Black spending will hit over $1 trillion by 2015 – we only make up 14 percent of the population, yet our spending outpaces the rest of the population at a 30-percent higher growth rate. In a report by the Urban Institute, white families own six times the wealth than Black families when it comes to assets, retirement, and cash savings.
Above all, though Black business ownership has historically suffered, with the money we are spending not necessarily going back into the community and Black entrepreneurship. Is there any way Black people can achieve true wealth?
While exploring these issues at the recent Rainbow PUSH Wall Street Project Economic Summit, we reached out to NewsOne readers on the streets of New York City to explore answers and options