The financial crisis of 2009, the worst since the Great Depression, was hard on all Americans. But arguably no group felt its sting more than African-Americans, who were already the most economically and financially vulnerable segment of the population going into it.
Even today, a decade since the Great Recession hit, blacks still haven’t fully recovered and remain in a precarious financial condition. What’s worse, Wall Street and policymakers are beginning to worry another downturn may be on the horizon.
I teach a class at the University of Florida called “Black Wall Street,” in which we explore the issue of capitalism as it pertains to African-Americans and examine historical data on income and wealth. In a nutshell, the numbers show blacks are woefully behind other groups and may never emerge from their rut if political leaders don’t do something about it soon.