As the country moves rapidly toward our 2024 presidential election, Black Americans are experiencing the most positive economic conditions in generations. Record low unemployment rates, record low poverty rates, record high-income levels, and new heights of wealth paint a picture of prosperity. One could easily think that this data means Black people are experiencing broad prosperity. Yet, deeper investigation reveals that despite these record-breaking economic numbers, Black Americans are still mired in great economic insecurity. This ongoing economic challenge is reflected in their low opinion of the economy, widespread asset poverty, and ongoing Black/white economic inequality.RELATED:& 9 Facts About the& Racial Wealth GapThe best Black economy in generations isn’t enough when near-never-ending inequality and insecurity loom on the horizon. As the nation goes through a historic election that could have long-term ramifications on its political direction, it is clear that for Black voters, economic concerns remain front and center, even as social issues dominate the headlines. Black Unemployment, the Racial Wealth GapFrom 1972 to 2022, the average annual Black unemployment rate was 11.6%. In July of 2024, it was at 6.3%, nearing historic lows. But those figures look different...