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The recent slew of highly-publicized police on black shootings, the Confederate flag controversy and the South Carolina church massacre highlight the difficulty inherent in a 400-year battle to eradicate the vestiges of America’s original sin. These bigoted acts of cowardice and ignorance must be addressed, but we have an equally insidious, but less apparent stain to deal with — the perception that the black community is financially bankrupt.
I met with my favorite college professor and dear friend for lunch last week. We engaged in a lengthy discussion about a business proposal aimed at satisfying the demands of the black consumer, and the relationship with one of the world’s top industries. It’s a win-win for an industry that survives on thin profit margins. I won’t divulge my proposal just yet. I’m still waiting for the ink to dry on my business plan.
According to multiple studies, the economic impact of America’s black community is expected to reach $1.3 trillion by 2017. Of the 14.5 million black households, nearly 23 percent have incomes in excess of $75,000 annually. I continued to share my knowledge of black economics for five minutes. Looking back on our conversation, I streamed enough information from my memory banks in those few short minutes to freeze the best super computers money could buy.
Then, all got quiet as my professor sat, pondering my data dump. After a moment of deep reflection, we made eye contact. In his calm, reassuring voice, he said, “all I hear about is poverty in the black community.”
