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Jobs and financial security reactions
 

Jobs and financial security reactions

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TheLoop21.com asked experts and financial professionals about the economic challenges facing African Americans.

TheLoop21.com asked experts and financial professionals about the economic challenges facing African Americans.

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    Jobs and financial security reactions Jobs and financial security reactions Presentation Transcript

    • Jobs & Financial Security for Black America Thoughts on how we can build our communities out of the recession
    • The recession hit Black communities hard. Black unemployment is almost double the national average. There are signs the recession is receding, but the Black community is going to be feeling the affects of it for a while. So what happens now? TheLoop21.com collected the thoughts of experts and members of our community on the economic challenges facing African Americans today.
    • One big economic challenge for Blacks today: Jobs & Education
    • Economic challenge for Blacks today: Jobs and Education Dr. Algernon Austin Economic Policy Institute - Director of the Race, Ethnicity, and the Economy program BIGGEST ECONOMIC CHALLENGE: “The problem is that we have very high unemployment. Because of persistent disparities, that means that into the foreseeable future, the Black unemployment rate is going to be in the double digits, possibly into the next four years. That’s pretty devastating for communities ... This type of economic hardship affects from the youngest child to the oldest adult.” SOLUTIONS: “Jobs, jobs, jobs is the mantra. We need more jobs as quickly as we can get them. The private sector isn’t doing anything. In this situation you absolutely, positively need government to step in. We’ve lost over 8 million jobs since the start of the recession, the population has grown by almost 3 million, so we’re about 11 million jobs in the hole. This is not an individual problem, this is a global economic crisis.”
    • Economic challenge for Blacks today: Jobs and Education Fernande Hyppolite National Coalition of 100 Black Women - Manhattan Financial industry professional BIGGEST ECONOMIC CHALLENGE: “Identifying jobs sectors that are relevant and targeting our educational opportunities to those segments. People are coming out (of college) unfocused, people really don’t know what they want to do. If they know what they want to do, they don’t know how to make it work for them financially. My experience has shown me that the people who have excelled, who have really become stars, are those who have jumped around, who have taken that chance.” SOLUTIONS: “We have to expect more from our kids, we have to teach our kids to expect more from themselves. We have to expect more than just settling, settling financially, settling for that dead end job. Until we look outside of that financially, we’re always going to fight the same battle.”
    • Economic challenge for Blacks today: Jobs and Education William Chichester Campus Recruiter Professional & Career Coach BIGGEST ECONOMIC CHALLENGE: “We are stuck in ‘you’ve got to be a doctor, lawyer, engineer, or Wall Street businessman.’ There’s the archetypal role we fall into as kids, there’s really no knowledge beyond that of other professions. People put all their eggs in this ‘good job.’ There’s this myth out there that you can do this ‘good job’ for a couple years and then go do what you want to.” SOLUTIONS: “I think if people early on in their career figure out what makes them happy, then figure out how to make it happen, that offers a whole bunch of benefits for our community as a whole. Especially with African Americans you’ll find them always doing a side hustle to help out the community, there’s always this sense of ‘I have to give back something.’ Why not just make that your passion, and find a way to make it your full time job.”
    • Economic challenge for Blacks today: Jobs and Education Denny N. Johnson 100 Black Men of America, Agricultural Economics professional BIGGEST ECONOMIC CHALLENGE: “Having been a person that was (unemployed) ... it brings about a lot of challenges, one of which is having a family, not being able to provide the way you’re used to. Trying to obtain employment is challenging, it plays mind games on you, it puts you in a position where you feel vulnerable. Because of consistency, persistence and most of all prayer, now I’m starting a new job.” SOLUTIONS: “There are solutions to this whole unemployment deal ... You have to really search in your heart and think about the things you like to do. You might be spurred to start your own business. Researching more to find that particular occupation that might not be in your skill set per se, but if you’re able to communicate with the employer or look into avenues of training ... at least get into that door and once you’re in that door, make yourself that rising star.”
    • Another big economic challenge for Blacks today: Credit, Debt & Financial Literacy
    • Economic challenge for Blacks today: Credit, Debt & Financial Literacy Ginna Green Center for Responsible Lending BIGGEST ECONOMIC CHALLENGE: “What we’ve seen in particular with African Americans is that we went from having no credit, to having glorious access to bad credit, to credit with bad terms. We know African Americans and Latinos in this country are more likely to get a bad loan, to get a subprime loan even though they qualify for a good loan. SOLUTIONS: “In financial reform, everyone’s talking about ‘too big to fail.’ Consumer protection is as important as too-big-to-fail protection. We absolutely need to make sure the marketplace works for everybody. Even though the market has failed us all, it has failed African Americans doubly so. There needs to be a fair and level playing field, and a marketplace where it’s always ‘buyer beware,’ where the consumer is always going to be David to industry’s Goliath, is not a fair marketplace for anyone.”
    • Economic challenge for Blacks today: Credit, Debt & Financial Literacy George Christopher Managing Director of L’IMPRESA, financial services for pro athletes BIGGEST ECONOMIC CHALLENGE: “I think the biggest economic issue that facing black folks today -- it’s always faced them -- is credit. I know doctors, lawyers, pro athletes who have good cash flow but messed up credit to the degree that they need a spouse or a sibling or someone they’re close to to co-sign for them. SOLUTIONS: “ I think it comes down to some kind of financial education that possibly needs to start in middle school. I think the solution would be we need to start teaching when kids are young, before the fully form all their value systems. At least teach them, if you’re bad with money your not able to get your own home, to open your own business. We teach kids to have the American Dream but we don’t teach them some of the pitfalls along the way.”
    • Economic challenge for Blacks today: Credit, Debt & Financial Literacy Althea James - Mara International President Former Vice President at Wachovia BIGGEST ECONOMIC CHALLENGE: “I think the biggest challenge for African Americans today ... especially for the age bracket 28 to 38, is rebuilding their wealth. A lot of them ended up losing their jobs, their homes. I think that is going to be the biggest challenge ... how do we go back and rebuild in the next 20 years what we lost in retirement, in savings because of this recession? SOLUTIONS: “What is the plan that we can create that is going to give us some kind of security? It’s no longer about becoming a millionaire, it’s about eliminating debts. We were saving, the market was going up and up, but what we did wrong is we were accumulating debts. When you stop and look at it, its the debt that kills us. The cost of debt is higher than what you can save. A credit card rate is 18.7 percent. No investment is going to give you that big a return. The credit card is higher risk than the market. Even if we save conservatively, we can get to where we need to if we start eliminating our debt.”