Africans in America are assailed by deplorable conditions, such as; lowest amount of wealth, highest unemployment, lowest income, highest crime rate, and fastest death rate. These conditions, according to Sociologists are the results of poor economic development. This paper will discuss alternative approaches to developing the Black community by establishing Black businesses.
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We must understand that wealth is money you receive because of ownership of property - real estate, stocks and bonds, or business. Its money you continue to receive for as long as you own the property. On the other hand, income is money earned by selling your labor. The issue with income is if you do not work, the money stops. Black Americans have abundant income (Approximately 700 billion dollars) and minimal wealth.
The wealth gap is widening between mainstream White society and Black America. According to the report "The State of the Dream 2004" by United for a Fair Economy, African Americans were 13% of the population in 2001, but owned just 3% (including home equity) of the median family wealth. If we adjust for 2001 dollars, that means $121,000 for White households and $19,000 for Black households. Furthermore, it will take until 2099 (98 years) to reach parity.
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